8 POS Software Trends for 2022: New Forecasts and What's Next

Mrunmayee Honrao | July 11, 2022 | 121 views | Read Time : 1:50 min

New Forecasts and What's Next
Online shopping is quickly becoming the new norm in the wake of the COVID-19 pandemic. Most retailers had to migrate their businesses to the cloud in order to meet the current demands of highly tech-savvy consumers, and the use of POS software has become more important than ever. A cloud-hosted POS solution is no longer an option for small and large businesses, but rather a requirement.

POS systems have provided retailers with a more efficient way to track inventory and manage sales, replacing the old cash register and traditional methods of selling. As ecommerce grows, POS solutions play an important role in increasing convenience for online customers and providing a customer-centric experience.

To keep up with the latest POS system developments, there is a list of the most important POS software trends to watch for. By understanding current POS software adoption reports and key insights, you can maximize the potential of your existing POS solution or, better yet, have better ideas on financing trends by POS that can bring value to your retail business.

Consumers had to reorient their purchasing toward needs like food, medicine, and other home items as the viral pandemic threatened everyone's health and safety. The US Census Bureau recently released a report that found that throughout the pandemic, retail stores providing food and beverages saw the biggest monthly growth in retail sales.

To better understand how POS systems are assisting retailers in overcoming the challenges posed by the rapidly changing retail landscape, here’s a list of the most recent and important POS software trends:
  1. Cashless Transactions via Mobile POS Systems
  2. Adoption of Cloud-Hosted POS Systems
  3. Multichannel Commerce
  4. Customer Layout Programs
  5. Personalized Shopping Experience
  6. AI Integration in POS Systems
  7. Use of POS Data Analytics
  8. Simple POS Hardware

Investing in modern POS systems and maximizing their rich feature sets can help your retail business go a long way, from attracting new customers to retaining a loyal customer base that can drive sales and support your long-term growth.

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Boosting the Economy: A Top Policy Priority

Article | September 22, 2022

Americans consider boosting the economy a top policy priority over dealing with COVID-19 as the coronavirus outbreak enters its third year. The decrease in the percentage mentioning the pandemic has been particularly sharp: from 78% last year to 60% this year, dealing with the coronavirus is now seen as a top policy priority. This comes at a time when Americans see various issues as lower priorities than they did a year ago. Republicans and Democrats disagree on the significance of the majority of policy priorities, but for 11 of the 18 issues covered by the survey, the partisan divide has grown significantly. This includes double-digit increases in partisan differences on addressing issues like immigration, the political system, improving the job market, and the criminal justice system. Changing Public Priorities: The Economy, Coronavirus, Jobs The percentage of Americans, particularly Democrats, who see the economy as a significant policy issue has decreased, despite the fact that it still ranks first on the public's list of priorities. From 75% a year ago to 63% now, the percentage of Democrats and independents leaning toward the Democratic Party who believe that improving the economy should be a key priority has decreased. Republicans and GOP learners, meanwhile, have seen almost no change in their opinions (85%top priority then, 82%today). Democrats are also less inclined than they were in January of last year, before President Joe Biden's inauguration, to rank addressing the employment situation as their top priority. 71% of Democrats said jobs should be a primary priority a year ago; today, only around 50%of Democrats agree (49%). The Republicans' slide has been more subdued (from 63% to 55%). As a matter of policy, solving the issues of the poor has lost priority. Democrats continue to prioritise this policy area significantly more than Republicans, although Republicans are now less likely than Democrats to see dealing with the issues low-income families confront as a key concern (25%now vs. 35%then; 58%now vs. 68%then). Additionally, there has been a reduction in the public's opinion that strengthening the political system ought to be a major priority for policy, mostly due to Republican efforts. The proportions of voters in each party who said that reforming the political system should be a high priority were essentially the same as they were the previous year (64%of Democrats and 60%of Republicans). Now, only 40% of Republicans and 61% of Democrats believe that this should be a high priority.

