Insurance Industry Cyber-Security: Three Things You Need to Know
Once hailed as unhackable, blockchains are now getting hacked according to MIT Technology Review. So are companies that should be very secure. We’ve all heard the news of the 2017 Equifax hack. The incident “exposed the personal information of more than 147 million consumers and led to class action lawsuits, criminal investigations and increased regulatory […]
Continue readingInsurance Softwares: 3 Steps to Navigate Your Choices
There are a lot of policy administration systems out there – and the choice you make has long-reaching ramifications in terms of customer retention, data security, and operational efficiency. So how can you decode the options and know for sure that you’ve chosen the best fit for your needs? Let’s take a minute to talk […]
Continue readingConnected Cars and Telematics Data: Paving the Future
Just a few years ago, usage-based insurance was a new innovation. Now it’s “poised for rapid growth” with “approximately 70 percent of all auto insurance carriers” expected to use it by 2020, according to NAIC. Add the rise in connected cars, and you’ve got a recipe for industry-shaking change. We’ve come a long way from […]
Continue readingDigital Engagement in Insurance: Are You Hitting the Mark?
These days, it’s an understatement to say that digital engagement is important. It’s vital. Without the ability to engage current and potential customers, to deliver personalized experiences, and to do so consistently across digital channels, one has to wonder what the opportunity cost adds up to. Digital touch-points – e.g. websites, mobile apps, and other […]
Continue readingHow Insurers are Using AI to Combat Insurance Fraud
Fraud costs a lot. Of the trillion or so premium dollars that insurers collect each year, fraud eats up $40 billion. That’s a significant chunk of change, and the industry doesn’t absorb it alone: the impact of insurance fraud trickles down to consumers too, inflating the cost of coverage by $400 to $700 per family […]
Continue readingHow Self-Driving Cars Navigate Moral Decisions
Driving is pretty easy 80 percent of the time. Things get complicated in the other 20 percent. Within that 20 percent, drivers sometimes have to make split-second decisions with life or death consequences. Consider these crash scenarios: An insured swerves to avoid a jaywalker pushing a stroller and hits a concrete barrier. An insured swerves […]
Continue readingHow New Vehicle Technology is Impacting Auto Insurance Claims Costs
In days gone by, if you drove your ’79 Ford Bronco into a lamp post, the fix was simple. Replace the headlamp, repair the fender. These days, not so much. “Making a robot that perceives its surroundings — not just spotting that lumpy mass but understanding it’s a child … is the main challenge of […]
Continue readingInsurance Marketing: What Works in the Modern Age
Insurance marketing is challenging. When shopping for shoes, apparel, electronics and cars, there’s image involved. People feel strongly. They have skin in the game. Clearly, shopping for insurance is not as emotionally engaging. Yet, some pitches are more compelling than others – especially with younger audiences. Let’s take a look. A case in point: Lemonade […]
Continue readingAuto Insurance Claims Satisfaction: Three New Takeaways
Customer satisfaction is on the up-and-up where auto claims processing is concerned – but when it comes to integrating digital claims reporting technology, insurers have some work to do. That’s according to a new study by J.D. Power. Let’s take a look at the highlights. Customer satisfaction rising Insurers are doing a great job at […]
Continue readingInsurance MGA Priority: Make it Easy for Agents
What does the future hold for insurance? If the words “direct to consumer” jump to mind, hold up. Despite the craze for direct insurance that we’ve been seeing in recent years, these days, the middleman is in higher demand than ever. The question is, how can that demand be met? Insurance MGAs are essential industry […]
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