Save money on insurance payments by making the right buying decisions.

In a tough economic climate, South Africans are always on the lookout for ways to save. Cutting back on insurance premiums is often seen as an easy way to save money. All good, until you lodge a claim and suddenly find that your ‘saving’ now leaves you with an expensive problem. “With Savings Month focusing attention on budgeting it is a great idea to review personal spending and consider saving money on insurance premiums”, says Hannes Oelsen, Head of Claims at MiWay Insurance.

Spotlight

Sonnet Insurance Company

We’re Sonnet – Canada’s first fully online home and auto insurance company and we’re changing insurance for the better. Our mission is to provide Canadians with an easy, transparent and customized way to buy home and auto insurance online. By using data and analytics, we’re able to offer customized coverage at a competitive price in language you can understand, and all in as little as five minutes. With Sonnet, you can quote, buy and manage your policy all securely online.

OTHER ARTICLES
Core Insurance, Risk Management

Time to Overcome Barriers in Your Decision-Making with Data Analytics

Article | September 22, 2022

A quick Google Trends search on data reveals that data analytics, data and analytics, data analysis, and predictive analytics have steadily grown in popularity among businesses across industries. These terms peaked when business leaders searched for ways to increase ROI and reduce business costs and tech-based investments. The insurance industry is amongst the industries actively leveraging data analytics. The rising importance of analytics in insurance has made CMOS take note too. As agility became more important in the insurance industry, more than 85% of global businesses shifted to a data-driven model. The purpose of taking you back is to emphasize that, as a CMO, now you need to churn accurate data and turn it into relevant information. This is a necessary model to practice to make the right decisions or will improve the decision-making process. Without data analytics, you are deciding in a void, and that’s not considered good practice. Forrester reports that 41% of insurance companies faced challenges in extracting data and making decisions based on it in 2020. Take a look at how and what you can do with insurance analytics to cater to better insights into your decision-making process and, finally, ROI generation. Bring Data to These Key Levels of Departments Marketing Analytics in insurance raises the bar in terms of marketing. As you know, marketing results frequently fluctuate, making data insights challenging to capture. CMOS who base their decisions solely on outcomes usually loses sight of making sound decisions due to unstructured data. Therefore, it is essential to have an aligned platform for data analysis in insurance. To begin with, marketers must understand the various types of data analytics available. Most insurance marketers employ descriptive, predictive, and prescriptive analytics, among others. This will assist them in strategizing based on continuous data insights from various sources for any given initiative. Sales Sales leaders can also improve how they spend their time by using data analytics to create more accurate sales forecasts. However, the question is, how will they do it efficiently? CRM software is the answer and solution to them. The software performs best because of its analytical capabilities in combination with data visualization, particularly predictive functions. It generates enormous amounts of data on customer interactions, which can then be used to inform decisions. You can assemble relevant data and use it to make some decisions, such as: Acquisition and management of leads Lead segmentation Sales funnel optimization There is enormous value in optimizing productive data by focusing on prospects likely to become loyal customers. Operations Utilizing data analytics in insurance boosts insurance operations. Small changes help to align a wide range of core processes. You can access data obtained from operations, observe key aspects of the overall processes, and make appropriate decisions. A targeted, timely, and data-driven approach will help you make decisions about these key functions, which can lead to business growth in the long run. Bain's research in 2019 reports that seventy insurers were polled. They say data analytics will reach 58% in the marketing funnel and 45% in business operations. Begin with Overcoming Barriers to your Decision-Making Process Use Data to Identify Customer Patterns Information from data can identify patterns. As mentioned above in the sales section, CRM's predictive modelling and the popular Google Analytics' descriptive overview are the two best platforms for identifying customer patterns. What is the best way to get pertinent data? Data mining is the answer to it. Do you want to know about it? Then read data mining for pattern evaluation now! As a CMO, you're probably aware that behavioral patterns are highly predictable and can sometimes result in unsatisfactory outcomes. This occurs when you are unable to obtain relevant data. And you end up performing ineffective marketing activities. To assist you in overcoming it, an AI-enabled platform can reduce the level of effort and provide the necessary data to study your customers' patterns in real-time. This is how you will notice a significant increase in sales. According to research by McKinsey and Company, automation saves 43% of insurance employees’ time. Segmenting Sales Plans Following the establishment of your customers' patterns, segmenting the insurance sales plan is a necessary step. In this process, analytics provide detailed information about customers, allowing you to make decisions about sales functionalities. This will undoubtedly reduce the time, energy, and effort you previously spent. Accurate customer segmentation and sales forecasting can also help tailor marketing efforts, improve the sales funnel, and keep sales strategies in check. When Media 7 contacted Vishal Srivastava, Vice President (Model Validation) at Citi, here’s what he said about data segmentation through data analytics. CMOs must ensure that adequate data quality checks have been performed, The goal is to ensure a scientific approach to data segmentation, sampling methodology, and data outliers, which can significantly impact revenue forecasts.” Pricing & Savings Analytics in insurance marketing can help CMOs make cost-cutting decisions and become more cost-effective in marketing efforts. It can set price ranges based on historical, current, and predictive performance. Also, analytics will help you figure out how to price things in the future, which will be good for ROI. Keep Improving with Data to Stay Abreast with The Decision-Making Process Better data organization in your business boosts productivity." Warren Buffett, an American business magnate, investor, and philanthropist. This phase is best suited to the current business environment. Implementing data analytics in insurance now will open up tremendous opportunities in the future. To make the most of them, you, as a CMO, must stick to a data-driven model for marketing actions. Aside from that, it appears that the data analytics you select for your business must be capable of informing and driving performance. Performances ranging from risk assessment to sales forecasting and a plethora of actionable insights assist businesses in thriving. Frequently Asked Question How are data analytics used in insurance companies? Data analytics empowers insurers to optimize each function and also assess risks. It also identifies trustworthy customers, which further boosts engagement. What does data analytics mean in insurance? Data analytics empowers insurance professionals by providing them with the business intelligence to understand their customers better, build better products and services, and thus, boost business growth. How are insurance companies using data? Insurers can use data to gain insights from customers’ profiles. They can review their history, behavioral pattern, and marketing needs to develop strategies and provide marketing services.