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Reinsurance Market Maintaining Its Firming Trend

Article | May 31, 2022

Despite economic pressures on reinsurers and cedants, nearly all buyers were able to secure coverage during the reinsurance renewal period. However, attachment levels and the cost of ceding risk were higher than most buyers desired, and supply constraints in some lines and territories caused stress not seen in years. As a result, according to Gallagher Re's latest 1st View renewals report, the reinsurance market has maintained its firming trend. Despite mostly positive H1 2022 results, the combination of inflation and rising interest rates has caused reinsurers to adjust their balance sheets and reserves while also taking into account how a recessionary environment may increase claims frequency. These economic factors, combined with sustained loss levels, allowed reinsurers to maintain upward pricing pressure as they sought to reduce their appetite for volatility. Key Contributions to Understanding: Natural disaster capacity decreased overall as reinsurers continued to shift away from low-level layers, which differed by country and region. Reinsurers were seen assessing cedants' inflation-related actions and applying carefully calculated loadings to relevant treaties. The Russian invasion of Ukraine increased interest in cyber and war contract provisions. Long-tail casualty placements remained popular among reinsurers, but there was more debate about ceding commissions than in recent renewals. Higher ILS risk transfer prices have attracted net new capital, but this has not resulted in market softening. The inflation discussions have been detailed and technical, with reinsurers eager to challenge cedants' model outputs. Most reinsurers are assessing reserve adequacy as interest rates rise, in addition to their concerns about primary rate adequacy in the new inflationary environment. They are experiencing effects simultaneously on the asset and liability sides, which has strengthened their resolve to maintain the pricing momentum of the previous two years.

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Security Think Up: It’s Time to Give a Thought About Cyber Insurance

Article | August 4, 2022

The rise in remote work during and after the pandemic has increased cyber vulnerabilities significantly. Cyber insurance protects your company from the financial consequences of cyber threats or data breaches involving computer systems and data. Credit card numbers, social security numbers, account numbers, health records, and driver's license numbers are examples of sensitive customer information. According to a recent SBA survey, 88% of small business owners believe they are vulnerable to a cyberattack. If your company is a victim of cybercrime, the cost of recovery can be prohibitively expensive, including specialized repairs and legal fees. One of the most difficult challenges is quantifying cyber risk. Although approaches and frameworks like NIST CSF, CIS 20, NCSC Cyber Essentials, and ISO 270001 aid in the development of cyber security capabilities, they do not provide the tools to quantify risk. As a result, leaders frequently overestimate their cyber maturity while underestimating cyber insurance premiums. Potential Cyberattack Types are: Breach of data: A breach occurs when critical information, such as personal financial information, is stolen. Cyber-attacks on computers:Your computer system is hacked and compromised in this type of cyberattack. Extortion via the internet:During an extortion threat to your company's computer system, thieves may demand ransom payments. To address these issues, a variety of approaches can be used, ranging from zero-trust models to multi-factor authentication (MFA) and end-point detection and response (EDR) (EDR and XDR). Protective monitoring, encryption applied to the most critical aspects of your network, and patch management processes can also provide insurers with the assurance they require. There are options for both small and large amounts of cyber liability coverage. A small cyber liability insurance policy could be added to the policy of a business owner. A larger cyber liability policy with higher limits would necessitate its own policy. Furthermore, they provide a real-time view of compliance through a risk-based approach that is consolidated, consistent, and aggregated across the entire organization. Workflow automation can help the IRM system become more efficient. By consolidating your risk management processes, you can ensure that controls continue to deliver on their objectives and demonstrate compliance with policies, standards, and regulations while having a lower impact on your day-to-day operational demands. All of this will make it easier to meet cyber insurers' requirements and give organizations confidence that their policy will protect them when they need it.

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INSURANCE TECHNOLOGY

Insurers Are Preparing to Accelerate Growth in 2022

Article | July 7, 2022

Despite ongoing concerns about COVID-19 variants, most insurers anticipate a faster economic recovery and increased investments in digital technology in 2022. One-third of those polled expect revenues to be "significantly higher" next year. The global demand for insurance is expected to rise further. Insurers face a variety of challenges, including economic hurdles such as the possibility of sustained inflation; sustainability concerns such as climate risk, diversity, and financial inclusion; and rapidly changing consumer product and purchase preferences. Attracting (and Retaining) Talent Will Be Critical in a Hybrid Work Environment Future of work considerations have also grown in importance as carriers strive to develop flexible return-to-office strategies while also struggling to retain and recruit high-level talent in a highly competitive job market, particularly for those with advanced technology and data analytics skills. Insurers Must Find a Way to Balance Technological Adoption with the Preservation of the Human Touch Insurers are becoming more reliant on emerging technologies and data sources to increase efficiency, improve cybersecurity, and expand capabilities across the organization. Most, however, should focus on improving the customer experience by streamlining processes with automation and providing customized service where needed and preferred. Opportunities to Increase Stakeholder Trust Have Arisen as a Result of the Pandemic On a more fundamental level, many carriers should consider taking steps to increase stakeholder trust in order to increase retention and profitability. This could be accomplished in part by increasing transparency in how insurers collect and use personal data. They can also become more proactive in seeking comprehensive solutions to large-scale societal issues, such as reducing the financial impact of future pandemics and closing coverage gaps for natural disasters.

