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Insurance Technology Trends That Will Shape the Industry in 2022

Insurance Technology Trends
The world is changing at a rapid pace, and no industry is immune to the need to evolve, upgrade, and innovate. The effects of mass digitization, artificial intelligence, machine learning, climate change, and the rise of financial-based cybercrime are all being felt in the business world. At the same time, consumer expectations have shifted dramatically, thanks in large part to companies like Netflix and Amazon, which have the technology and business models to provide the instant access to products and services that today's consumers have come to expect. When these changes are considered, it becomes clear that no industry, not even one as traditional, robust, and stable as the insurance industry, can afford to stand still.
 

Trend 1: CARE-Based Distribution Channels

Insurance companies are engaged in a "digital arms race," rushing to equip their distribution channels with digital tools to improve customer experiences. While CARE is the core experience that most insurance companies strive to provide in both distribution and sales, few achieve it consistently.
 

Trend 2: Quicker Payouts

Pay cycle time is fast becoming one of the most important differentiators between insurance companies. The winners of the future will use insurance technology to help them resolve claims quickly, at the touch of a button.
 
To this end, companies are adopting AI-enabled tools to automate both estimation and inspection. Telematics insurance solutions are expected to provide greater levels of contextual information that will support the smoother, faster, and more comprehensive settlement of claims.
 

Trend 3: The Rise of Usage-Based Models

As the pandemic made consumers aware of the waste involved in paying for insurance on cars that sit unused in driveways, interest in usage-based insurance products skyrocketed in 2021. As the nature of work changes and many people's daily commutes become obsolete, winning insurance companies will offer products that are more in line with how their customers live today. Telematics devices will allow insurers to offer products based on how and how far users drive.
 

Trend 4: Intelligent Automation

For a long time, the insurance industry has been experimenting with automation. The first phase was robotic process automation (RPA), which was viewed as a way to speed up processes and reduce costs without requiring significant changes to the underlying applications. While this was effective at capturing low-hanging fruit—those ubiquitous repetitive steps that were an unnecessary feature of so many insurance processes—it never really attacked productivity and core functions that required automation.

Spotlight

Previsor Insurance

Business owners across the Midwest turn to us for the work comp coverage they need and personalized support that keeps employees safe and businesses successful. Launched in Kansas in 2015, Previsor began as an extension of the Missouri Employers Mutual Insurance mission: to keep Missourians safe at work. There were some Missouri businesses - those with multistate needs - that were missing the difference an outstanding work comp partner can make.

OTHER ARTICLES
Insurance Technology

How Are Insurance Firms Using Artificial Intelligence (AI)?

Article | July 7, 2022

In the insurance industry, artificial intelligence (AI) has become a buzzword. Nonetheless, despite the fact that we are still in the early stages of AI implementation, the industry has made significant progress. The Need for AI in Insurance Insurance is a long-established and highly regulated industry. Perhaps as a result, insurance companies have been slower to adopt technological change than other industries. Insurance is still dominated by manual, paper-based processes that are time-consuming and necessitate human intervention. Even today, customers must deal with time-consuming paperwork and bureaucracy when filing a claim or enrolling in a new insurance policy. Customers may also pay more for insurance if policies are not tailored to their specific needs. Insurance is not always a pleasant customer experience in an age when most of our daily activities are online, digitized, and convenient. Having said that, we are beginning to see a global push by insurance companies to enhance their technological capabilities in order to do business faster, cheaper, and more securely. There have been several notable examples of insurers investing heavily in Artificial Intelligence solutions in recent years. If AI technology is fully applied to the insurance industry, McKinsey estimates a potential annual value of up to $1.1 trillion. How are insurers implementing AI? There are numerous examples of insurers around the world using AI to improve both their bottom line and the customer experience. There are also a slew of start-ups offering AI solutions to insurers and customers. I'll discuss a few interesting cases here. The Future of Artificial Intelligence in Insurance AI has the potential to transform customers' insurance experiences from frustrating and bureaucratic to quick, on-demand, and more affordable. Customized insurance products will attract more customers at lower costs. If insurers apply AI technology to the mountain of data at their disposal, we will soon see more flexible insurance, such as on-demand pay-as-you-go insurance and premiums that adjust automatically in response to accidents, customer health, and so on. Insurance will become more personalized as insurers use AI technology to better understand what their customers require. By accelerating workflows, insurers will be able to save money. They will also discover new revenue streams as artificial intelligence-driven analysis uncovers new business and cross-selling opportunities.

