Fast and Slow: the Changing Landscape From tracking our steps and calorie intake to the way we request taxis, technology has bled into almost every area of our existence. But not every industry has been able to move to a digital experience. The insurance industry is one of the least tech-savvy industries out there — but it’s also a $1.1 trillion market. That is is why investors and entrepreneurs have begun tackling it, vowing to make every process within the insurance realm friendlier, easier and, most of all, digital.
Wearable Technology in Workers’ Comp: Taking the Great Leap Forward Until recently, wearables have been largely used by consumers to track fitness activity. But wearables are gaining traction in the area of injury prevention and recovery. The recent FDA approval of the Indego exoskeleton, which enables paraplegics, amputees and people suffering from many types of gait disabilities to walk, is the latest milestone in the new world of wearable technology for injured workers.
How to Plant in the Greenfields If insurance were a map, we would be surveying a whole new world. The fences and boundaries of tradition have fallen. The snow-capped mountains of certainty are melting away. The rivers of market share are changing course, and streams of data are coming directly to our doors. We know there are still products to plant and fields to harvest, but how will our planting change in the months and years to come?
UBI Increases Auto Insurance Customer Satisfaction: J.D. Power Study - Carrier Management Increased data and improved accuracy in risk-based pricing are some of the benefits that auto insurers seek when they adopt usage-based insurance programs, but an added benefit is increased retention of more satisfied customers, survey results reveal.
Innovations coming to insurance payments It’s time to replace the tradition of issuing paper checks to settle insurance claims because it’s inefficient, costly and can lead to dissatisfied policyholders. Checks are slow and each settlement check can cost the insurance carrier anywhere from $5 up to $12 or more. Consider that a claim might necessitate the issuance of multiple checks and it’s easy to see how the fees and processing costs can add up in no time.
Insurtech futures: 28% now turn to online channels to claim A survey by BT examining how consumers use digital channels for financial transactions found that customers are increasingly confident going online to organise insurance. The poll, the Youbiquity Finance report, showed that 37 percent of people surveyed have tried to make a change to their insurance policy online. A further 28 percent of those making a car or a home insurance claim now turn to online channels first.
Insurtech Startup Amodo Raises $500K in Funding Amodo, a Zagreb, Croatia-based insurtech startup, raised approx. $500k in funding. Austrian venture fund Speedinvest made the investment. The company, which had received initial funding from SGH Capital and Bee Next Fund, intends to use the capital for its international expansion. Founded in 2013 and led by Marijan Mumdziev, CEO, Amodo has developed a technology platform that enables insurance companies to launch digital insurance products for the connected customer generation.
Big numbers: Can China and Brazil surpass the U.S. in UBI adoption? Can two of the world’s largest economies catch up to the United States in terms of usage-based insurance (UBI) adoption? China and Brazil, with their respective technological and infrastructure advances coupled with policy trends and other economic factors, may very well do so in a short period of time.
Munich Re, IBHS Launch Tablet App for Homeowners Munich Re, US, has partnered with the Insurance Institute for Business & Home Safety (IBHS) to launch a new tablet app designed to help property owners build stronger homes to protect against severe weather and natural disasters. The application, FORTIFIED Home On the Go, walks homeowners, contractors and architects through the home strengthening process. Both videos and animations are used to provide information on technical specifications for building and retrofitting single-family households. Instructions provided in the app are based on IBHS’ FORTIFIED Home program.
Gen Y customers want a better customer experience nteraction between a policyholder and his or her insurance company tends to take place only during the purchasing cycle and when a claim must be filed, and the lengthy gap between those two events leaves very little room for the insurer to develop any sort of meaningful customer relationship. This limited model of engagement is seriously outdated, and does not resonate with Gen Y consumers — and insurers’ greatest challenge today is to change the customer experience to build loyalty with this demographic by developing meaningful interactions during that gap period.