Avoid Expensive Mistakes with Your Teen’s Auto Insurance

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

Guaranteed Rate Insurance

Guaranteed Rate Insurance is a national insurance brokerage, licensed in all 50 states, that offers comprehensive personal, commercial, specialty, and life insurance products. Founded in 2008, Guaranteed Rate Insurance is owned by Guaranteed Rate, the second largest retail mortgage lender in the country. Guaranteed Rate Insurance has built a reputation on providing customers with impeccable service as demonstrated by its 98% customer satisfaction rate*. Combining a growing team of insurance agents and a robust digital platform, Guaranteed Rate Insurance searches for great rates from more than 50 top-rated insurance carriers, while providing a "personal shopping" experience.

OTHER ARTICLES
Insurance Technology

Digital Transformation in Insurance Industry

Article | August 9, 2022

Insurers of the future will play more of a risk avoidance role and less of a risk mitigation one. The seemingly effective yet simple ideas of Netflix, Uber, Ola, Amazon, and many other ideas have forever transformed their industry segments. Digital transformation in the insurance industry is embraced in various ways to address the complex challenges posed by consumers, regulatory, and digital landscapes. To keep up with insureds' demands, insurers have had to digitize various aspects of their operations. Any company that wants to stay competitive in today's market must meet customers where and when they need it. Insurance's digital transformation, powered by artificial intelligence, machine learning, predictive analytics, mobile services, live chat, and other technologies, enables insurers to do just that and will continue to change the industry for years. Insurance Companies to Look at Value Chain through a Digital Lens: Gain First-Mover Advantage: Product introduction to gain a potentially sustainable competitive advantage. To achieve the first-mover advantage, the insurer should have two crucial capabilities: the ability to pinpoint unmet customer needs to guide product development and quickly adapt existing products to market forces. Reduce IT costs to fund innovation: When insurance companies refactor monolithic applications into modular micro services, application maintenance costs are reduced. Grow revenue by differentiating the customer journey: Electronic document capture and processing, robotic process automation (RPA), and robo-advisors improve serviceability and help businesses gain a competitive advantage. Despite market participants' claims that the insurance industry was not an early adopter of digital transformation, new players, business models, and demanding customers are forcing the industry to embrace digital technologies. As a result, the global insurance market is expected to grow by 45% between 2022 and 2025. Modern digital engineering does not occur in a vacuum; new products must be compatible with existing technologies and processes. Ascertain that the development team understands legacy insurance applications and the data required to integrate them with new, digitally engineered products.

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Automobile Insurance, Insurance Technology

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

Article | December 19, 2022

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: Cashless Transactions via Mobile POS Systems Adoption of Cloud-Hosted POS Systems Multichannel Commerce Customer Layout Programs Personalized Shopping Experience AI Integration in POS Systems Use of POS Data Analytics 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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Claims

Making the digital leap in underwriting

Article | July 15, 2022

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

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Core Insurance

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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Spotlight

Guaranteed Rate Insurance

Guaranteed Rate Insurance is a national insurance brokerage, licensed in all 50 states, that offers comprehensive personal, commercial, specialty, and life insurance products. Founded in 2008, Guaranteed Rate Insurance is owned by Guaranteed Rate, the second largest retail mortgage lender in the country. Guaranteed Rate Insurance has built a reputation on providing customers with impeccable service as demonstrated by its 98% customer satisfaction rate*. Combining a growing team of insurance agents and a robust digital platform, Guaranteed Rate Insurance searches for great rates from more than 50 top-rated insurance carriers, while providing a "personal shopping" experience.

Related News

Life Insurance

Norwegian Insurer Gjensidige Pensjonsforsikring Goes Live with Sapiens CoreSuite for Life & Pensions

