Going Paperless: How Mercury Insurance Improved the Speed of Business

| April 5, 2019

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Insurance companies struggle to provide a great experience on two fronts – one is to customers and the second is to agents and brokers. The convergence of demographic changes, evolving customer expectations, and competitive pressures demands efficiency from both insurers as well as agencies. In a recent Bain survey of over 174,000 insurance customers, “Customers Know What They Want. Are Insurers Listening?”, over 82% of millennials were willing to buy insurance from insurgent providers, whether these are fintechs, retailers, or automakers. To maintain their competitive edge, leading insurers excel on a couple of fronts – providing high-quality products for competitive prices and providing customers with a simple and digital customer experience.1. The insurance business model depends heavily on agents and brokers as a distribution channel. Working with insurer partners to generate a solid book of business is challenging, especially with legacy processes and systems that hinder time to market. Streamlining the back-office of agencies can positively impact both insurers and agents, while ultimately delivering a great customer experience.

Spotlight

Noor Takaful

Noor Takaful Family was established on 15 May 2008 to provide ethical, Sharia’a compliant, innovative, unique and comprehensive Takaful (Islamic insurance) products that support the growing needs of the UAE economy and the GCC. Noor Takaful Family aims at providing a broad suite of family and medical products with affordable prices to cater for the whole stream of individual customer segments, as well as packages aimed at the corporate sectors clients.

OTHER ARTICLES

Will COVID-19 Disrupt Insurtech?

Article | March 29, 2020

If there is one thing that we have all learned with the spread of COVID-19, it is that there is virtually no industry that is immune to its impact. The global pandemic is disrupting the daily lives of individuals, the operations of businesses, the activities of governments and even the approach of cherished institutions like museums, universities and religious organizations. The P&C insurance industry, like many others, is reeling from the implications of the virus. Amid the rapid changes, it is important to assess the impact of COVID-19 on the insurtech movement. After all, insurtech has always been touted as the ultimate disruptor of the insurance industry. But, might COVID-19 prove to be a disruptor to insurtech?

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2020: Winning in the Digital Revolution of Insurance

Article | February 19, 2020

Technology, consumer demand, new competition, and changing market dynamics are revolutionizing the insurance industry. The increased pace of innovation and change has challenged traditional insurance practices and created a new age of insurance defined by greater connectivity and automation. Technology and innovation are creating unprecedented opportunity to generate greater operational efficiencies and more value for your business.

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Does Your Business Interruption Insurance Cover COVID-19-Related Losses? Are You Sure?

Article | April 8, 2020

The COVID-19 coronavirus emergency has everyone scared, and many are imagining the worst. For business owners and managers, there is a fear that what you, your employees, and your customers or clients have built will be lost – through no fault of your own. And we don’t know how long the financial impact of the pandemic will continue.

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How Is COVID-19 Impacting the Insurance Industry?

Article | March 30, 2020

As the COVID-19 situation unfolds, governments around the world have a responsibility to look after their people, and most are doing exactly that with the resources they have at hand. Apart from government bodies and healthcare establishments, in unforeseen circumstances such as this involving loss of lives or jobs and the collapse of entire businesses, people are also looking to insurance organisations for support.

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Spotlight

Noor Takaful

Noor Takaful Family was established on 15 May 2008 to provide ethical, Sharia’a compliant, innovative, unique and comprehensive Takaful (Islamic insurance) products that support the growing needs of the UAE economy and the GCC. Noor Takaful Family aims at providing a broad suite of family and medical products with affordable prices to cater for the whole stream of individual customer segments, as well as packages aimed at the corporate sectors clients.

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