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Helping you start–up - Enabling you to stand out - Supporting you to succeed. Every step of the way Our aim is simple; to help new and existing insurance brokers grow their business.

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Buckle Selects Origami Risk Platform to Enhance Policy Administration

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Buckle, the financial services company providing auto insurance solutions for the gig economy, has selected Origami Risk’s multi-tenant SaaS P/C platform to support policy administration, billing, and advanced analytics for its auto insurance programs. In addition to providing technology-based tools and functionality, Origami’s platform will enable Buckle to deliver more robust services with greater speed to its rapidly expanding and specialized customers, partners, and members throughout the United States. "Our members and partners expect and deserve new and innovative products, so we continually enhance our technology to support their needs. This platform offers a scalable solution for our ambitious growth and continued momentum,” - Adam Landau, chief information officer of Buckle Our policy administration, billing and risk management resources are ideally suited to meet the needs of Buckle as it continues to grow its dynamic and innovative business, These capabilities are among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs, and improve overall performance,said Christopher Bennett, president, Core Solutions division, Origami Risk. Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a comprehensive digital engagement experience for all internal and external stakeholders. About Buckle Buckle is the digital financial services company providing insurance for the gig industry. Serving the vital, rising middle class, Buckle protects drivers across personal, rideshare, and delivery driving for leading companies including Uber, Lyft, DoorDash, Gopuff, Instacart, Amazon Flex, Uber Eats, Grubhub, Favor, Shipt, and more. The company also offers insurance solutions for select partners. Buckle has received awards for 2022 including Best of Insurance, Best Rideshare & Delivery Driver Insurance Specialists, a Fastest Growing Company, Most Innovative Rideshare Auto Insurance Product Provider, Best Tech Startup, an InsurTech 50, and more. About Origami Risk – Core Solutions Division Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app.

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Distinguished Programs Expands Coastal Builder's Risk Coverage to Additional States

Distinguished Programs | August 29, 2022

Distinguished Programs (Distinguished), a national insurance program manager, today officially announces the expansion of Coastal Builder's Risk coverage to five additional states – Alabama, Hawaii, Mississippi, Rhode Island and commercial properties only in Texas. The Distinguished Coastal Builder's Risk Program covers all risks for brand new construction, remodeler's risk and betterments only projects in select states. "When we launched the Coastal Builder's Risk program last year, the broker response was incredible, Available coverage in the market is shrinking, and brokers need options for these harder-to-insure properties. We are thrilled to introduce our comprehensive Coastal Builder's Risk program to brokers in these new states." -Katie Vespia, Managing Vice President of Builder's Risk Program at Distinguished This program offers flexible initial policy terms (up to 24 months) with extensions available. Beachfront and barrier island properties are acceptable. Additional coverages include named storm deductible, wind coverage, theft and vandalism coverage, debris removal and more. Brokers can submit business for the Distinguished Builder's Risk (Coastal and Non-Coastal) Program through the 24/7 Online Portal. Brokers must be registered first to submit. About Distinguished Programs Distinguished Programs is a leading national insurance program manager providing specialized insurance programs to brokers and agents with specific expertise in Real Estate, Community Associations, Hotels, and Restaurants. Property and liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished Programs' high-limit umbrella programs remain the clear choice in its areas of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1987, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

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Securian Financial collaborates with “BenefitBump” to enhance education among expectant parents

