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A LOOK AT THE TYPICALTEEN-DRIVER CRASH
| March 14, 2019
Brokers are at the heart of our business. Our ambition is to be recognised as the best insurer for brokers, the insurer you most trust and the relationship you most value.
Article | February 24, 2020
Providing financial security to its consumers is the ultimate aim of an insurance company. However, sustaining its own capability to finance its customers becomes its priority. To measure the financial sustainability, insurance companies use various different methods and techniques. Among them, the Expense Ratio serves as the ideal measure providing clarity on the logistics. Signifying the efficiency of an insurance company and measuring its profitability, the expense ratio gives a clearer picture of the financial aspects of the company.
The global outbreak of coronavirus has exposed an unpleasant truth: many insurers are stuck with legacy systems that prevent them from offering seamless digital experiences to their customers and/or employees. Even more damaging, they can’t lower operating costs at a time when claims are climbing, and margins are disappearing. This isn’t a momentary problem. As bleak as things seem at the moment, one day this crisis will be over…and property & casualty (P&C) providers will still seek to modernize to remain competitive. Reconciling this seemingly contradictory mission – how can an insurer reduce operating costs while providing a better experience?
How many times have you called customer service expecting a quick answer, but were instead passed around to a number of different people who didn’t have your full story, forcing you to repeat yourself unnecessarily? And how many times did this lead to a much longer-than-expected resolution? We’ve all experienced this at least once and as a result, we understand the importance of streamlining experiences to keep customers happy. It begs the question: How can you deliver an experience that doesn’t leave customers running for the hills?
The insurance industry continues to be an enabler of innovation. Since its creation three centuries ago, it has become an essential part of the global economy — providing security and resilience to businesses and individuals alike. But the fundamentals of how it operates have barely changed. As we enter a new decade, the industry must reflect the reality of the needs of today’s businesses and society. Large commercial insurers and reinsurers, in particular, have an increasingly urgent imperative to realign their organizations and modify their offerings to include stronger preventive services against new and evolving threats, including climate change and cyber risk. There is a huge opportunity. Our latest NextWave Insurance report reveals that, should the industry act now, an unprecedented growth and profitability spike is within reach. By 2030, we project that large commercial insurers and reinsurers could experience:
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