5 Ways to Market Your Insurance Agency to Millennial Customers

| June 29, 2018

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You’ve probably heard it a million times: “The Millennial generation is becoming the largest consumer demographic in the world.” Not only are they the largest, but the way they spend their money is vastly different from the generations before or after them. Businesses around the world are having to change the way they operate in order to reach Millennial customers. And this includes independent insurance agencies.

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MHG Insurance Brokers

MHG Insurance Brokers is a leading insurance brokerage providing insurance advice and solutions for Marine Crew, businesses and groups and individuals around the world. Whether you are looking for a competitive Yacht Crew insurance plan, Cruise Ship Crew insurance, business insurance plans or insurance coverage for you, your family or group, we can help.

OTHER ARTICLES

How chatbots are driving insurtech

Article | March 10, 2020

The first chatbot, called ELIZA, was built in 1966 by MIT professor Joseph Weizenbaum. It used a pattern matching system to simulate a human conversation and gave a series of scripted responses designed to have it play the role of a therapist. Today, chatbot technology is a vital part of the way that companies across a myriad of sectors interact with their customers, with applications covering everything from content delivery to conversational ecommerce. By 2025, the global chatbot market is expected to reach $1.25bn.

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Advancement of Technology in the Insurance Industry

Article | February 12, 2021

In the 21st century, we have witnessed high technological advancement. Just like any other industry, the insurance sector is transforming at a rapid speed. With the changes in demands and expectations of customers, insurers are seeking digital innovation and transformation that not only meet the requirements but also reduces their costs. So, here are a few that are set to engulf the entire industry for the better. These tech trends will help both insurers and customers to achieve what matters the most efficiently. Artificial intelligence For Process Improvement AI tends to disrupt the insurance industry more than any other technology. The main advantages that insurers can claim with AI include reduced claim costs, identifying insurance fraud, and mining voice data for improved customer service. The more an insurer will understand and use this technology, the better they will survive the competition. Customers usually look for a personalized experience when it comes to buying something especially as crucial as insurance. Artificial Intelligence provides the ability to create a personalized experience for a vast amount of users based on the data collected. It also enables fast data access and rapid reporting by removing the human element from the process. Blockchain for Secured Records With the amount of security required in the insurance records and claims, blockchain seems to be the most powerful technology for the upcoming revolution. The thriving technology behind the cryptocurrency has become the center of attention for insurance enterprises. Blockchain having the capability to encrypt all the data can decrease the number of fraudulent transactions, loss of data, and scams. IoT For Protecting Investment IoT (Internet of Things) is a technology trend that can be used to connect different objects to the internet. Be it a car, smartwatch, or a refrigerator. For insurance companies, it can be the most awaited blessing as IoT can help in detecting any problem before the actual damage take place. With the help of this technology, insurers can alert the customers in advance about the problems they might face through vehicle tracking, biometrics, and weather sensing. All of this makes it a win-win situation for both consumers and insurers. Automation For Ease of Verification Automation along with machine learning will drive better efficiency in the insurance sector. Having the intelligent system as support, insurers are exploring the more complex processes that can be automated. Some of which entails verification and approval of claims, customized interactions with customers, acquiring insights of the customers, property assessments, and detection of fraud. Adopt New Tech To Succeed As the competitors of insurance companies are moving ahead, more organizations need to adopt these emerging technologies. Moreover, techs like blockchain and automation are ready to provide more efficient processes. On the other hand, AI and IoT will help in offering personalized experiences while lowering the cost. Besides, a company or insurer can also hire developers to develop their system or application that can provide all the customization and security needed in the processing.

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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.

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What Will My General Liability Insurance Cover?

Article | March 26, 2020

General liability insurance is one of the most important types of insurance you can buy to protect your business. It is a broad type of coverage that provides protection against general risks. General liability coverage protects you from third-party claims made against your business, such as bodily injury and property damage. It does not cover workplace injuries sustained by your employees – those are covered under workers’ compensation insurance.

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Spotlight

MHG Insurance Brokers

MHG Insurance Brokers is a leading insurance brokerage providing insurance advice and solutions for Marine Crew, businesses and groups and individuals around the world. Whether you are looking for a competitive Yacht Crew insurance plan, Cruise Ship Crew insurance, business insurance plans or insurance coverage for you, your family or group, we can help.

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