Read More
Insurance Technology

5 Essential Features of Policy Management Tools

Article | July 15, 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.

Read More
Automobile Insurance, Insurance Technology

Is Your Policy Management System Costing or Saving Money?

Article | December 19, 2022

Insurtech is advancing, and the significance of an effective policy management system cannot be underrated. Policy management professionals understand the payoff it offers to an organization. On the other hand, a policy management system that just isn’t a good fit can prove to be a lot more expensive than previously budgeted. So what is it actually costing you? Is your policy management software updated, or are you still using an old version? Do you know how much it is hampering your financial productivity? Even then, often, an outdated system may not be affecting your process significantly but damaging it in other intangible ways that are just as crucial to business success. Analyze your current system for the following: Financial Implications of the Current System Manual processes for policy creation and management make up the costliest part of running a policy management system. Paper-based solutions incur high costs that can be easily avoided by using digital systems that use automation extensively. With thousands of policies and compliance procedures for your team to manage, costs can add up quickly, especially with printing and distribution costs. In addition to these expenses, manual processes are also responsible for policies being misplaced or lost. It may also result in a large fine for noncompliance if some policies are accessible to unauthorized employees. Indirect Expenses Organized policy management procedures are critical for high operational efficiencies. Policy management systems that require manual supervision can prove to be expensive over the long run as they require employees to monitor them constantly. However, automated policy management systems enable policy teams to optimize their resources better and direct team members to speed up other more crucial processes. Furthermore, modern policy management systems don’t need constant monitoring and require only a one time set-up. This enables teams to allocate resources where they are urgently needed. Wasted Resources If you have an outdated policy management system, chances are it takes a lot more micro-managing than it needs to. Businesses must be able to optimize their resources better but with old and outdated systems, it ends up cutting into the productivity and performance on an everyday basis. In addition, it puts undue stress on employees to keep up with compliance norms and changing regulations and policies. Policy management often requires various employees to pitch in with their inputs, and using an old system that doesn’t offer the option to collaborate can take away a huge chunk of productivity daily. What’s the Bottom Line? Automated policy management systems can undoubtedly save you a lot of time and resources. If you’re facing sky-high costs just to maintain your policy management system, it might be time for a rethink. From automating the lifecycle of policies and procedures to streamlining the management of policies by your agents, consolidating a policy management process with software is one of the best insurtech trends to look out for in 2023. It is probably what your organization needs to move the needle.

Read More

5 Things Contractors Can Do About Insurance During Covid-19

Article | April 10, 2020

With the major impact of the COVID-19 outbreak, contractors appreciate the need for insurance coverage even more. You may be safely covered by Force Majeure and pandemic clauses in your policies. However, you may still be wondering how to deal with the associated costs related to the COVID-19 outbreak risks. In this article, let’s look at some of the steps you can take to handle your insurance position during the pandemic.

