5 Marketing Technology Trends for 2020

388 views

The aim of marketing is to make selling superfluous.” Peter F. Drucker   Tweet This! While selling is an art, it solely depends on the fact how much marketing efforts you have put in to make it possible. And when it comes to marketing efforts it will be incomplete unless you leverage modern technology to attain these marketing goals as ‘modern marketing requires modern solutions.’ These technologies when utilized effectively work wonders in terms of brand awareness and sales conversion. “Marketing is about values. It’s a complicated and noisy world, and we’re not going to get a chance to get people to remember much about us. No company is. So, we have to be really clear about what we want them to know about us.” -  Steve Jobs

Spotlight

Mahindra Insurance Brokers Limited

Mahindra Insurance Brokers Ltd. (MIBL) is 80% subsidiary company of Mahindra & Mahindra Financial Services Ltd. MIBL was granted a Direct Broker's License by the Insurance Regulatory and Development Authority (IRDA) in May 2004, for undertaking direct insurance broking in Life and Non-Life businesses. In September 2011, MIBL was granted a Composite Broker licence by the IRDA, thus foraying into Reinsurance Broking business along with Direct Broking. As a Total Insurance Risk Solutions provider, MIBL plays an integral role in the Risk Management portfolio of customers.

OTHER ARTICLES
CLAIMS

5 Essential Features of Policy Management Tools

Article | July 15, 2022

The worldwide marketplace is undergoing a host of structural changes and insurance companies are consistently working to capitalize on them. The past few years posed a number of new challenges. For an industry whose primary promise is to “be there when customers need us,” delivering top-notch timely services is not only crucial for business continuity but the most urgent goal. Inspiring trust through every process of the policy lifecycle is a significant factor for insurers to be able to maintain goodwill in the market. Recent pressures proved that the industry needs a systemic metamorphosis and digital solutions may be able to provide them. This is also why many industries are jumping on the bandwagon of digital transformation and insurance is no different. With a barrage of new technologies, solutions and software, it has become easier to automate processes and eliminate inefficiencies that hamper day-to-day-operations. One such area of transformation is insurance policy management. Forward-looking insurers today, can start by rethinking their policy management framework. The Importance of Automated Policy Management Simplifying all internal processes is a priority for many insurance providers worldwide. Much of the insurer’s business outcome hinges on streamlined workflows, seamless document management and effective use of different tools. In policy management, mitigating risk is another significant aspect that impacts the bottom line. Today, insurers are heavily investing in new technologies like artificial intelligence and machine learning, robotic process automation, data analytics and much more. Policy management entails the comprehensive process of administering policies. From pre-sale to renewal to claims, at every stage of the policy lifecycle, insurers must ensure a smooth process at every stage. Some of the stages of policy management that can be enhanced by using automated policy management tools which include: Member services Loss mitigation Risk assessment Claims processing Policy issuance Policy renewal Policy cancellation Compliance It’s clear that insurance policy administration system (pas) encompasses all the main business processes of an insurance company and the importance of policy management is enough to invest in high-quality solutions that span the policy lifecycle. The Must-Haves of Policy Management Software A smart insurance policy management simplifies the process for both the insurer and the insured. For insurers, it should be able to optimize resources and save time in administering policies. For example, life insurance policy management system can help a provider scale their operation, introduce flexibility and administrative simplicity. Here are the components of a policy management solution that is a must-have for every insurance provider. For the insured, the solution can help organizations not only provide a smooth experience Policy Issuance, Update and Cancellation The most significant must have that an effective policy management solution should have, is the ability to digitalize every aspect of policy administration. This includes being able to generate documentation, centralize records and oversee all operations across the policy lifecycle. For instance, everything should be synced so that any updates are made universally across all documents. This eliminates doing manual changes to all the records. In addition, with technologies like robotic process automation (RPA), repetitive tasks can be automated and reduce the time it takes to process documentation. Underwriting Underwriting is a process where individuals or firms take financial risk for a fee. In insurance, underwriters are responsible for evaluating the degree of risk to the insurer’s business. It is in essence a manual process that comprises extensive research and assessment of the prospective policy holder. For instance, medical underwriting consisted of ascertaining the charges to levy or even whether to provider coverage to them based on an applicant’s health condition. Even though underwriting is a time-consuming process, it doesn’t have to be tedious. Underwriters need to access data that is spread across a range of different platforms and sources. Automated policy management enables organizations to accelerate the process of data collection and collation. This is why, automation in underwriting functionalities is one of the