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Navigating the Constraints of Direct-to-Consumer Insurance
The direct-to-consumer insurance sales model has the potential to reshape the insurance industry in its entirety – from the type of products sold, to the way they’re bundled; from how those products are distributed, to the role that agents and brokers play in the sale. But to everything, there is a limit. Which brings us […]
Continue readingDriving Trends: What’s Hot and What’s Not
Wondering what’s hot and what’s not? Here’s a quick round up of driving trends that may impact your insurance marketing and underwriting strategies. Hot: Sharing a ride According to the Census Bureau, the number of workers sharing a ride to the office is rising across major U.S. Cities, CityLab reported. Some cities are attempting to […]
Continue readingTen Ways IVR Can Power Your Insurance Growth
Interactive Voice Response (IVR) is doing a lot to power company growth for major players in life, health and P&C insurance. So, what can it do for you? Give you better info with less effort. For example, Humana uses IVR to provide insurers with a wealth of member info, including referral requirements, lifetime maximums, status […]
Continue readingWhat to Expect in Driving Data Regulation
Insurers are putting data to good use. As connected cars, mobile apps and telematics technology produce new streams of data, this information is facilitating improvements in underwriting, claims and customer relationships. There’s just one concern. While people love the faster processing, personalized offerings and deep discounts, they’re also worried about privacy. In a world of […]
Continue readingSelling Insurance Direct-to-Consumer: The Product Impact
We’ve already seen how selling insurance direct-to-consumer will impact the distribution model and the role of agents and brokers; it will also bring about some profound changes in insurance products. More delivery models According to Insurance Governance Leadership Network (IGLN) research, the methods of delivery will splinter insurance products into several types: do it for […]
Continue readingFrom Art to Science: New Uses for Insurance Data
According to Best’s Review, a recent “explosion” of analytics advancements is “shifting underwriting from an art to a science.” In terms of risk, we’re talking better visibility and better predictions. But there is a little thunder behind this silver lining: over-reliance on digital tools presents a problem, and privacy concerns persist. With that in mind, […]
Continue readingKey Takeaways from the Q1 InsurTech Briefing
No one wants to get left behind. To keep an edge over the competition, you need to know what the competition is doing. The Q1 InsurTech Briefing from Willis Towers Watson provides valuable information on the state of InsurTech and the future of insurance. Here are some key takeaways. Risk gets specific. Telematics and usage-based […]
Continue readingCan Your Payment Platform Execute on THESE Insurance Business Rules?
In a recent post, we covered how important it is to find a Payment Services partner who’s not just an expert in payments, but in the business of insurance, too. There are so many transactional scenarios in our industry that require specific business rules that can be configured to knife-sharp precision. In insurance, one size […]
Continue readingChatbots Work … But Are They Working for Insurance?
Chatbots – the automated computer systems that use artificial intelligence to dialogue with customers in real time – are on the rise. And for good reason: chatbots bring a lot of advantages, both for the insurer and the customer, as we’ll see below. But are there limits to what chatbots can do for you? Sure […]
Continue readingNew Report Reveals How Insurance Carriers Can Keep Agents Productive
It might be true that money can’t buy happiness – but a lack of happiness can cost your company money. If your agents aren’t satisfied, your company can suffer. While there is a lot of interest in direct-to-consumer sales, independent insurance agents and brokers still control a majority of the P&C market, writing nearly 35% […]
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