Read More
Insurance Technology

Security Think Up: It’s Time to Give a Thought About Cyber Insurance

Article | July 7, 2022

In the insurance industry, artificial intelligence (AI) has become a buzzword. Nonetheless, despite the fact that we are still in the early stages of AI implementation, the industry has made significant progress. The Need for AI in Insurance Insurance is a long-established and highly regulated industry. Perhaps as a result, insurance companies have been slower to adopt technological change than other industries. Insurance is still dominated by manual, paper-based processes that are time-consuming and necessitate human intervention. Even today, customers must deal with time-consuming paperwork and bureaucracy when filing a claim or enrolling in a new insurance policy. Customers may also pay more for insurance if policies are not tailored to their specific needs. Insurance is not always a pleasant customer experience in an age when most of our daily activities are online, digitized, and convenient. Having said that, we are beginning to see a global push by insurance companies to enhance their technological capabilities in order to do business faster, cheaper, and more securely. There have been several notable examples of insurers investing heavily in Artificial Intelligence solutions in recent years. If AI technology is fully applied to the insurance industry, McKinsey estimates a potential annual value of up to $1.1 trillion. How are insurers implementing AI? There are numerous examples of insurers around the world using AI to improve both their bottom line and the customer experience. There are also a slew of start-ups offering AI solutions to insurers and customers. I'll discuss a few interesting cases here. The Future of Artificial Intelligence in Insurance AI has the potential to transform customers' insurance experiences from frustrating and bureaucratic to quick, on-demand, and more affordable. Customized insurance products will attract more customers at lower costs. If insurers apply AI technology to the mountain of data at their disposal, we will soon see more flexible insurance, such as on-demand pay-as-you-go insurance and premiums that adjust automatically in response to accidents, customer health, and so on. Insurance will become more personalized as insurers use AI technology to better understand what their customers require. By accelerating workflows, insurers will be able to save money. They will also discover new revenue streams as artificial intelligence-driven analysis uncovers new business and cross-selling opportunities.

Read More
Insurance Technology

Cybersecurity Material for Private Companies

Article | July 15, 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.

Read More
Automobile Insurance, Insurance Technology

How the Blockchain is Revolutionizing the Auto Insurance Industry

Article | December 19, 2022

Insurtech is advancing, and the significance of an effective policy management system cannot be underrated. Policy management professionals understand the payoff it offers to an organization. On the other hand, a policy management system that just isn’t a good fit can prove to be a lot more expensive than previously budgeted. So what is it actually costing you? Is your policy management software updated, or are you still using an old version? Do you know how much it is hampering your financial productivity? Even then, often, an outdated system may not be affecting your process significantly but damaging it in other intangible ways that are just as crucial to business success. Analyze your current system for the following: Financial Implications of the Current System Manual processes for policy creation and management make up the costliest part of running a policy management system. Paper-based solutions incur high costs that can be easily avoided by using digital systems that use automation extensively. With thousands of policies and compliance procedures for your team to manage, costs can add up quickly, especially with printing and distribution costs. In addition to these expenses, manual processes are also responsible for policies being misplaced or lost. It may also result in a large fine for noncompliance if some policies are accessible to unauthorized employees. Indirect Expenses Organized policy management procedures are critical for high operational efficiencies. Policy management systems that require manual supervision can prove to be expensive over the long run as they require employees to monitor them constantly. However, automated policy management systems enable policy teams to optimize their resources better and direct team members to speed up other more crucial processes. Furthermore, modern policy management systems don’t need constant monitoring and require only a one time set-up. This enables teams to allocate resources where they are urgently needed. Wasted Resources If you have an outdated policy management system, chances are it takes a lot more micro-managing than it needs to. Businesses must be able to optimize their resources better but with old and outdated systems, it ends up cutting into the productivity and performance on an everyday basis. In addition, it puts undue stress on employees to keep up with compliance norms and changing regulations and policies. Policy management often requires various employees to pitch in with their inputs, and using an old system that doesn’t offer the option to collaborate can take away a huge chunk of productivity daily. What’s the Bottom Line? Automated policy management systems can undoubtedly save you a lot of time and resources. If you’re facing sky-high costs just to maintain your policy management system, it might be time for a rethink. From automating the lifecycle of policies and procedures to streamlining the management of policies by your agents, consolidating a policy management process with software is one of the best insurtech trends to look out for in 2023. It is probably what your organization needs to move the needle.