PR Newswire | January 10, 2024

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, and the leading Norwegian insurance company Gjensidige Pensjonsforsikring (GPF) today announced that GPF has gone live with Sapiens CoreSuite for Life & Pensions and Sapiens Cloud Services for their individual savings. GPF is the first Nordic customer to go-live with CoreSuite, which will expand the insurer's digital capabilities and boost its leading market position. Designed to enable greater automation and operational efficiency, Sapiens CoreSuite for Life & Pensions provides GPF with an optimised, Norwegian-tailored platform with real-time access to centrally managed data. As a single, unified system on the cloud, CoreSuite provides a cost-efficient, cloud-based IT infrastructure to streamline workflows, accelerate digital transformation and improve customer engagement. The CoreSuite solution is maintained and updated continuously by Sapiens in accordance with the latest technological and regulatory requirements. "Sapiens has now completed the initial phase of our core transformation project to CoreSuite and provided valuable support throughout the journey," said Torstein Ingebretsen, CEO of GPF. A strong core and strategy are essential to GPF's growth in Norway's rapidly changing pensions market." "We are proud to have achieved this important milestone in the Nordics with a regional leader like GPF," added Roni Al-Dor, Sapiens President and CEO. "We will continue to support GPF's journey to drive innovation and set the standard for best-in-class customer service with our transformative, future-oriented, cloud-based IT infrastructure." Sapiens CoreSuite for Life & Pensions is a software solution for end-to-end core operations and processes. An award-winning policy administration system, it supports individual and group products across life, health, wealth & retirement. Sapiens Cloud Services supports business growth with a holistic offering of value-added cloud services that provides all operations and application management services under one roof. About Gjensidige Pensjonsforsikring (GPF) Gjensidige Pensjonsforsikring (GPF) is a wholly owned subsidiary of Gjensidige Forsikring. GPF mainly offers defined contribution, investment products, pension plans and risk products for groups and individuals in the Norwegian market. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

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Life Insurance

illumifin Acquires AmeriLife's Administrative Partners of America

PR Newswire | January 10, 2024

illumifin, a leading third-party insurance administration and technology provider, today announced it has acquired Administrative Partners of America (APA), the Third-Party Administrator (TPA) of AmeriLife, a national leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions. As one of the largest independent marketing organizations (IMO) in the U.S., AmeriLife and APA administer approximately 230,000 policies that generate $3.1 billion of premiums in life insurance, annuities and Medicare Supplement products annually. APA employs nearly 200 associates in Clearwater, Florida, and Salt Lake City, Utah, all of whom will transition to illumifin as part of the sale. Peter Goldstein, President and Chief Executive Officer of illumifin, commented, "This is our second life and annuities acquisition that complements our existing TPA business and further transforms illumifin. We are constantly identifying new opportunities that will enhance our value proposition and make us a key strategic partner to our clients. AmeriLife has a solid platform with key client overlap that strengthens our relationships and opens the door for significant expansion opportunities. We are very excited to build a partnership with AmeriLife to help support their future growth efforts." Scott R. Perry, Chairman and Chief Executive Officer of AmeriLife, added, "illumifin is a great home for our TPA operations, and APA's customers will benefit greatly from access to a broad set of capabilities and scalable services across all lines of business. We're equally as excited to begin a new era of partnership with illumifin, and – together with our carrier partners – introduce new products to market, fuel our collective growth, and continue transforming our industry for years to come." illumifin was formed by Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital transformation and disruption. About illumifin illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there's a brighter future. About AmeriLife AmeriLfe's strength is its mission: to provide insurance and retirement solutions to help people live longer, healthier lives. In doing so, AmeriLife has become recognized as a leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions to enhance the lives of pre-retirees and retirees across the United States. For more than 50 years, AmeriLife has partnered with top insurance carriers to provide value and quality to customers served through a distribution network of over 300,000 insurance agents and advisors and 120 marketing organizations and insurance agency locations nationwide. About Abry Partners Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds. About Hoplon Capital Hoplon pursues proprietary investments focused on the digital economy that are disruptive in their respective end markets including insurance, financial services, IT and consulting services, healthcare, digital infrastructure and media industries.

Read More

Core Insurance

Inszone Insurance Bolsters Missouri Presence with DeVoy Insurance Group Acquisition

