Avoid Expensive Mistakes with Your Teen’s Auto Insurance

March 28, 2019 | 67 views

Don’t overspend on your teen driver’s coverage. Unfortunately, insuring teen drivers is expensive due to their inexperience and reputation for being reckless.  However, there are mistakes that parents make that drive up the cost of their teen’s insurance even more.  If you do not want to pay more for your teen driver’s coverage, here are some of the mistakes that you should avoid. Getting them a Separate Policy. When securing insurance for your teen driver, you have the option to purchase a separate policy for them their own policy or add them to your existing auto policy.  While getting them a separate policy will ensure that the premiums on your existing policy will not increase, insurance policies for young drivers carry high premiums because insurers consider teens more likely to get into an accident.  While your rates will increase when you add your teen to your policy, this move will actually end up saving you money in the long run.  Generally, the premium increase you experience will be less than the cost of securing a totally separate policy for your teen.  Additionally, adding your teen to your policy will allow you to access multi-vehicle discounts.  So, if you want to save on your teen driver’s coverage, your best option is to add them to your existing auto policy.

Spotlight

Assurity, Lincoln, Nebraska

Assurity has long lived our mission of helping people through difficult times, with a heritage dating back to 1890. As a mutual organization owned by our policyholders, we provide life insurance, disability and critical illness insurance, and voluntary employment benefits through independent brokers nationwide. Our unrelenting commitment to financial strength and stability has consistently earned us excellent industry ratings.

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LIFE INSURANCE

5 Essential Features of Policy Management Tools

Article | July 12, 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.

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INSURANCE TECHNOLOGY

How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | July 13, 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.

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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.

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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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Spotlight

Assurity, Lincoln, Nebraska

Assurity has long lived our mission of helping people through difficult times, with a heritage dating back to 1890. As a mutual organization owned by our policyholders, we provide life insurance, disability and critical illness insurance, and voluntary employment benefits through independent brokers nationwide. Our unrelenting commitment to financial strength and stability has consistently earned us excellent industry ratings.

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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.

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LIFE INSURANCE

NFP Acquires Tailored Finance Limited, Dublin-Based Health and Life Insurance Advisors

NFP | November 17, 2022

NFP, a leading property and casualty broker, benefits consultant, wealth manager, HR services consultant, and retirement plan advisor, today announced the acquisition of Dublin-based health and life insurance advisors, Tailored Finance Limited. This is NFP's first healthcare-focused acquisition in the Irish market, expanding its portfolio of services, solutions and market-leading advice. Tailored Finance's managing director, Jeremy Tucker, will join NFP as a director. "Acquiring Tailored Finance's boutique business is significant for our growth in Ireland, and I'm thrilled to welcome Jeremy and his team to NFP, They have a wealth of experience working with Irish and multinational corporations and are regarded among the best healthcare advisors in Ireland. Tailored Finance enhances our portfolio to deliver the healthcare solutions our clients need." -Colm Power, director, NFP in Ireland Established in 2008, Tailored Finance is among the leading independent health insurance brokers in the Irish market, generating gross written annual premiums last year valued at €25M. The company will continue to service customers under its existing name while leading NFP's healthcare and wellness proposition in Ireland. We are very excited to join NFP and believe our shared vision will help drive excellent results for our customers, NFP has a rapidly growing business in Ireland and is an incredible resource for us to leverage internally and with our clients. I want to thank my team for their tremendous work and commitment, and our customers and partners for their support. We look forward to continuing to create extraordinary value together,said Tucker. Tailored Finance Ltd will continue to operate under its current name and business as usual. Today's announcement marks NFP's fifth acquisition in the country within the past two years, continuing the momentum of the company's ongoing expansion in Ireland. NFP has also acquired HMP Insurance and Pension Advisors, Aiken Insurance Limited, ReSure Corporate Brokers and Simon Shirley Advisors. I'm delighted to welcome Tailored Finance to NFP, We have acquired a business with a great reputation in the industry and in Ireland. They will provide invaluable insight into the health insurance market at a time when clients need more expertise and guidance to achieve their objectives,said Matt Pawley, president, NFP in Europe. About NFP NFP is a leading property and casualty broker, benefits consultant, wealth manager, HR services consultant, and retirement plan advisor that provides solutions enabling client success through the expertise of over 7,000 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors and financial institutions. NFP is the 9th best place to work for large employers in insurance, 7th largest privately-owned broker, 5th largest benefits broker by global revenue and 13th largest broker of US business (all rankings according to Business Insurance). About Tailored Finance Tailored Finance is one of Ireland's leading insurance intermediaries, providing market-leading advice to over 250 Irish and international companies and thousands of individual customers across a range of health, dental and vision insurance, life insurance, income protection and pensions solutions. Managing director Jeremy Tucker leads a team with over 40 years of experience in the Irish insurance market.