Read More

5 Things Contractors Can Do About Insurance During Covid-19

Article | April 10, 2020

With the major impact of the COVID-19 outbreak, contractors appreciate the need for insurance coverage even more. You may be safely covered by Force Majeure and pandemic clauses in your policies. However, you may still be wondering how to deal with the associated costs related to the COVID-19 outbreak risks. In this article, let’s look at some of the steps you can take to handle your insurance position during the pandemic.

Read More
MORE ARTICLES

Spotlight

Previsor Insurance

Business owners across the Midwest turn to us for the work comp coverage they need and personalized support that keeps employees safe and businesses successful. Launched in Kansas in 2015, Previsor began as an extension of the Missouri Employers Mutual Insurance mission: to keep Missourians safe at work. There were some Missouri businesses - those with multistate needs - that were missing the difference an outstanding work comp partner can make.

Related News

Insurance Technology

Integrity and Hemati Insurance Agency Join Forces to Strengthen Expansive Services for Agents

Integrity Marketing Group, LLC | December 05, 2023

Integrity Marketing Group, LLC a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Hemati Insurance Agency, an independent marketing organization based in Austin, Texas, and led by Eric Hemati. Financial details of the partnership were not disclosed. "Eric comes to Integrity with two decades of experience and a deep understanding of this business, but he knew there would be more opportunities for growth through our partnership — he wanted to help even more people and offer the strongest support and products possible to his agents," explained Bryan W. Adams, Co-Founder and CEO of Integrity. "We created Integrity precisely to give leaders, like Eric, the meaningful foundation and cutting-edge resources they need to take an agency to the next level. Now that Hemati Insurance Agency is partnered with Integrity, it can tap into an amazing network of expertise and experience. Our partners are positioned to help one another expand and thrive, which stems from our philosophy that a rising tide lifts all boats. I can't wait to see the 'Integrity Effect' of powerful growth make an impact on Hemati Insurance Agency — this business will be one to watch!" After spending several years in the field, Hemati brought a valuable agent perspective when founding Hemati Insurance Agency in 2003. The company provides clients across the country with life and health insurance products. In order to help protect more families, Hemati focuses on optimizing the agent experience by constantly expanding its support, mentorship and technology offerings. This commitment led to a partnership with Integrity. "Integrity is a force multiplier! Its vision of bringing together world-class services, technology and leaders to elevate agents' potential is an approach I resonated with immediately," shared Eric Hemati, Principal of Hemati Insurance Agency. Integrity has also created the dream team of partners in the insurance space — these are the leading players in the industry who have founded some of the country's most successful agencies. The opportunity to tap into their wisdom and collective experience is a game-changer for any entrepreneur. My agents are thrilled to utilize Integrity's best-in-class products, especially LeadCENTER and MedicareCENTER, which take the guesswork out of prospecting and allow us to help more people faster and more efficiently. This partnership is a major milestone for our business and significantly accelerates our growth. With Integrity's support, our future looks exceptionally promising. [Source -PR Newswire] By developing thoughtful solutions and best-in-class products, Integrity offers resources that make an agent's job more effective and fulfilling. Its end-to-end insurtech platform offers proprietary access to groundbreaking products such as Ask Integrity, a revolutionary AI-powered and voice-activated customer relationship management technology, and LeadCENTER, an on-demand platform which instantly connects qualified leads anywhere in the country with agents ready to serve. Integrity partners receive additional world-class resources and support, including strategic leadership guidance, richly insightful data and analytics, and ongoing product innovation to keep agents at the forefront of industry developments. Integrity empowers agents to reach more families through its holistic approach to life, health and wealth solutions. The Integrity partner network, comprised of many of the country's leading insurance and financial services companies, recognizes the growing need for cross-industry initiatives to offer comprehensive planning and services to every consumer. This prestigious group is collaborating on best practices and innovations that benefit all stakeholders. Their ingenuity and commitment help more Americans plan for the good days ahead. About Integrity Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its broad partner network of agents and advisors, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's proprietary, cutting-edge technology helps expand the insurance and financial planning experience for all stakeholders using an omnichannel approach. In addition, Integrity develops products with carrier partners and markets them compliantly through its nationwide distribution network. Providing best-in-class service to our clients and consumers is at the center of Integrity's holistic approach to life, health and wealth protection. The company and its partners focus on helping families and individuals prepare for the good days ahead, so they can make the most of what life brings. About Hemati Insurance Agency Hemati Insurance Agency has rapidly become a key and influential player in the insurance industry. The Austin, Texas-based agency focuses on empowering its agents, thereby ensuring the best possible service for its clients. Hemati Insurance Agency consistently provides in-depth training, resources and support designed to help its team of hundreds of agents work more efficiently and effectively. It is also committed to delivering a wide range of personalized solutions that help protect more than 20,000 American families annually.