most important features of a policy management software that is a must-have. Estimates and Quotes Holistic policy management tools are incomplete without quote estimate capabilities. Quoting allows insurers to generate leads. With automated quoting features, insurers can provide estimates without having to directly contact customers, saving time and money in cold calling. In addition, it helps insurers to gather the information they need to then target their leads and tailor solutions that meet consumer expectations. Quality policy management systems include these capabilities. They work by letting customer input their information and receive a quote estimate based on it. For insurers, in addition to providing leads, it lets them engage customers from the start itself. Policy Renewal Renewals is a critical stage in the policy lifecycle. Overseeing renewals and reducing customer churn is something every insurer must prioritize. Renewals handling amplifies the importance of policy management software that offer renewals management tools. Renewals management features allow insurers to alert policy holders about the ending of their coverage and provides a timely reminder to renew it. Since renewals management tools offer ready information for insurers to access, customers need to update fewer fields. It not only reduces customer churn but contributes to an easy, fast, and customer-friendly process. Claims Processing Claims processing is when an insurer reviews a claim process to verify and authenticate the claim made by the policy holder. As a core business process, claims management and processing needs intelligent systemization. Insurance policy management tools that integrate claims processing will enable insurers to automate the settlement process. Modern policy management tools sync different systems so insurers have a centralized database and can simplify tasks like assigning claims, detecting fraud, record payments issued and automatically generate reports. Regulations and Compliance Insurance is a heavily regulated industry and insurers must keep up with the many compliance and location-specific regulations to avoid hefty fines. Regulatory policies are also subject to change and can often realign processes to protect consumers. This may sometimes cause insurers financially. However, complying with new regulations is a business necessity and policy compliance management solutions help immensely. Insurers must be able to monitor any changes in global and local policies or keep an eye out for announcements regarding the change in rates or regulations. Many insurers have a team to do this but maintaining a team is costly and causes operational complexities. Modern policy management tools offer the automation capabilities that eliminate the need for extensive overhaul or insurers to keep up with new regulations. These policy compliance management tools help in detecting breach and minimizing it. They also enable better resource allocation as teams no longer need to monitor new and upcoming regulations and plan for implementing the change. Customer Support Customer support is one of the most critical aspects of policy management. Beyond software and applications, being able to meet your customers’ demands, address their concerns throughout the customer lifecycle is vital in order to meet business objectives on time. With digitalization transcending platforms and devices, policy management tools today need to be able to keep up to meet customer demands. This is why mobile-ready policy management solutions are a must. They allow insurers to respond to customers quickly and keep channels of communication open and flowing. In addition, features like quoting estimates and claims processing that accelerate policy administration and management in a streamlined manner are bound to keep customers happy and reduce churn. Some policy management tools come with marketing automation capabilities as well as a CRM that lets insurers deliver a great experience right from buying decision to ongoing support. Conclusion There is no denying that digitalization is the future and insurers need to be ready to adapt to new challenges and evolving demands from consumers. Policy management tools not only enable insurers to overhaul their core process but simplify it and eliminate operational inefficiencies. The importance of policy management cannot be understated. Age-old challenges and bottlenecks of managing millions of policies can be mitigated with comprehensive policy management solutions. The above components are the most critical process your organization should look to simplify. These essential features ensure you are able to optimize resources, improve operational efficiencies, streamline processes and translate all these into enhanced customer experiences. Frequently Asked Questions How does insurance policy management differ from other policy management tools? Insurance policy management is a specialized solution that caters to insurance companies and enables them to manage renewals, claims, underwriting and all other processes associated with managing an insurance policy for their customers. Other policy management tools help organizations frame policies and management internal policy documents. What is an insurance policy lifecycle? An insurance policy lifecycle starts with generating a quote for the customer, onboarding the customer’s application, and finally setting the payment of premiums and renewals. When a policyholder claims insurance, the insurer has to process the claim, verify its authenticity then accept the claim fully or partially or reject it. What are the ways the insured can choose to pay for the insurance policy? The insured can either pay a lump sum amount or choose to pay monthly, yearly or quarterly. These payments are called premiums and are calculated based on certain condition set by the insurer.

