Health insurance rate rise 2018 what you need to know

| February 23, 2018

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As of April 1, private health insurance premiums will rise by an average of 3.95 percent. But despite being the lowest annual premium change since 2001, it doesn’t fall in line with last year’s two percent wage growth and inflation. This guide outlines what you can expect to see from your private health fund, as well as how to save when it comes to rising private health insurance.

Spotlight

Progressive Insurance

Were just an insurance company known for Flo, our friendly Superstore employee? Rethink Progressive. Were so much more than that, and the careers and culture we offer might surprise you. For more than 80 years, Progressive has offered a wide range of insurance choices to customers, including Auto, Home, Renters, Commercial Auto, Small Business, Motorcycle, Boat policies, and more. Progressive is the third largest auto insurer in the country-a combined effort of every single Progressive person. Were a diverse group of more than 36,000 talented employees-from all walks of life, all fields of business, and all 50 states. Everyone here plays a role in our success as we continue to find new and better ways to move the insurance industry forward and be there for our customers during every stage of their lives.

OTHER ARTICLES

Why Do You Need Business Insurance Now?

Article | February 27, 2020

Every business has different dynamics. Thus, it becomes imperative that business owners have sufficient measures to safeguard against any unforeseen risk in the future. Regardless of your business size, there are always certain risks involved. Business insurance proves to be an extremely crucial tool to beat all the troubles which may accidentally arise at unwarranted any time. The business owners might end up paying a hefty amount of the losses.

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INSURANCE TECHNOLOGY

Will your insurance IT investments pay off?

Article | February 27, 2020

Automated claims processing, price comparison platforms, mobile bill paying—these are just some of the digital services that insurance customers expect and insurers want to provide. As the demand for digital skyrockets, so does the need for insurers to invest in IT. In the past seven years, the share of IT in total operating costs of property-and-casualty (P&C) insurers increased 22 percent. The rise of digital means technology is no longer a cost center. Rather, it is an asset that, if managed well, can increase growth and profitability. But do these IT investments pay off? As the COVID-19 pandemic exacerbates already increasing cost pressures, insurers’ IT budgets are under scrutiny; they want to see the business impact of their IT investments. Insurers with targeted IT investments achieve better growth and performance Data from McKinsey’s Insurance 360° benchmarking survey provide strong evidence of the positive business impact of targeted IT investments. In fact, insurers that invest more in technology outpace competitors that don’t pursue targeted investments in business measures such as gross written premium (GWP) growth, return to shareholders, and expense and loss ratio (exhibit). As an example, in life insurance, companies that invested more in IT saw a greater reduction in expense ratios (by 2.0 percentage points) and higher returns on technical reserves2 (1.7 percentage points) when compared with insurers with lower IT investments. Insurers achieved these outcomes within three to five years of making their investments. For P&C insurers, those with high IT investments achieved approximately twice the top-line GWP growth of low IT investors. High IT investments also produced a greater reduction in combined ratios when compared with those with low IT investment. Four areas for targeted IT investment So what kinds of technology investments can help insurers achieve growth and improve productivity and performance? Investments in four areas are critical: Marketing and sales: Marketing technology solutions can increase sales and processing efficiency, improve the quality of core customer-facing processes such as policy inquiries and policy applications, and improve customers’ overall experiences. McKinsey’s Insurance 360° benchmarking data show that tech investments in this category can facilitate top-line growth for P&C insurers by up to 20–40 percent; for life insurers, that growth could be 10–25 percent over a three- to five-year period. Underwriting and pricing: Automated underwriting fraud detection can improve the likelihood that insurers correctly identify fraud and set accurate prices. A pricing tool kit that analyzes pricing across competitors and enables a flexible, more segmented market versus technical pricing further improves profit margins. Insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 10–15 percent in P&C insurance and 3–5 percent in life insurance. Policy servicing: Workflow automation, artificial intelligence–based decision support, and user experience technologies in policy servicing and within IT can improve the customer self-service experience and automate back-office processes, thus reducing IT and operations expenses. And state-of-the-art self-servicing options will reduce processing times and even improve customer experience. An analysis of programs for large-scale insurance IT modernization finds that insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 5–10 percent in P&C insurance and 10–15 percent in life insurance. Claims: P&C insurers can use automated case processing—machine-learning technology trained to process basic claims cases—to segment more complex cases and significantly improve claims accuracy. Combined with better partner integration and steering technologies embedded in a transformation of the claims operating model, such technologies can help P&C insurers improve profit margins by 25–40 percent, according to McKinsey analysis of large-scale IT modernization programs. To realize the full value of IT investments, insurers must strategically allocate their resources and view tech as an asset, not a tool.

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10 Reasons COVID-19 Insurance Plan is a Must-have

Article | February 27, 2020

Since we have launched the COVID-19 Insurance Plan on ETMONEY, our users have been insuring themselves against COVID-19 in huge numbers. And there is a good reason for that. While we are all taking precautions it is a smart idea to be prepared for any eventuality. But if you are someone who is still thinking whether you should get amazing one of its kind insurance, there are 10 reasons you should be getting it right now.

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Spring Cleaning Your Business Insurance

Article | February 27, 2020

Spring cleaning can be more than clearing out some clutter in your home. There are numerous ways you can sort through and organize different aspects of your life. A commonly overlooked area of spring cleaning is your business insurance policies. It’s important to reevaluate your insurance coverage periodically. Things can change, and before you know it, your small business can change. Take some time to spring clean your business to help ensure future success.

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Spotlight

Progressive Insurance

Were just an insurance company known for Flo, our friendly Superstore employee? Rethink Progressive. Were so much more than that, and the careers and culture we offer might surprise you. For more than 80 years, Progressive has offered a wide range of insurance choices to customers, including Auto, Home, Renters, Commercial Auto, Small Business, Motorcycle, Boat policies, and more. Progressive is the third largest auto insurer in the country-a combined effort of every single Progressive person. Were a diverse group of more than 36,000 talented employees-from all walks of life, all fields of business, and all 50 states. Everyone here plays a role in our success as we continue to find new and better ways to move the insurance industry forward and be there for our customers during every stage of their lives.

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