D2C Impact: What Does it Mean for Insurance Distribution?
As we discussed in a previous D2C article, the direct-to-consumer model is poised to change everything about how insurance is bought and sold. With that in mind, let’s look at the distribution landscape. What’s not working The existing model is troubled by a “vast amount of friction.” According to one Insurance Governance Leadership Network (IGLN) […]
Continue readingThe Future of Insurance: News Roundup
Ready for another news roundup? Here’s what caught our eye as we scoured the headlines. Topics range from distribution and digital innovation to natural disasters and vehicle tech. These are the transformative influences shaping the future of insurance. Agents and brokers – are they obsolete? Are agents and brokers a dinosaur? Not so fast. While […]
Continue readingHow to Sell Insurance Direct-to-Consumer
Early this year, when the Interactive Advertising Bureau published research on a surge in “direct to consumer” (D2C) companies, it was talking about more than a smattering of startups. Companies like the eyewear pioneer Warby Parker aren’t just “interesting curiosities,” it said, but examples of “an enduring shift in the way the consumer economy operates.” […]
Continue readingSeven Questions to Ask Before Selecting a Payment Services Partner
These days, online payment acceptance is a requirement for many insurance providers. If you want to be competitive, it’s a must. But the partner you pick matters. The wrong solution can mean heavy fees, limited options and slow cash flow. The right solution, on the other hand, will improve collection efficiency, improve your combined ratio […]
Continue readingInsurance 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 […]
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