Read More
INSURANCE TECHNOLOGY

How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | July 14, 2022

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

Read More
INSURANCE TECHNOLOGY

The role of AI in enhancing claims experience for Insurance customers

Article | July 15, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

Read More

5 Deep Learning Use Cases for the Insurance Industry

Article | February 11, 2020

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

Read More

Spotlight

Mahindra Insurance Brokers Limited

Mahindra Insurance Brokers Ltd. (MIBL) is 80% subsidiary company of Mahindra & Mahindra Financial Services Ltd. MIBL was granted a Direct Broker's License by the Insurance Regulatory and Development Authority (IRDA) in May 2004, for undertaking direct insurance broking in Life and Non-Life businesses. In September 2011, MIBL was granted a Composite Broker licence by the IRDA, thus foraying into Reinsurance Broking business along with Direct Broking. As a Total Insurance Risk Solutions provider, MIBL plays an integral role in the Risk Management portfolio of customers.

Related News

CORE INSURANCE,LIFE INSURANCE

The Penn Mutual Life Insurance Company Announces Record Dividend Payout

The Penn Mutual Life Insurance Company | November 25, 2022

The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce that the company has maintained its dividend scale for 2023 and the Board of Trustees has approved a record $163 million payout to eligible policyholders in 2023. Dividends are a key measure of a mutual company's performance and Penn Mutual has consistently paid dividends to eligible policyholders for nearly 175 years. This announcement extends the company's long track record of delivering strong performance and value to policyholders. "We're proud that our dividend action over the last 20 years remains one of the strongest and most consistent in the industry, This noteworthy achievement, particularly given today's economic uncertainty, reflects our long-term perspective, a shared commitment to upholding the company's financial strength and serving the best interests of our policyholders." -Dave O'Malley, President and CEO About The Penn Mutual Life Insurance Company For more than 175 years, Penn Mutual has been helping people get stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.

Read More

CORE INSURANCE,INSURANCE TECHNOLOGY

Hildene Capital Launches $1 Billion Reinsurer

Hildene Capital Management | November 25, 2022

Hildene Capital Management, LLC (“Hildene”), a $12 billion credit-focused asset manager, today announced the formation of Ludlow Re SPC, Ltd. (“Ludlow Re”), a Cayman Islands-based, Class B(iii) insurance company. Ludlow Re will offer reinsurance to the global insurance market and, as part of its inaugural transaction, will reinsure approximately $1 billion of fixed index annuity reserves through a quota share agreement entered into with a U.S.-based life insurance carrier. “Given its ability to provide long-term, flexible capital, Ludlow Re optimizes Hildene’s robust asset management capabilities, helping us as we seek to enhance returns for our investors, Since Hildene’s inception in 2008, we have taken a prudent approach to managing the size and scale of our assets and will continue to execute on this approach with Ludlow Re — opportunistically adding to our portfolio only when we believe we can confidently invest in assets that produce attractive returns for our clients.” -Brett Jefferson, Founder and Co-Chief Investment Officer of Hildene. Hildene’s structured credit assets, particularly TruPS CDOs, align well with the duration and liquidity profile of life and annuity insurance liabilities, We believe insurers and asset managers can benefit from a symbiotic relationship — money managers receive access to insurers’ expansive capital base while insurers receive access to sophisticated investment opportunities they may not have otherwise,added Dushyant Mehra, Co-Chief Investment Officer of Hildene. Ludlow Re received its B(iii) insurance license from the Cayman Islands Monetary Authority in September 2022. About Hildene Capital Management Founded in 2008, Hildene Capital Management, LLC is a diversified institutional asset manager specializing in asset-based and credit opportunities. Hildene Co-CIOs Brett Jefferson and Dushyant Mehra are backed by a senior investment team with a long and established track record of investing across various credit and distressed cycles, leveraging their expertise in managing complex assets. Today, Hildene manages over $12 billion for a broad range of clients across its flagship private funds, tailored managed accounts and securitized asset structures.