SECURIAN FINANCIAL | September 30, 2022

To provide greater assistance to employees growing their families, Securian Financial in a first among insurance carriers is adding “BenefitBump” as a value-added service. The BenefitBump service can be used with Securian Financial’s group hospital indemnity insurance issued by Securian Life Insurance Company. BenefitBump improves outcomes for both employers and employees by helping growing families navigate their employers’ benefits and time off programs to build plans for balancing work and life. The program was designed for all paths to parenthood, including childbirth, adoption and families seeking fertility support. Participants are provided with education tools and live support from licensed emotional health clinicians. “Employees expecting a new child are often overwhelmed with information and unaware of all the benefits available to them through their employers, BenefitBump’s trained care navigators are experts in workplace benefit programs for expecting parents. They guide parents through the journey of growing their families from pre-birth planning to post-birth childcare while ensuring that they are maximizing their available benefits. For employers, this can be a powerful tool for retention, especially of working mothers.” -Darin Reeser, regional director of supplemental health benefit sales for Securian Financial According to ongoing BenefitBump participant survey responses, 66% of participants say the service reduces stress and anxiety and 83% say it increases benefit awareness and utilization. In addition, a 2021 study of program participants found that 98% successfully returned to work. Group hospital indemnity insurance is a workplace supplemental health policy that pays a pre-determined benefit to insured employees who experience a hospital stay covered by the policy. Employees can use the benefit to pay for out-of-pocket expenses not covered by their major medical insurance, or however they wish. With Securian Financial, insured employees do not have to experience a hospital stay to use BenefitBump. In fact, according to BenefitBump, since the service’s inception, nearly one-fifth of participants have engaged the service while family planning. Workplace supplemental health benefits on the rise According to a study conducted by benefits broker WTW, more employers are turning to supplemental health benefits to help protect employees from big medical bills and loss of income. The study, conducted between February 23 and March 12, 2021, found that among 238 organizations employing 3.7 million people, 42% offered group hospital indemnity insurance and 57% offered group critical illness insurance. By 2022, 65% of the organizations said they would offer hospital indemnity insurance to their employees, and 76% said they would offer critical illness insurance. Additionally, LIMRA, a life insurance researcher and trade organization, reported recently that workplace supplemental health benefit premium rose 6% in 2021, to nearly $2.6 billion. A group insurance leader Securian Financial offers group life, accidental death and dismemberment (AD&D) and supplemental health insurance products to employers nationwide. The company specializes in large public and private employer plans with 1,000 or more participants. Since issuing its first group life insurance policy in 1917, Securian Financial through its subsidiaries, Minnesota Life Insurance Company and Securian Life Insurance Company has grown to become the third-largest direct writer of group life insurance in the United States. The company is the top provider of group life insurance to state governments, 16, and has an extensive list of Fortune 500 employer clients, including 18 of the Fortune 100. ABOUT SECURIAN FINANCIAL At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.

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Buckle Selects Origami Risk Platform to Enhance Policy Administration

Buckle and Origami Risk | September 08, 2022

Buckle, the financial services company providing auto insurance solutions for the gig economy, has selected Origami Risk’s multi-tenant SaaS P/C platform to support policy administration, billing, and advanced analytics for its auto insurance programs. In addition to providing technology-based tools and functionality, Origami’s platform will enable Buckle to deliver more robust services with greater speed to its rapidly expanding and specialized customers, partners, and members throughout the United States. "Our members and partners expect and deserve new and innovative products, so we continually enhance our technology to support their needs. This platform offers a scalable solution for our ambitious growth and continued momentum,” - Adam Landau, chief information officer of Buckle Our policy administration, billing and risk management resources are ideally suited to meet the needs of Buckle as it continues to grow its dynamic and innovative business, These capabilities are among several innovative solution sets we’ve developed to help carriers, pools, program administrators and other insurance providers drive efficiencies across critical functions, meet customer needs, and improve overall performance,said Christopher Bennett, president, Core Solutions division, Origami Risk. Origami Risk offers a full suite of end-to-end, integrated SaaS solutions for policy, rating, billing, loss control and claims administration, reporting and analytics, along with a comprehensive digital engagement experience for all internal and external stakeholders. About Buckle Buckle is the digital financial services company providing insurance for the gig industry. Serving the vital, rising middle class, Buckle protects drivers across personal, rideshare, and delivery driving for leading companies including Uber, Lyft, DoorDash, Gopuff, Instacart, Amazon Flex, Uber Eats, Grubhub, Favor, Shipt, and more. The company also offers insurance solutions for select partners. Buckle has received awards for 2022 including Best of Insurance, Best Rideshare & Delivery Driver Insurance Specialists, a Fastest Growing Company, Most Innovative Rideshare Auto Insurance Product Provider, Best Tech Startup, an InsurTech 50, and more. About Origami Risk – Core Solutions Division Origami Risk provides integrated SaaS solutions that simplify insurance, risk, and safety for insurers, managing general agents (MGAs), program administrators, third party claims administrators (TPAs), risk pools, brokers and more. Origami Risk delivers its highly configurable and completely scalable integrated insurance core system, risk management and safety solutions from a secure, multi-tenant platform accessible via web browser and mobile app.