Business Wire | October 10, 2023

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, announced the acquisition of DeVoy Insurance Group, a well-established insurance agency deeply rooted in the community of Brookfield, Missouri. DeVoy Insurance Group is run by Blake DeVoy, whose family has a storied history in the insurance industry dating back to the early 20th century, DeVoy Insurance Group has been a trusted name in Brookfield. The DeVoy family's dedication to serving their community has spanned generations, epitomizing their commitment to excellence. In 1910, Blake DeVoy's great-grandfather embarked on his journey by establishing the first insurance agency in Brookfield, later selling the original DeVoy & Co. to another local agency. In 1982, Blake DeVoy's father cofounded an agency, a strategic decision that laid the foundation for the family's continued legacy in the insurance business. Blake DeVoy himself entered the insurance industry in 2002 at the age of 19, building upon his early experiences working in his father's office. His diverse background, which includes roles as an underwriter and claims representative, equipped him with a unique perspective and skill set to navigate the complexities of insurance, making him a valuable resource for clients and strong leader for his team. "We're delighted to integrate the DeVoy Insurance Group into the Inszone Insurance umbrella," remarked Chris Walters, CEO of Inszone Insurance Services. "Their impressive legacy and enduring dedication to their local community mirrors our own commitment. This step enhances our position in Brookfield and expands our influence throughout the state, highlighting our unwavering promise to offer the best service to our valued clients." When asked about his decision to merge with Inszone Insurance, DeVoy pointed out the ever-evolving insurance landscape and business environment. He continued, “I recognized the changing demands of the insurance climate and wanted to ensure that my clients received the highest level of service." Clients of DeVoy Group can expect to receive the same exceptional service they are used to, now bolstered by the added resources available through the Inszone brand. Inszone Insurance is expected to announce several significant acquisitions in the upcoming months as part of its ongoing efforts to expand its footprint on a national scale. About Inszone Insurance Services Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 44 locations across California, Arizona, Colorado, Illinois, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, and Utah, the company is looking to expand further throughout the United States.

Read More

Life Insurance

Norwegian Insurer Gjensidige Pensjonsforsikring Goes Live with Sapiens CoreSuite for Life & Pensions

PR Newswire | January 10, 2024

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, and the leading Norwegian insurance company Gjensidige Pensjonsforsikring (GPF) today announced that GPF has gone live with Sapiens CoreSuite for Life & Pensions and Sapiens Cloud Services for their individual savings. GPF is the first Nordic customer to go-live with CoreSuite, which will expand the insurer's digital capabilities and boost its leading market position. Designed to enable greater automation and operational efficiency, Sapiens CoreSuite for Life & Pensions provides GPF with an optimised, Norwegian-tailored platform with real-time access to centrally managed data. As a single, unified system on the cloud, CoreSuite provides a cost-efficient, cloud-based IT infrastructure to streamline workflows, accelerate digital transformation and improve customer engagement. The CoreSuite solution is maintained and updated continuously by Sapiens in accordance with the latest technological and regulatory requirements. "Sapiens has now completed the initial phase of our core transformation project to CoreSuite and provided valuable support throughout the journey," said Torstein Ingebretsen, CEO of GPF. A strong core and strategy are essential to GPF's growth in Norway's rapidly changing pensions market." "We are proud to have achieved this important milestone in the Nordics with a regional leader like GPF," added Roni Al-Dor, Sapiens President and CEO. "We will continue to support GPF's journey to drive innovation and set the standard for best-in-class customer service with our transformative, future-oriented, cloud-based IT infrastructure." Sapiens CoreSuite for Life & Pensions is a software solution for end-to-end core operations and processes. An award-winning policy administration system, it supports individual and group products across life, health, wealth & retirement. Sapiens Cloud Services supports business growth with a holistic offering of value-added cloud services that provides all operations and application management services under one roof. About Gjensidige Pensjonsforsikring (GPF) Gjensidige Pensjonsforsikring (GPF) is a wholly owned subsidiary of Gjensidige Forsikring. GPF mainly offers defined contribution, investment products, pension plans and risk products for groups and individuals in the Norwegian market. About Sapiens Sapiens International Corporation empowers the financial sector, with a focus on insurance, to transform and become digital, innovative and agile. With more than 40 years of industry expertise, Sapiens' cloud-based SaaS insurance platform offers pre-integrated, low-code capabilities across core, data, and digital domains to accelerate our customers' digital transformation. Serving over 600 customers in more than 30 countries, Sapiens offers insurers across property and casualty, workers' compensation, and life insurance markets the most comprehensive set of solutions, from core to complementary, including Reinsurance, Financial & Compliance, Data & Analytics, Digital, and Decision Management.