Read More

CORE INSURANCE,INSURANCE TECHNOLOGY

instaCOVER Joins One80 Through Acquisition to Further Expand and Develop Customized Insurance Solutions for Leased and Financed Equipment

One80 Intermediaries | November 24, 2022

One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced that it has acquired instaCOVER, an independent insurance agency and technology platform specializing in point of sale insurance coverage for commercial equipment, healthcare, rental equipment and other markets. Terms of the deal were not disclosed. instaCOVER’s customizable insurance programs include financed equipment insurance, titled vehicle protection, rental waivers and non-financed / owned equipment insurance, as well as medical equipment and digital radiography insurance, digital radiography warranties, and digital radiography service contracts. Coverage is provided at the point of sale or lease and rates are established for the duration of enrollment regardless of claims activity. Additionally, instaCOVER offers a web-based platform designed to simplify the process associated with obtaining an insurance quote and binding a policy. The bespoke technology provides the flexibility to create and customized insurance solutions for brokers and clients. “I have been very impressed with the innovative platform and insurance solutions created by the instaCOVER team, I look forward to expanding into the leasing industry and further supporting instaCOVER at the crossroads of technology and commercial insurance,” he continued. -Matthew F. Power, President, One80 Intermediaries Since our inception, the instaCOVER team has thrived on finding ways to make insurance effortless. With that we feel that joining the One80 platform will enable us to continue to develop customized solutions for funders, brokers, manufacturers, dealers, distributors, and rental houses, We are thrilled to join One80,said Colleen Shelby, Managing Director, One80 Intermediaries. About One80 Intermediaries One80 Intermediaries is a privately held firm with offices throughout the US and Canada. As a leading insurance wholesaler and program manager, the company offers placement services and binding authority for property & casualty, professional and personal lines, life insurance, and travel/accident and health coverages. One80 specializes in key industry verticals such as medical stop loss, cannabis captives, alternative risk, warranty coverage and lender-based insurance. One80 serves commercial companies, non-profits, public entities, individuals and associations and unions, and has access to all major insurance markets in the US, Canada and UK. One80 has offices in more than 40 locations in the US and Canada.

Read More

CORE INSURANCE,LIFE INSURANCE

The Penn Mutual Life Insurance Company Announces Record Dividend Payout

The Penn Mutual Life Insurance Company | November 25, 2022

The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, is pleased to announce that the company has maintained its dividend scale for 2023 and the Board of Trustees has approved a record $163 million payout to eligible policyholders in 2023. Dividends are a key measure of a mutual company's performance and Penn Mutual has consistently paid dividends to eligible policyholders for nearly 175 years. This announcement extends the company's long track record of delivering strong performance and value to policyholders. "We're proud that our dividend action over the last 20 years remains one of the strongest and most consistent in the industry, This noteworthy achievement, particularly given today's economic uncertainty, reflects our long-term perspective, a shared commitment to upholding the company's financial strength and serving the best interests of our policyholders." -Dave O'Malley, President and CEO About The Penn Mutual Life Insurance Company For more than 175 years, Penn Mutual has been helping people get stronger. Our expertly crafted life insurance is vital to long-term financial health and strengthens people's ability to enjoy every day. Working with our trusted network of financial professionals, we take the long view, building customized solutions for individuals, their families, and their businesses. Penn Mutual supports its financial professionals with retirement and investment services through its wholly-owned subsidiary Hornor, Townsend & Kent, LLC, member FINRA/SIPC.

