The insurance sales gap is widening. This is how we can close it In the US, the life insurance participation rate is in a steady decline, reaching new historic lows each year. This, coupled with insufficient savings, creates financial instability for millions. An early or unexpected death of a loved one creates a vacuum of loss, bills, debt and reduced income that is both devastating and unnecessary.
The Smaller the Small Business, the Bigger the Insurance Discontent: J.D. Power Not all small businesses are the same when it comes to customer satisfaction with their commercial insurance. There are actually widening satisfaction gaps among small businesses of different sizes, according to the J.D. Power 2017 U.S. Small Commercial Insurance Study.
How can insurers define the digital future? The 2017 Accenture Technology Vision for Insurance report highlights the digital tools set to redefine the economy—and more. Cutting-edge technology is now smart enough to learn from its users and adapt. AI is revolutionizing UIs. Labor is becoming more fluid and powerful. Markets and industries are being redefined by emerging digital ecosystems.
Autonomous Vehicles: Truly Imminent? Just from casual observation, if “disruption” is the hot topic in industry media, self-driving or autonomous vehicles might not be far behind. I’ve read predictions that a proliferation of autonomous vehicles will be among us (or vice versa) in five to 10 years. Is that likely? I have my doubts, though I’m increasingly persuaded that the day is coming.
Insurance innovation is a strategic imperative no insurer can ignore Many insurers are tied to core policy admin systems originated in the last century. They remain constrained by the legacy of a pre-Internet, analogue way of working. Whilst around them, new technology enabled insurance firms (aka InsurTech) are hitting the news every day.
Becoming a Digital Insurer Shouldn’t Change Who You Are In order to execute a successful digital strategy, insurers need to decide how digital can reinforce their existing strengths, rather than attempting to use it to become something they are not. My business school professors managed to hammer a single idea into my head about corporate strategy, and that idea is that there are only two ways to build a sustainable competitive advantage. You can be better or you can be cheaper.
Aviva, Tencent seek licence for Asian digital insurer UK insurance giant Aviva and Chinese tech firm Tencent are seeking regulatory approval for a new joint venture partnership along with private equity firm Hillhouse Capital, which plans to develop an online insurance company in Hong Kong.
AIG CEO Duperreault Wants to Rebuild Insurer’s ‘Strong’ Talent Bench Brian Duperreault, American International Group’s CEO since May, is trying to get the word out that the struggling insurer is a great place to work again. His predecessor, Peter Hancock, slashed jobs and sold off divisions in order to cut costs and boost shareholder returns.
Six Innovators to Watch according to ITL - July 2017 We may be in the dog days of summer, but that doesn't mean that the insurtech world is taking a vacation. Far from it. Innovation is expanding so fast that we're now tracking nearly 2,000 companies on our Innovator's Edge platform. One tool that has proved popular is our monthly list of "Six Innovators to Watch." Here are the startups we've highlighted to date (March, April, May and June). And, here, now are the Six Innovators to Watch for July: