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Unlocking the potential of deeper customer-agent-insurer relationships

December 27, 2021 | 77 views

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.

Spotlight

Eastern Alliance Insurance Group

Eastern Alliance Insurance Group, a wholly-owned subsidiary of ProAssurance Corporation, is a specialty underwriter of workers’ compensation products and services in the Mid-Atlantic, Southeast, Midwest, Gulf South and New England regions of the United States. Eastern Alliance’s Inova is an industry leader in the alternative insurance arena.

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CORE INSURANCE

How the Blockchain is Revolutionizing the Auto Insurance Industry

Article | February 12, 2021

The blockchain has penetrated the mainstream. We predicted this in our 2019 article “Blockchain-as-a-Service: the Accelerator for Blockchain Adoption” where we talked about the technology's ease of integration. Companies can seamlessly adopt blockchain technologies by referring to existing use cases like smart contracts, data authentication, and asset management. They can also take advantage of open-source materials. With the blockchain's accessibility on top of its formidable qualities, it’s no surprise that the digital ledger system is being integrated into every industry–from banking and healthcare to gaming and cybersecurity. As a cornerstone of the rise of financial technology or fintech, another industry it’s now serving is auto insurance. Here’s how the blockchain is revolutionizing the auto insurance industry: Benefits of the blockchain in auto insurance Multiple back-and-forths can slow down the manual processing of both insurance contracts and filed claims. Blockchain-based tools can speed this up by accessing necessary information through the data network. Insurers can easily access and verify the personally-identifiable information (PII) required for insurance contracts via the blockchain, as well. This means no lengthy coordination with other parties, shorter queuing time, and less paperwork. Moreover, the blockchain helps those who buy auto insurance worry less about their PII being used by malicious individuals and organizations. Monash University asserts blockchain security effectiveness by pointing out how its design can alert any network of even the most minor changes to the data it contains. This is because blocks containing data are marked with hashes–input strings of computation characters–that become invalid when information is modified. When hashes become invalid, the network is notified. With such a prompt and responsive alert system, insurance agencies can easily detect hacking activities to protect sensitive data. Blockchain applications in auto insurance The most significant benefit of the blockchain’s application in auto insurance arguably lies in optimizing property and casualty (P&C) insurance verification processes. Sound Dollar defines property and casualty insurance as coverage for any damage the possessions stipulated in your contract incurs. Blockchain-based tools, like smart contracts, can immediately gather relevant information from an insurer's network to verify damaged possessions. It can also identify which ones are covered by your insurance contract. This streamlined verification process saves insurers billions of dollars in operational costs and makes filing a claim much easier for the client. The blockchain can also be used to minimize and prevent fraud. Some of the best blockchain-based tools can identify whether an individual claims payouts from multiple insurers. These tools cross-check PII and non-PII with salient information from claims filed elsewhere to check for similarities. Moreover, the Insurance Innovation Reporter found that advancements in anti-fraud blockchain technology can detect third-party helpers, such as garages and brokers. This enables insurers to expand their data on fraudulent networks and prevent future cases of fraud. Challenges to full implementation of the blockchain in auto insurance Before full-on integration, developers and businesses have to address data integrity. While blockchain data cannot be edited, it does not ascertain that encoded information is true. This means data has to be verified before it's encoded on the blockchain. Blockchain-based technology is also expected to become more expensive in the coming years. As it becomes mainstream, demand for the technology and relevant development research will further drive operation and maintenance costs upwards. There is still much work to be done if the auto insurance industry wishes to fully integrate the blockchain into its workflows. But with the long-term benefits it brings, insurers and clients alike will undoubtedly look to blockchain-based technology for improved services and a better overall experience.

Read More
CORE INSURANCE, RISK MANAGEMENT

How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | August 4, 2022

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.