Read More

CORE INSURANCE,INSURANCE TECHNOLOGY

Hildene Capital Launches $1 Billion Reinsurer

Hildene Capital Management | November 25, 2022

Hildene Capital Management, LLC (“Hildene”), a $12 billion credit-focused asset manager, today announced the formation of Ludlow Re SPC, Ltd. (“Ludlow Re”), a Cayman Islands-based, Class B(iii) insurance company. Ludlow Re will offer reinsurance to the global insurance market and, as part of its inaugural transaction, will reinsure approximately $1 billion of fixed index annuity reserves through a quota share agreement entered into with a U.S.-based life insurance carrier. “Given its ability to provide long-term, flexible capital, Ludlow Re optimizes Hildene’s robust asset management capabilities, helping us as we seek to enhance returns for our investors, Since Hildene’s inception in 2008, we have taken a prudent approach to managing the size and scale of our assets and will continue to execute on this approach with Ludlow Re — opportunistically adding to our portfolio only when we believe we can confidently invest in assets that produce attractive returns for our clients.” -Brett Jefferson, Founder and Co-Chief Investment Officer of Hildene. Hildene’s structured credit assets, particularly TruPS CDOs, align well with the duration and liquidity profile of life and annuity insurance liabilities, We believe insurers and asset managers can benefit from a symbiotic relationship — money managers receive access to insurers’ expansive capital base while insurers receive access to sophisticated investment opportunities they may not have otherwise,added Dushyant Mehra, Co-Chief Investment Officer of Hildene. Ludlow Re received its B(iii) insurance license from the Cayman Islands Monetary Authority in September 2022. About Hildene Capital Management Founded in 2008, Hildene Capital Management, LLC is a diversified institutional asset manager specializing in asset-based and credit opportunities. Hildene Co-CIOs Brett Jefferson and Dushyant Mehra are backed by a senior investment team with a long and established track record of investing across various credit and distressed cycles, leveraging their expertise in managing complex assets. Today, Hildene manages over $12 billion for a broad range of clients across its flagship private funds, tailored managed accounts and securitized asset structures.

Read More

CORE INSURANCE,INSURANCE TECHNOLOGY

instaCOVER Joins One80 Through Acquisition to Further Expand and Develop Customized Insurance Solutions for Leased and Financed Equipment

One80 Intermediaries | November 24, 2022

One80 Intermediaries (One80), a specialty insurance broker headquartered in Boston, today announced that it has acquired instaCOVER, an independent insurance agency and technology platform specializing in point of sale insurance coverage for commercial equipment, healthcare, rental equipment and other markets. Terms of the deal were not disclosed. instaCOVER’s customizable insurance programs include financed equipment insurance, titled vehicle protection, rental waivers and non-financed / owned equipment insurance, as well as medical equipment and digital radiography insurance, digital radiography warranties, and digital radiography service contracts. Coverage is provided at the point of sale or lease and rates are established for the duration of enrollment regardless of claims activity. Additionally, instaCOVER offers a web-based platform designed to simplify the process associated with obtaining an insurance quote and binding a policy. The bespoke technology provides the flexibility to create and customized insurance solutions for brokers and clients. “I have been very impressed with the innovative platform and insurance solutions created by the instaCOVER team, I look forward to expanding into the leasing industry and further supporting instaCOVER at the crossroads of technology and commercial insurance,” he continued. -Matthew F. Power, President, One80 Intermediaries Since our inception, the instaCOVER team has thrived on finding ways to make insurance effortless. With that we feel that joining the One80 platform will enable us to continue to develop customized solutions for funders, brokers, manufacturers, dealers, distributors, and rental houses, We are thrilled to join One80,said Colleen Shelby, Managing Director, One80 Intermediaries. About One80 Intermediaries One80 Intermediaries is a privately held firm with offices throughout the US and Canada. As a leading insurance wholesaler and program manager, the company offers placement services and binding authority for property & casualty, professional and personal lines, life insurance, and travel/accident and health coverages. One80 specializes in key industry verticals such as medical stop loss, cannabis captives, alternative risk, warranty coverage and lender-based insurance. One80 serves commercial companies, non-profits, public entities, individuals and associations and unions, and has access to all major insurance markets in the US, Canada and UK. One80 has offices in more than 40 locations in the US and Canada.

Read More

Events