019 – Transitioning to a Digital Customer Experience Jim Kerley has worked in and been associated with the life insurance industry for 47 years. To say that he knows his stuff may be the understatement of the year! In this episode, Gregory and Jim focus the conversation on how insurance companies must adapt and begin providing a digital experience for their consumers. This episode […]
Allstate: 400 Jobs Will Flesh Out New Chicago Innovation Hub The Allstate Corp. plans to bring nearly 400 jobs to Chicago focused on innovation and technology in a bid to improve customer service. Plans call for establishing an innovation hub at the Merchandise Mart building in Chicago, which will include 45,000 square feet on the building’s 8th floor.
InsurTech Futures: Broker innovation network launched Broker Worry + Peace is to launch a network/incubator aimed at driving forward innovative ideas in the insurance space. The directly authorised broker is offering ten appointed representative spaces over the next 12 months and will offer links to insurers and innovation advice to those looking to get new insurance ideas off the ground.
Many Insurers See Google as Potential Threat: Report More than 40 percent of insurers see Google as a potential threat because of its strong brand and ability to use customer data, a report released on Tuesday said. And young, mobile phone-friendly consumers may bypass traditional insurers for “new, more nimble” competitors, consultancy Capgemini’s annual world insurance report said.
InsurTech Futures: airbnb-style home insurance launched Broker Belong Safe has launched on demand host insurance in order to cater for ‘airbnb style' home-sharing insurance needs. Belong Safe said that the pay by the day service, which starts from 78p per day, provides an online platform for hosts to manage their home-sharing insurance needs, ensuring they are not left exposed to the risk that might arise by having paying guests to stay.
P/C Insurers See Wide Uses for Predictive Analytics: Willis Towers Watson Property/casualty insurers plan to drastically widen their use of predictive analytics over the next two years to expand and grow their operations, a Willis Towers Watson survey has found. What’s more, usage-based insurance information could see the biggest surge as a big data source.
Advisory firms' dilemma: "Who owns client data?" Data ownership is emerging as a hot topic in the financial advice industry, as firms and advisers grapple with how to harness the right kind of data to provide more insightful financial planning. With the promise of automated data analytics and aggregation, however, comes the nitty gritty details of who owns it, where it is stored and who has the rights to access it. Tricia Rothschild, head of global adviser and wealth management at Morningstar, is among industry leaders who are increasingly asking advisers: “Who owns the data?” Most firms and third-party vendors seem to agree
New Auto Insurance Monitoring System Now in Effect in Some Parts of Louisiana A new real-time auto insurance monitoring system is now being used in some parts of Louisiana to help police enforce the requirement that drivers are up to date on paying their premiums. The American Press reports the new monitoring system is being rolled out in three phases, beginning with trial runs by state police in Baton Rouge and Monroe that started on Sunday. It will be launched statewide for all state police troops next before eventually being open to all police, according to state officials.
Cyber: Digitalised world helps increase insurers' relevance Digital tools such as telematics present an opportunity for insurance companies to engage more frequently and develop a stronger relationship with their customers - thereby allowing them to be more responsive to changing consumer needs than before. Speaking at a panel discussion in Singapore yesterday on the opportunities for insurers in a connected world, Mr Neal Baumann, Deloitte’s Global Insurance Leader, pointed out how customers are motivated by meaningful engagements rather than just pricing.
Pickaxes And Shovels: 54 Startups Providing Infrastructure For The On-Demand Boom On-demand economy startups have raised over $9.4B since 2010 to provide mobile-powered services across many categories, including food-delivery, shipping, and transportation. But while consumer-facing startups like Uber and Shyp capture investor and media attention, another less glamorous subset of companies will provide the infrastructure and services to enable their services. In 2011, Chris Dixon of Andreessen Horowitz wrote about the “shovels” opportunity that follows most major technology trends: