The Best Insurance for New Drivers

March 23, 2019

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Learning how to drive is an exciting time in a person’s life.  However, teens are more likely to get into accidents due to lack of experience. When you are shopping around for car insurance for new drivers, it’s important that the coverage you choose will be there for them when accidents happen. Whiling insuring new drivers can be more expensive, there are some things that you should keep in mind as you shop around for coverage. The Cheapest Insurance Might Not Be the Best. While it can be tempting to opt for the cheapest option, that’s not always the best idea. Especially with new drivers, you should look for coverage options that still offer adequate amounts of coverage. If your teen or new driver gets into an accident, but there’s a high premium, then you may be paying a lot out of pocket. Car insurance policies can have multiple coverages, so choosing some non-essential coverages may offer a safety net when things don’t go as planned. Learn more about why the cheapest insurance is not always the best choice.

Spotlight

Apollo Munich Health Insurance Company Ltd

Apollo Munich Health Insurance company is a trusted provider of health, travel and personal accident plans for individuals,families and corporate groups. Apollo Munich Health Insurance is a joint venture between Apollo Hospitals Group and Munich Health, Munich Re’s newest business segment. The Apollo Hospitals Group is Asia’s largest integrated healthcare provider while Munich Health draws on Munich Re’s insurance and reinsurance competence with presence in more than 40 countries.

OTHER ARTICLES
CORE INSURANCE

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Article | December 27, 2021

Mr. and Mrs. Garcia purchased their first life insurance policies from their agent more than a decade ago, when their eldest son was born. They soon bundled their home and auto policies for a discount. A few years later, when the Garcias started a small business, they worked with their agent to establish commercial insurance. As the business thrived, the family set up fixed indexed annuities and mutual funds to put their growing savings to work. All of their policies and accounts are easily accessible via an online platform, and when a new need arises, they simply message their agent to discuss a new policy. The agent also reaches out regularly to make sure the Garcias’ evolving needs are always met. The experience of the hypothetical Garcia family shows how simple it would be for insurers to build deeper customer relationships. But many insurers continue to struggle to develop relationships with their customers that span multiple products. In fact, limited successes in this area have convinced some insurance executives that there is limited value in cross-sales initiatives. In our experience, however, a more coordinated approach can unlock huge opportunities to meet customers’ comprehensive needs through a principal adviser.

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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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INSURANCE TECHNOLOGY

Making the digital leap in underwriting

Article | December 16, 2021

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

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How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | February 14, 2020

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

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Spotlight

Apollo Munich Health Insurance Company Ltd

Apollo Munich Health Insurance company is a trusted provider of health, travel and personal accident plans for individuals,families and corporate groups. Apollo Munich Health Insurance is a joint venture between Apollo Hospitals Group and Munich Health, Munich Re’s newest business segment. The Apollo Hospitals Group is Asia’s largest integrated healthcare provider while Munich Health draws on Munich Re’s insurance and reinsurance competence with presence in more than 40 countries.

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