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Distinguished Programs Expands Coastal Builder's Risk Coverage to Additional States

Distinguished Programs | August 29, 2022

Distinguished Programs (Distinguished), a national insurance program manager, today officially announces the expansion of Coastal Builder's Risk coverage to five additional states – Alabama, Hawaii, Mississippi, Rhode Island and commercial properties only in Texas. The Distinguished Coastal Builder's Risk Program covers all risks for brand new construction, remodeler's risk and betterments only projects in select states. "When we launched the Coastal Builder's Risk program last year, the broker response was incredible, Available coverage in the market is shrinking, and brokers need options for these harder-to-insure properties. We are thrilled to introduce our comprehensive Coastal Builder's Risk program to brokers in these new states." -Katie Vespia, Managing Vice President of Builder's Risk Program at Distinguished This program offers flexible initial policy terms (up to 24 months) with extensions available. Beachfront and barrier island properties are acceptable. Additional coverages include named storm deductible, wind coverage, theft and vandalism coverage, debris removal and more. Brokers can submit business for the Distinguished Builder's Risk (Coastal and Non-Coastal) Program through the 24/7 Online Portal. Brokers must be registered first to submit. About Distinguished Programs Distinguished Programs is a leading national insurance program manager providing specialized insurance programs to brokers and agents with specific expertise in Real Estate, Community Associations, Hotels, and Restaurants. Property and liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished Programs' high-limit umbrella programs remain the clear choice in its areas of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1987, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

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Securian Financial collaborates with “BenefitBump” to enhance education among expectant parents

SECURIAN FINANCIAL | September 30, 2022

To provide greater assistance to employees growing their families, Securian Financial in a first among insurance carriers is adding “BenefitBump” as a value-added service. The BenefitBump service can be used with Securian Financial’s group hospital indemnity insurance issued by Securian Life Insurance Company. BenefitBump improves outcomes for both employers and employees by helping growing families navigate their employers’ benefits and time off programs to build plans for balancing work and life. The program was designed for all paths to parenthood, including childbirth, adoption and families seeking fertility support. Participants are provided with education tools and live support from licensed emotional health clinicians. “Employees expecting a new child are often overwhelmed with information and unaware of all the benefits available to them through their employers, BenefitBump’s trained care navigators are experts in workplace benefit programs for expecting parents. They guide parents through the journey of growing their families from pre-birth planning to post-birth childcare while ensuring that they are maximizing their available benefits. For employers, this can be a powerful tool for retention, especially of working mothers.” -Darin Reeser, regional director of supplemental health benefit sales for Securian Financial According to ongoing BenefitBump participant survey responses, 66% of participants say the service reduces stress and anxiety and 83% say it increases benefit awareness and utilization. In addition, a 2021 study of program participants found that 98% successfully returned to work. Group hospital indemnity insurance is a workplace supplemental health policy that pays a pre-determined benefit to insured employees who experience a hospital stay covered by the policy. Employees can use the benefit to pay for out-of-pocket expenses not covered by their major medical insurance, or however they wish. With Securian Financial, insured employees do not have to experience a hospital stay to use BenefitBump. In fact, according to BenefitBump, since the service’s inception, nearly one-fifth of participants have engaged the service while family planning. Workplace supplemental health benefits on the rise According to a study conducted by benefits broker WTW, more employers are turning to supplemental health benefits to help protect employees from big medical bills and loss of income. The study, conducted between February 23 and March 12, 2021, found that among 238 organizations employing 3.7 million people, 42% offered group hospital indemnity insurance and 57% offered group critical illness insurance. By 2022, 65% of the organizations said they would offer hospital indemnity insurance to their employees, and 76% said they would offer critical illness insurance. Additionally, LIMRA, a life insurance researcher and trade organization, reported recently that workplace supplemental health benefit premium rose 6% in 2021, to nearly $2.6 billion. A group insurance leader Securian Financial offers group life, accidental death and dismemberment (AD&D) and supplemental health insurance products to employers nationwide. The company specializes in large public and private employer plans with 1,000 or more participants. Since issuing its first group life insurance policy in 1917, Securian Financial through its subsidiaries, Minnesota Life Insurance Company and Securian Life Insurance Company has grown to become the third-largest direct writer of group life insurance in the United States. The company is the top provider of group life insurance to state governments, 16, and has an extensive list of Fortune 500 employer clients, including 18 of the Fortune 100. ABOUT SECURIAN FINANCIAL At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.

Read More

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