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Core Insurance, Risk Management

3 Signs Your Policy Management Software is Not a Good Fit

Article | August 4, 2022

Policy management assists insurance companies in staying on track to meet their client objectives by selling more policies and collecting more premiums. However, organizations using inadequate or fractured policy management software may be leaving a lot on the table. According to a study by Accenture, automation could save the insurance industry a cumulative $5-7 billion. Are you facing hurdles in processing policies? Are some of the tasks like policy renewal, policy issuance, policy binding etc., that are supposedly automated still taking up time and resources away from the company? If so, it might be time to rethink your policy management. Here are three signs to look out for when this happens. There are Hiccups in Your Policy Processing Processes Being able to make universal changes and synergize different processes is a crucial aspect of policy management. If your insurance policy management tool isn’t able to keep up with the information or automate tasks like making updates and syncing information in real-time, it may be time to reconsider it and seek a solution that integrates Robotic Process Automation, or RPA. RPA tools enable organizations to reduce processing time for issuing, updating and cancelling a policy. The Underwriting Stage Takes Up a Lot of Time Underwriting can be a tedious, time-consuming process. With modern policy management solutions, it is possible to automate a number of tasks within underwriting. If your application is contributing to negligible or no reduction in the time it takes for underwriters to process everything. From the applicant’s credit history and scores to savings and loos-run reports, the underwriter needs to manually process this data. However, before that, the data needs to be reached in a streamlined manner. If your platform doesn’t support intelligent automation, digitalizing the underwriting process isn’t possible, in turn hampering the ability to access information when needed. It is Difficult to Keep Up with Claims Processing Claims management is an integral part of any insurance workflow, and its automation adds immense business value. If your claim settlement process is slow, filled with bottlenecks, and is impacting consumer experience, your existing platform isn’t doing any favours. Advanced claims processing solutions let you integrate features that align with the workflows of the insurer. Customer Experience Isn’t Up to the Mark Poor policy management processes are always reflected in the overall customer experience. Are you inundated with customer complaints, feedback about slow processing, and injured employee morale from poor performance and higher work load? The key is to take a good look at your current workflow and how it is affecting the end consumer. In a high-stress service like insurance, nothing less than an impeccable customer experience is a base expectation. The lack of responsiveness in your communication can result in a high customer churn rate. With a good policy management solution, your teams are able to stay on track and automate tasks when needed in order to keep customers updated. Final Word The insurance sector is a fast-paced business world and requires insurtech solutions that can handle the tremendous pressures and demands of customers. The four signs indicate that it might be time to introspect and, if needed, jumpstart your digital transformation journey.