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Risk Management

Augment Risk Continues Drive to Revolutionize Reinsurance, Announcing Andrew Matson as CEO

Augment Risk | December 04, 2023

Augment Risk, the pioneering new reinsurance brokerage firm, today announced the arrival of Andrew Matson as Chief Executive Officer. Matson will build on Augment Risk’s significant traction, having already bound $1 billion of premium in its first year of business. Augment Risk’s initial success is a testament to the firm’s transformative ‘Client, not class of business’ approach that protects and grows client equity value. “Augment Risk was founded to address a fundamental structural problem in the insurance and reinsurance markets. We champion the need for a shift from outdated practices of ‘products sold at prices’ to better cater to our clients’ needs,” Matson said. “I am thrilled to work with some of the most exceptional talent in the industry. We believe we can transform reinsurance broking for the better by focusing on our client’s entire business, creating partnerships with reinsurers, and enhancing equity value by better managing capital, reducing earnings volatility, and expanding the margins of our clients. Our approach has never been done at this scale.” The reinsurance industry has remained unchanged for generations. But with the advent of an increased interest rate environment, the rise in loss cost through inflation, and challenges mounting from natural catastrophes, the need to manage capital more efficiently has never been more important. Augment Risk has implemented a numerical approach to help clients better utilize their capital to maintain or improve their financial strength while achieving their business goals. At the heart of Augment Risk’s approach is a relentless focus on the client’s balance sheet, where capital has been blocked from being put to its best use due to operational complexity, vertical barriers, and mismanagement of risks. Augment Risk unlocks this opportunity by managing volatility through tailored solutions that are meticulously crafted to optimize enterprise value and are agnostic toward all forms of capital—a key differentiation from the conventional one-size-fits-all approach. Matson’s deep experience and understanding of the challenges facing reinsurers’ businesses are key to executing the vision of Augment Risk’s groundbreaking broker model. His accomplishments in the industry have spanned the globe and brought billions of dollars of premium to the global reinsurance market. “Andrew has the experience and conviction to lead Augment Risk’s next chapter of growth, and we are pleased to welcome him as CEO,” said Sam Gaynor, Managing Director, Altamont Capital Partners, which announced $100 million in funding for Augment Risk earlier this year. “Augment Risk addresses a clear market need to help global customers manage complex risk capital challenges based on efficiency, with a model poised to transform the reinsurance industry.” “Augment Risk provides the depth and breadth of expertise to ensure leaders of global companies have the capital, tools, and strategic insights necessary to thrive in a complex, often volatile environment; a one-size-fits-all approach to reinsurance doesn’t work and isn’t always in the best interest of their businesses,” said Keoni Schwartz, Co-Founder and Managing Director, Altamont Capital Partners. “This puts Augment Risk in a completely different category of reinsurance, building a new market in the industry to deliver better outcomes for these businesses.” About Augment Risk Augment Risk is a risk capital and reinsurance solutions broker, focused on designing and placing bespoke protections for a variety of clients. With a wide range of solutions, Augment creates growth and equity value through tailored transactions to deliver long-term capital and partnerships. Augment Risk’s expertise extends beyond (re)insurance, allowing the company to disrupt the value chain and build creative, value-accretive solutions for individual client needs.