Read More
CORE INSURANCE

The role of AI in enhancing claims experience for Insurance customers

Article | July 11, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

Read More

5 Deep Learning Use Cases for the Insurance Industry

Article | February 11, 2020

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

Read More
CORE INSURANCE

Advancement of Technology in the Insurance Industry

Article | February 12, 2021

The blockchain has penetrated the mainstream. We predicted this in our 2019 article “Blockchain-as-a-Service: the Accelerator for Blockchain Adoption” where we talked about the technology's ease of integration. Companies can seamlessly adopt blockchain technologies by referring to existing use cases like smart contracts, data authentication, and asset management. They can also take advantage of open-source materials. With the blockchain's accessibility on top of its formidable qualities, it’s no surprise that the digital ledger system is being integrated into every industry–from banking and healthcare to gaming and cybersecurity. As a cornerstone of the rise of financial technology or fintech, another industry it’s now serving is auto insurance. Here’s how the blockchain is revolutionizing the auto insurance industry: Benefits of the blockchain in auto insurance Multiple back-and-forths can slow down the manual processing of both insurance contracts and filed claims. Blockchain-based tools can speed this up by accessing necessary information through the data network. Insurers can easily access and verify the personally-identifiable information (PII) required for insurance contracts via the blockchain, as well. This means no lengthy coordination with other parties, shorter queuing time, and less paperwork. Moreover, the blockchain helps those who buy auto insurance worry less about their PII being used by malicious individuals and organizations. Monash University asserts blockchain security effectiveness by pointing out how its design can alert any network of even the most minor changes to the data it contains. This is because blocks containing data are marked with hashes–input strings of computation characters–that become invalid when information is modified. When hashes become invalid, the network is notified. With such a prompt and responsive alert system, insurance agencies can easily detect hacking activities to protect sensitive data. Blockchain applications in auto insurance The most significant benefit of the blockchain’s application in auto insurance arguably lies in optimizing property and casualty (P&C) insurance verification processes. Sound Dollar defines property and casualty insurance as coverage for any damage the possessions stipulated in your contract incurs. Blockchain-based tools, like smart contracts, can immediately gather relevant information from an insurer's network to verify damaged possessions. It can also identify which ones are covered by your insurance contract. This streamlined verification process saves insurers billions of dollars in operational costs and makes filing a claim much easier for the client. The blockchain can also be used to minimize and prevent fraud. Some of the best blockchain-based tools can identify whether an individual claims payouts from multiple insurers. These tools cross-check PII and non-PII with salient information from claims filed elsewhere to check for similarities. Moreover, the Insurance Innovation Reporter found that advancements in anti-fraud blockchain technology can detect third-party helpers, such as garages and brokers. This enables insurers to expand their data on fraudulent networks and prevent future cases of fraud. Challenges to full implementation of the blockchain in auto insurance Before full-on integration, developers and businesses have to address data integrity. While blockchain data cannot be edited, it does not ascertain that encoded information is true. This means data has to be verified before it's encoded on the blockchain. Blockchain-based technology is also expected to become more expensive in the coming years. As it becomes mainstream, demand for the technology and relevant development research will further drive operation and maintenance costs upwards. There is still much work to be done if the auto insurance industry wishes to fully integrate the blockchain into its workflows. But with the long-term benefits it brings, insurers and clients alike will undoubtedly look to blockchain-based technology for improved services and a better overall experience.

Read More
CORE INSURANCE, RISK MANAGEMENT

Is Your Policy Management System Costing or Saving Money?

Article | August 4, 2022

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.

Read More
CORE INSURANCE

Reinsurance Market Maintaining Its Firming Trend

Article | July 11, 2022

Insurance customers are most vulnerable when they file a claim. Be it life or general insurance, claims are filed in distress. This is also a critical moment for Insurers. The claims experience they deliver determines customer loyalty, which also influences referral customers in the long run. In the Insurance industry, where products and pricing among the competitors are almost the same, customer experience becomes the main differentiator.

Read More

5 Deep Learning Use Cases for the Insurance Industry

Article | February 11, 2020

In 2010, with the launch of the Image Net Competition, a vast dataset of about 14 million labeled images was made open-source to inspire the development of cutting-edge image classifiers. This was when Deep Learning technology got it’s a real breakthrough and since then there’s been no looking back for advancements in this field.

Read More
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Spotlight

Eastern Alliance Insurance Group

Eastern Alliance Insurance Group, a wholly-owned subsidiary of ProAssurance Corporation, is a specialty underwriter of workers’ compensation products and services in the Mid-Atlantic, Southeast, Midwest, Gulf South and New England regions of the United States. Eastern Alliance’s Inova is an industry leader in the alternative insurance arena.

