How Business Insurance Adjusts To Your Needs

| January 9, 2020

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Thousands of cars are alike. Several homes in the same neighborhood are alike. But no two businesses are alike. Two franchise restaurants will be in different neighborhoods, but they might keep different hours and have different sizes of staff. So, there's no one-size-fits-all solution to business insurance. If you're ensuring your business, your plan is going to be custom-designed. Every aspect of insurance will be dramatically different, depending on such details as the size of your business, your industry, and where you're stationed.

Spotlight

6sense

6sense’s Account Based Orchestration Platform helps revenue teams compete and win in the age of Account Based Buying by putting the power of AI, big data and machine learning behind every member of the B2B revenue team, empowering them to uncover anonymous buying behavior, prioritize fragmented data to focus on accounts in market, and engage resistant buying teams with personalized, omni-channel, multi-touch campaigns. 6sense helps revenue teams know everything they need to know about their buyers so they can easily do anything they need to do to generate more opportunities, increase deal size, get into opportunities sooner, compete and win more often.

OTHER ARTICLES

How AI is transforming the Insurance Sector

Article | March 16, 2020

The use of AI (Artificial Intelligence) is revolutionizing the working system of different industrial sectors and insurance is just one of them. Besides the insurtech companies that are vouching for AI tools, the traditional insurance companies too are now showing eagerness to shift their business processes to AI based technologies. As masters of digital technology and established website design company in Mumbai, we understand the reasons behind its rising popularity. AI technology has the potential to optimize efficiencies- enhance customer satisfaction, manage risks, detect frauds and improve the claim management system and more.

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INSURANCE TECHNOLOGY

Will your insurance IT investments pay off?

Article | March 16, 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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AI and Virtual Assistant for Insurance Sector: 10 Ways to Maximise Performance

Article | March 16, 2020

Evolution in business concepts and implementation of the latest technology trends are driving the thriving growth of businesses. Among all, artificial intelligence is best known to transform a business by automating the processes and making the tasks seamless. And the inventions like virtual assistant and chatbots are practically implementing these concepts to showcase results that promise skyrocketing growth and boost in business.

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Will Digital Overload Turn Consumers Away From Insurtech Products?

Article | March 16, 2020

Despite consumers never having had so much choice of technology, media and telecommunications (TMT) products and services, many UK households are becoming overwhelmed by the prospect of switching provider, which is leading to apathy among consumers. This kind of weariness with online tech could well hamper new insurtech start-ups, looking to win over new customers who are already browsing their fave websites and apps.

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Spotlight

6sense

6sense’s Account Based Orchestration Platform helps revenue teams compete and win in the age of Account Based Buying by putting the power of AI, big data and machine learning behind every member of the B2B revenue team, empowering them to uncover anonymous buying behavior, prioritize fragmented data to focus on accounts in market, and engage resistant buying teams with personalized, omni-channel, multi-touch campaigns. 6sense helps revenue teams know everything they need to know about their buyers so they can easily do anything they need to do to generate more opportunities, increase deal size, get into opportunities sooner, compete and win more often.

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