Read More

Life Insurance

illumifin Acquires AmeriLife's Administrative Partners of America

PR Newswire | January 10, 2024

illumifin, a leading third-party insurance administration and technology provider, today announced it has acquired Administrative Partners of America (APA), the Third-Party Administrator (TPA) of AmeriLife, a national leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions. As one of the largest independent marketing organizations (IMO) in the U.S., AmeriLife and APA administer approximately 230,000 policies that generate $3.1 billion of premiums in life insurance, annuities and Medicare Supplement products annually. APA employs nearly 200 associates in Clearwater, Florida, and Salt Lake City, Utah, all of whom will transition to illumifin as part of the sale. Peter Goldstein, President and Chief Executive Officer of illumifin, commented, "This is our second life and annuities acquisition that complements our existing TPA business and further transforms illumifin. We are constantly identifying new opportunities that will enhance our value proposition and make us a key strategic partner to our clients. AmeriLife has a solid platform with key client overlap that strengthens our relationships and opens the door for significant expansion opportunities. We are very excited to build a partnership with AmeriLife to help support their future growth efforts." Scott R. Perry, Chairman and Chief Executive Officer of AmeriLife, added, "illumifin is a great home for our TPA operations, and APA's customers will benefit greatly from access to a broad set of capabilities and scalable services across all lines of business. We're equally as excited to begin a new era of partnership with illumifin, and – together with our carrier partners – introduce new products to market, fuel our collective growth, and continue transforming our industry for years to come." illumifin was formed by Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital transformation and disruption. About illumifin illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there's a brighter future. About AmeriLife AmeriLfe's strength is its mission: to provide insurance and retirement solutions to help people live longer, healthier lives. In doing so, AmeriLife has become recognized as a leader in developing, marketing, and distributing life and health insurance, annuities, and retirement planning solutions to enhance the lives of pre-retirees and retirees across the United States. For more than 50 years, AmeriLife has partnered with top insurance carriers to provide value and quality to customers served through a distribution network of over 300,000 insurance agents and advisors and 120 marketing organizations and insurance agency locations nationwide. About Abry Partners Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds. About Hoplon Capital Hoplon pursues proprietary investments focused on the digital economy that are disruptive in their respective end markets including insurance, financial services, IT and consulting services, healthcare, digital infrastructure and media industries.

Read More

Core Insurance

Inszone Insurance Bolsters Missouri Presence with DeVoy Insurance Group Acquisition

Business Wire | October 10, 2023

Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, announced the acquisition of DeVoy Insurance Group, a well-established insurance agency deeply rooted in the community of Brookfield, Missouri. DeVoy Insurance Group is run by Blake DeVoy, whose family has a storied history in the insurance industry dating back to the early 20th century, DeVoy Insurance Group has been a trusted name in Brookfield. The DeVoy family's dedication to serving their community has spanned generations, epitomizing their commitment to excellence. In 1910, Blake DeVoy's great-grandfather embarked on his journey by establishing the first insurance agency in Brookfield, later selling the original DeVoy & Co. to another local agency. In 1982, Blake DeVoy's father cofounded an agency, a strategic decision that laid the foundation for the family's continued legacy in the insurance business. Blake DeVoy himself entered the insurance industry in 2002 at the age of 19, building upon his early experiences working in his father's office. His diverse background, which includes roles as an underwriter and claims representative, equipped him with a unique perspective and skill set to navigate the complexities of insurance, making him a valuable resource for clients and strong leader for his team. "We're delighted to integrate the DeVoy Insurance Group into the Inszone Insurance umbrella," remarked Chris Walters, CEO of Inszone Insurance Services. "Their impressive legacy and enduring dedication to their local community mirrors our own commitment. This step enhances our position in Brookfield and expands our influence throughout the state, highlighting our unwavering promise to offer the best service to our valued clients." When asked about his decision to merge with Inszone Insurance, DeVoy pointed out the ever-evolving insurance landscape and business environment. He continued, “I recognized the changing demands of the insurance climate and wanted to ensure that my clients received the highest level of service." Clients of DeVoy Group can expect to receive the same exceptional service they are used to, now bolstered by the added resources available through the Inszone brand. Inszone Insurance is expected to announce several significant acquisitions in the upcoming months as part of its ongoing efforts to expand its footprint on a national scale. About Inszone Insurance Services Founded in 2002 and headquartered in Sacramento, California, Inszone is a full-service insurance brokerage firm that provides a broad array of property & casualty insurance and employee benefits solutions. With a strong, experienced management team, Inszone continues to grow organically and through acquisitions. With 44 locations across California, Arizona, Colorado, Illinois, Michigan, Missouri, Nevada, New Mexico, Oregon, Texas, and Utah, the company is looking to expand further throughout the United States.

Read More

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