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Insurance Technology

Roadzen Partners with HCLTech to deliver AI-driven auto insurance solutions for US carriers and automotive customers

Roadzen Inc | December 01, 2023

HCLTech, a global technology company, and Roadzen, a leading AI-driven auto insurance technology company, announced a collaboration to harness the power of AI and data engineering to deliver benefits to both auto insurance carriers as well as their customers. This partnership will help auto owners preserve the value of their assets, improve safety and reduce insurance premiums. At the same time, it will help carriers with better insights into driver behaviors and improve loss ratios. said Srinivasan Seshadri, Chief Growth Officer and Global Head, Financial Services, HCLTech. Partnering with Roadzen aligns with our commitment to constantly evolve and offer unparalleled services to our insurance customers. We see AI as a transformative power in the insurance sector and believe the combination of HCLTech’s trusted delivery capabilities with Roadzen’s AI leadership creates a solution that all our clients will be excited to engage with, to redefine insurance experiences. [Source -GlobeNewswire] The HCLTech-Roadzen partnership underscores the significance of telematics, computer vision and AI in the auto insurance industry. The collaboration draws on and significantly enhances HCLTech’s domain expertise in auto insurance and related service offerings, positioning HCLTech as a forward-looking provider of next-gen insurance technology to clients. "We are thrilled to collaborate with an industry leader like HCLTech. This synergy perfectly embodies Roadzen's mission to revolutionize insurance through AI and tech-forward solutions," said Rohan Malhotra, Chief Executive Officer and Founder of Roadzen. HCLTech was positioned as Leader in the Everest’s Insurance Business Model Innovation Enablement Services – PEAK Matrix Assessment 2021. It was also recently named a Leader and Star Performer in Everest Group’s Application and Digital Services (ADS) in Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023. About HCLTech HCLTech is a global technology company, home to more than 221,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services. Consolidated revenues as of 12 months ending September 2023 totaled $12.9 billion. About Roadzen Roadzen is a leading insurance technology company on a mission to transform global auto insurance powered by AI. Thousands of clients - from some of the world’s leading insurers, fleets and carmakers to small fleets, brokers and insurance agents - use Roadzen’s technology to build new products, sell insurance, process claims and improve road safety. Roadzen’s pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune and Financial Express.

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Insurance Technology

Integrity and Hemati Insurance Agency Join Forces to Strengthen Expansive Services for Agents