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LIFE INSURANCE

Prudential Financial Launches FlexGuard Life, a Next-Generation Life Insurance Product That Goes Beyond Death Benefits

PRUDENTIAL INDIVIDUAL LIFE INSURANCE | November 15, 2022

Prudential Financial, Inc., has launched Prudential FlexGuard® Life, an innovative Indexed Variable Universal Life product that offers a flexible combination of protection, growth, and access to meet consumers’ changing life insurance needs. Inspired by the groundbreaking success of Prudential’s signature FlexGuard Indexed Variable Annuity products, which have reached over $10 billion in total sales, FlexGuard Life is a next-generation solution designed to help meet today’s evolving consumer needs. “As our customers’ needs continue to evolve, we’re working to provide them with new ways to achieve financial security, including offerings that help to diversify their cash values and realize more benefits from their policies, FlexGuard Life performs exactly in that way, prioritizing protection, growth and access.” -Salene Hitchcock-Gear, president of Individual Life Insurance at Prudential FlexGuard Life offers buffered index strategies with potential for strong cash value accumulation, while also providing levels of downside protection during periods of market volatility. It includes death benefit protection with guaranteed duration options, multiple ways to grow cash values and the ability to accelerate death benefits in the event of a chronic or terminal illness if an additional rider has been added. The solution is customizable and can be adjusted based on changing needs, giving consumers the opportunity to take control over their future. It affords them access to cash values when needed, providing the unique opportunity to leave a legacy while also expanding access to living benefits. ABOUT PRUDENTIAL INDIVIDUAL LIFE INSURANCE Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century.

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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

LIFE INSURANCE

NFP Acquires Tailored Finance Limited, Dublin-Based Health and Life Insurance Advisors

NFP | November 17, 2022

NFP, a leading property and casualty broker, benefits consultant, wealth manager, HR services consultant, and retirement plan advisor, today announced the acquisition of Dublin-based health and life insurance advisors, Tailored Finance Limited. This is NFP's first healthcare-focused acquisition in the Irish market, expanding its portfolio of services, solutions and market-leading advice. Tailored Finance's managing director, Jeremy Tucker, will join NFP as a director. "Acquiring Tailored Finance's boutique business is significant for our growth in Ireland, and I'm thrilled to welcome Jeremy and his team to NFP, They have a wealth of experience working with Irish and multinational corporations and are regarded among the best healthcare advisors in Ireland. Tailored Finance enhances our portfolio to deliver the healthcare solutions our clients need." -Colm Power, director, NFP in Ireland Established in 2008, Tailored Finance is among the leading independent health insurance brokers in the Irish market, generating gross written annual premiums last year valued at €25M. The company will continue to service customers under its existing name while leading NFP's healthcare and wellness proposition in Ireland. We are very excited to join NFP and believe our shared vision will help drive excellent results for our customers, NFP has a rapidly growing business in Ireland and is an incredible resource for us to leverage internally and with our clients. I want to thank my team for their tremendous work and commitment, and our customers and partners for their support. We look forward to continuing to create extraordinary value together,said Tucker. Tailored Finance Ltd will continue to operate under its current name and business as usual. Today's announcement marks NFP's fifth acquisition in the country within the past two years, continuing the momentum of the company's ongoing expansion in Ireland. NFP has also acquired HMP Insurance and Pension Advisors, Aiken Insurance Limited, ReSure Corporate Brokers and Simon Shirley Advisors. I'm delighted to welcome Tailored Finance to NFP, We have acquired a business with a great reputation in the industry and in Ireland. They will provide invaluable insight into the health insurance market at a time when clients need more expertise and guidance to achieve their objectives,said Matt Pawley, president, NFP in Europe. About NFP NFP is a leading property and casualty broker, benefits consultant, wealth manager, HR services consultant, and retirement plan advisor that provides solutions enabling client success through the expertise of over 7,000 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors and financial institutions. NFP is the 9th best place to work for large employers in insurance, 7th largest privately-owned broker, 5th largest benefits broker by global revenue and 13th largest broker of US business (all rankings according to Business Insurance). About Tailored Finance Tailored Finance is one of Ireland's leading insurance intermediaries, providing market-leading advice to over 250 Irish and international companies and thousands of individual customers across a range of health, dental and vision insurance, life insurance, income protection and pensions solutions. Managing director Jeremy Tucker leads a team with over 40 years of experience in the Irish insurance market.

Read More

LIFE INSURANCE

Prudential Financial Launches FlexGuard Life, a Next-Generation Life Insurance Product That Goes Beyond Death Benefits

PRUDENTIAL INDIVIDUAL LIFE INSURANCE | November 15, 2022

Prudential Financial, Inc., has launched Prudential FlexGuard® Life, an innovative Indexed Variable Universal Life product that offers a flexible combination of protection, growth, and access to meet consumers’ changing life insurance needs. Inspired by the groundbreaking success of Prudential’s signature FlexGuard Indexed Variable Annuity products, which have reached over $10 billion in total sales, FlexGuard Life is a next-generation solution designed to help meet today’s evolving consumer needs. “As our customers’ needs continue to evolve, we’re working to provide them with new ways to achieve financial security, including offerings that help to diversify their cash values and realize more benefits from their policies, FlexGuard Life performs exactly in that way, prioritizing protection, growth and access.” -Salene Hitchcock-Gear, president of Individual Life Insurance at Prudential FlexGuard Life offers buffered index strategies with potential for strong cash value accumulation, while also providing levels of downside protection during periods of market volatility. It includes death benefit protection with guaranteed duration options, multiple ways to grow cash values and the ability to accelerate death benefits in the event of a chronic or terminal illness if an additional rider has been added. The solution is customizable and can be adjusted based on changing needs, giving consumers the opportunity to take control over their future. It affords them access to cash values when needed, providing the unique opportunity to leave a legacy while also expanding access to living benefits. ABOUT PRUDENTIAL INDIVIDUAL LIFE INSURANCE Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century.

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