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Insurance Technology

5 Things Contractors Can Do About Insurance During Covid-19

Article | August 9, 2022

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.

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Claims

Builders Risk Insurance Vs. Liability Coverage: How Each Benefit Works

Article | December 22, 2021

For construction contractors, there is nothing more important than safeguarding your works in progress. After all, if something were to damage the property and interrupt your progress, then you might face a huge financial setback. At this point, it’s critical that you have builder’s risk insurance ready and waiting. Your policy will be there to assist you following property damage at construction sites. However, your builder’s risk policy will not offer the same coverage to injuries or property damage that you cause to other parties. In this case, separate liability insurance benefits will provide the necessary benefits. Though separate from your builder’s risk policy, liability coverage is equally important. Let’s take a closer look at how these benefits work.

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Spotlight

Sonnet Insurance Company

We’re Sonnet – Canada’s first fully online home and auto insurance company and we’re changing insurance for the better. Our mission is to provide Canadians with an easy, transparent and customized way to buy home and auto insurance online. By using data and analytics, we’re able to offer customized coverage at a competitive price in language you can understand, and all in as little as five minutes. With Sonnet, you can quote, buy and manage your policy all securely online.

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Auto Insurance Rates Are on the Rise - Here’s Why

capitalgazette | May 22, 2019

Auto insurance rates have been climbing up at a steady rate lately, and this is becoming more and more obvious to the average person. In fact, some people have started to get worried about the situation and the implications it holds for the future. And the worst part is, many of those people have a very poor understanding of the auto insurance market and how it works, and as a result have no idea what's causing these changes. Understanding the current market dynamics is important if you want to get the best deal on your own insurance, and it's even more important if you're planning any big purchases of this type in the future. You have to make sure that you can get the best deal on your future insurance plans.

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Aquiline to Acquire Relation Insurance Services in California

Aquiline Capital Partners LLC | February 22, 2019

Aquiline Capital Partners LLC, a private equity firm investing in financial services and technology, has entered into a definitive agreement to acquire Walnut Creek, Calif.-based Relation Insurance Services from private equity firms Parthenon Capital and Century Equity Partners. Terms of the deal were not disclosed. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the first half of 2019.

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Auto-Owners Insurance snaps up regional insurer

Capital Insurance Group | February 20, 2019

Auto-Owners Insurance, a multi-line property and casualty insurer operating through independent agencies in 26 states, has announced that it has entered into a definitive agreement with Capital Insurance Group (CIG). CIG is a regional property and casualty insurer serving the western United States. The company insures personal lines and a wide range of commercial and agricultural businesses in California, Washington state, Oregon, Nevada and Arizona.

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Auto Insurance Rates Are on the Rise - Here’s Why

capitalgazette | May 22, 2019

Auto insurance rates have been climbing up at a steady rate lately, and this is becoming more and more obvious to the average person. In fact, some people have started to get worried about the situation and the implications it holds for the future. And the worst part is, many of those people have a very poor understanding of the auto insurance market and how it works, and as a result have no idea what's causing these changes. Understanding the current market dynamics is important if you want to get the best deal on your own insurance, and it's even more important if you're planning any big purchases of this type in the future. You have to make sure that you can get the best deal on your future insurance plans.

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Aquiline to Acquire Relation Insurance Services in California

Aquiline Capital Partners LLC | February 22, 2019

Aquiline Capital Partners LLC, a private equity firm investing in financial services and technology, has entered into a definitive agreement to acquire Walnut Creek, Calif.-based Relation Insurance Services from private equity firms Parthenon Capital and Century Equity Partners. Terms of the deal were not disclosed. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to be completed in the first half of 2019.

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Auto-Owners Insurance snaps up regional insurer

Capital Insurance Group | February 20, 2019

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