Integrity Marketing Group, LLC | December 05, 2023

Integrity Marketing Group, LLC a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Hemati Insurance Agency, an independent marketing organization based in Austin, Texas, and led by Eric Hemati. Financial details of the partnership were not disclosed. "Eric comes to Integrity with two decades of experience and a deep understanding of this business, but he knew there would be more opportunities for growth through our partnership — he wanted to help even more people and offer the strongest support and products possible to his agents," explained Bryan W. Adams, Co-Founder and CEO of Integrity. "We created Integrity precisely to give leaders, like Eric, the meaningful foundation and cutting-edge resources they need to take an agency to the next level. Now that Hemati Insurance Agency is partnered with Integrity, it can tap into an amazing network of expertise and experience. Our partners are positioned to help one another expand and thrive, which stems from our philosophy that a rising tide lifts all boats. I can't wait to see the 'Integrity Effect' of powerful growth make an impact on Hemati Insurance Agency — this business will be one to watch!" After spending several years in the field, Hemati brought a valuable agent perspective when founding Hemati Insurance Agency in 2003. The company provides clients across the country with life and health insurance products. In order to help protect more families, Hemati focuses on optimizing the agent experience by constantly expanding its support, mentorship and technology offerings. This commitment led to a partnership with Integrity. "Integrity is a force multiplier! Its vision of bringing together world-class services, technology and leaders to elevate agents' potential is an approach I resonated with immediately," shared Eric Hemati, Principal of Hemati Insurance Agency. Integrity has also created the dream team of partners in the insurance space — these are the leading players in the industry who have founded some of the country's most successful agencies. The opportunity to tap into their wisdom and collective experience is a game-changer for any entrepreneur. My agents are thrilled to utilize Integrity's best-in-class products, especially LeadCENTER and MedicareCENTER, which take the guesswork out of prospecting and allow us to help more people faster and more efficiently. This partnership is a major milestone for our business and significantly accelerates our growth. With Integrity's support, our future looks exceptionally promising. [Source -PR Newswire] By developing thoughtful solutions and best-in-class products, Integrity offers resources that make an agent's job more effective and fulfilling. Its end-to-end insurtech platform offers proprietary access to groundbreaking products such as Ask Integrity, a revolutionary AI-powered and voice-activated customer relationship management technology, and LeadCENTER, an on-demand platform which instantly connects qualified leads anywhere in the country with agents ready to serve. Integrity partners receive additional world-class resources and support, including strategic leadership guidance, richly insightful data and analytics, and ongoing product innovation to keep agents at the forefront of industry developments. Integrity empowers agents to reach more families through its holistic approach to life, health and wealth solutions. The Integrity partner network, comprised of many of the country's leading insurance and financial services companies, recognizes the growing need for cross-industry initiatives to offer comprehensive planning and services to every consumer. This prestigious group is collaborating on best practices and innovations that benefit all stakeholders. Their ingenuity and commitment help more Americans plan for the good days ahead. About Integrity Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its broad partner network of agents and advisors, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity's proprietary, cutting-edge technology helps expand the insurance and financial planning experience for all stakeholders using an omnichannel approach. In addition, Integrity develops products with carrier partners and markets them compliantly through its nationwide distribution network. Providing best-in-class service to our clients and consumers is at the center of Integrity's holistic approach to life, health and wealth protection. The company and its partners focus on helping families and individuals prepare for the good days ahead, so they can make the most of what life brings. About Hemati Insurance Agency Hemati Insurance Agency has rapidly become a key and influential player in the insurance industry. The Austin, Texas-based agency focuses on empowering its agents, thereby ensuring the best possible service for its clients. Hemati Insurance Agency consistently provides in-depth training, resources and support designed to help its team of hundreds of agents work more efficiently and effectively. It is also committed to delivering a wide range of personalized solutions that help protect more than 20,000 American families annually.

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Risk Management

Augment Risk Continues Drive to Revolutionize Reinsurance, Announcing Andrew Matson as CEO

Augment Risk | December 04, 2023

Augment Risk, the pioneering new reinsurance brokerage firm, today announced the arrival of Andrew Matson as Chief Executive Officer. Matson will build on Augment Risk’s significant traction, having already bound $1 billion of premium in its first year of business. Augment Risk’s initial success is a testament to the firm’s transformative ‘Client, not class of business’ approach that protects and grows client equity value. “Augment Risk was founded to address a fundamental structural problem in the insurance and reinsurance markets. We champion the need for a shift from outdated practices of ‘products sold at prices’ to better cater to our clients’ needs,” Matson said. “I am thrilled to work with some of the most exceptional talent in the industry. We believe we can transform reinsurance broking for the better by focusing on our client’s entire business, creating partnerships with reinsurers, and enhancing equity value by better managing capital, reducing earnings volatility, and expanding the margins of our clients. Our approach has never been done at this scale.” The reinsurance industry has remained unchanged for generations. But with the advent of an increased interest rate environment, the rise in loss cost through inflation, and challenges mounting from natural catastrophes, the need to manage capital more efficiently has never been more important. Augment Risk has implemented a numerical approach to help clients better utilize their capital to maintain or improve their financial strength while achieving their business goals. At the heart of Augment Risk’s approach is a relentless focus on the client’s balance sheet, where capital has been blocked from being put to its best use due to operational complexity, vertical barriers, and mismanagement of risks. Augment Risk unlocks this opportunity by managing volatility through tailored solutions that are meticulously crafted to optimize enterprise value and are agnostic toward all forms of capital—a key differentiation from the conventional one-size-fits-all approach. Matson’s deep experience and understanding of the challenges facing reinsurers’ businesses are key to executing the vision of Augment Risk’s groundbreaking broker model. His accomplishments in the industry have spanned the globe and brought billions of dollars of premium to the global reinsurance market. “Andrew has the experience and conviction to lead Augment Risk’s next chapter of growth, and we are pleased to welcome him as CEO,” said Sam Gaynor, Managing Director, Altamont Capital Partners, which announced $100 million in funding for Augment Risk earlier this year. “Augment Risk addresses a clear market need to help global customers manage complex risk capital challenges based on efficiency, with a model poised to transform the reinsurance industry.” “Augment Risk provides the depth and breadth of expertise to ensure leaders of global companies have the capital, tools, and strategic insights necessary to thrive in a complex, often volatile environment; a one-size-fits-all approach to reinsurance doesn’t work and isn’t always in the best interest of their businesses,” said Keoni Schwartz, Co-Founder and Managing Director, Altamont Capital Partners. “This puts Augment Risk in a completely different category of reinsurance, building a new market in the industry to deliver better outcomes for these businesses.” About Augment Risk Augment Risk is a risk capital and reinsurance solutions broker, focused on designing and placing bespoke protections for a variety of clients. With a wide range of solutions, Augment creates growth and equity value through tailored transactions to deliver long-term capital and partnerships. Augment Risk’s expertise extends beyond (re)insurance, allowing the company to disrupt the value chain and build creative, value-accretive solutions for individual client needs.

Read More

Insurance Technology

Roadzen Partners with HCLTech to deliver AI-driven auto insurance solutions for US carriers and automotive customers

Roadzen Inc | December 01, 2023

HCLTech, a global technology company, and Roadzen, a leading AI-driven auto insurance technology company, announced a collaboration to harness the power of AI and data engineering to deliver benefits to both auto insurance carriers as well as their customers. This partnership will help auto owners preserve the value of their assets, improve safety and reduce insurance premiums. At the same time, it will help carriers with better insights into driver behaviors and improve loss ratios. said Srinivasan Seshadri, Chief Growth Officer and Global Head, Financial Services, HCLTech. Partnering with Roadzen aligns with our commitment to constantly evolve and offer unparalleled services to our insurance customers. We see AI as a transformative power in the insurance sector and believe the combination of HCLTech’s trusted delivery capabilities with Roadzen’s AI leadership creates a solution that all our clients will be excited to engage with, to redefine insurance experiences. [Source -GlobeNewswire] The HCLTech-Roadzen partnership underscores the significance of telematics, computer vision and AI in the auto insurance industry. The collaboration draws on and significantly enhances HCLTech’s domain expertise in auto insurance and related service offerings, positioning HCLTech as a forward-looking provider of next-gen insurance technology to clients. "We are thrilled to collaborate with an industry leader like HCLTech. This synergy perfectly embodies Roadzen's mission to revolutionize insurance through AI and tech-forward solutions," said Rohan Malhotra, Chief Executive Officer and Founder of Roadzen. HCLTech was positioned as Leader in the Everest’s Insurance Business Model Innovation Enablement Services – PEAK Matrix Assessment 2021. It was also recently named a Leader and Star Performer in Everest Group’s Application and Digital Services (ADS) in Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023. About HCLTech HCLTech is a global technology company, home to more than 221,000 people across 60 countries, delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. We work with clients across all major verticals, providing industry solutions for Financial Services, Manufacturing, Life Sciences and Healthcare, Technology and Services, Telecom and Media, Retail and CPG, and Public Services. Consolidated revenues as of 12 months ending September 2023 totaled $12.9 billion. About Roadzen Roadzen is a leading insurance technology company on a mission to transform global auto insurance powered by AI. Thousands of clients - from some of the world’s leading insurers, fleets and carmakers to small fleets, brokers and insurance agents - use Roadzen’s technology to build new products, sell insurance, process claims and improve road safety. Roadzen’s pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune and Financial Express.

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