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CORE INSURANCE, RISK MANAGEMENT

CCC Intelligent Solutions Joins Duck Creek’s Strategic Partner Program

CCC Intelligent Solutions and Duck Creek Technologies | February 03, 2023

On February 2, 2023, CCC Intelligent Solutions (CCC), a premier SaaS platform powering the P&C insurance industry, joined Duck Creek Technologies' partner program as a strategic member. Duck Creek Technologies is an intelligent solutions provider shaping the future of P&C insurance. Joint customers will benefit from increased automation and improved efficiency in claims handling for both employees and policyholders, thanks to the integration, which will allow Duck Creek core system users seamless access to solutions from CCC's industry-leading claims management suite. Manju Bansal, Vice President, Ecosystems and Alliances for CCC, stated, "Our insurance customers are looking to automation to drive greater efficiency and better experiences for their staff and end consumers." He added, "Working with Duck Creek is a natural extension of our network strategy, which is centered on enabling technology partners to integrate with the CCC platform and offer solutions that add value to our customers' business. This integration will not only save insurers time accessing the tools they need and use every day, but it will also help drive process improvements across their existing workflows." (Source – GlobeNewswire) The Duck Creek and CCC interface gives mutual customers seamless access to their CCC Claim Folders and technologies that promote early claim resolution, such as predictive inspection, which turns complex vehicle damage data into actionable insights at the first notice of loss. Insurers can also hire workers, find repair businesses, and schedule appraisals for policyholders. In addition, single sign-on (SSO) allows insurers to access CCC's platform from Duck Creek Claims. Robert Fletcher, Sr. Partner Manager, Duck Creek Technologies, expressed, "We are delighted to deepen our relationship with CCC." "This is an important integration for our customers who seek to drive efficiency and automation into everyday processes. We're excited to offer seamless access to certain CCC solutions and create even more value for our platform," he concluded. (Source – GlobeNewswire) About CCC Intelligent Solutions CCC's connected data platform is reshaping the trillion-dollar automobile and insurance industries. Its cloud-based SaaS solutions use the latest AI, IoT, telematics, customer experience, mobile, and digital workflow technologies to generate deep, actionable insights that help clients drive business and impact lives. The company has innovated throughout its 40-year history, scaling through client relationships and delivering industry-leading first-to-market solutions. About Duck Creek Technologies Duck Creek Technologies is the intelligent solutions supplier shaping the future of property and casualty (P&C) and general insurance. Modern insurance systems use its platform to perform flexible, innovative, and evergreen operations on the cloud. The company believes insurance should be there for people and businesses when, where, and how they need it. Besides, all its market-leading solutions are available via Duck Creek OnDemand.

Read More

CORE INSURANCE, RISK MANAGEMENT

Risk Strategies Announces Acquisition of Tanenbaum-Harber of Florida, LLC

Risk Strategies | January 31, 2023

In a recent development, Risk Strategies, a prominent national specialty insurance brokerage and risk management organization, acquired Tanenbaum-Harber of Florida, LLC, a well-established insurance and risk management consultant for businesses and families. However, the terms of the agreement were not revealed. Tanenbaum-Harber, one of the largest independent retail agencies in South Florida, has its headquarters in Miramar (Florida). The company's history dates back to 1860, and today, it is among the most successful in the region. Tanenbaum-Harber of California, Inc.'s assets were also obtained as part of the acquisition. Headquartered in San Diego, Tanenbaum-Harber of California, Inc. provides support to developing businesses in the state. Scott Popilek, Atlantic Regional Leader, Risk Strategies, stated, "Tanenbaum-Harber brings another industry leading brand to our growing Florida team." He added, "They have terrific, highly experienced people and an approach to client service built and refined for over 150 years that perfectly aligns with our firm." (Source – GlobeNewswire) Tanenbaum-personal Harber's lines division, which helps families and individuals with their risk and liability coverage needs, has grown steadily in recent years, even though most of the company's business is with clients who want customized property and casualty insurance solutions. Fred Jove, President, Tanenbaum-Harber of Florida, expressed, "Given the long history of our firm, we wanted to find a partner that could provide a path for our people and business to scale both within the state and nationally." "Risk Strategies, having both a strong presence in key areas within our home state and more than 30 specialty practices nationally, presented both a great business and cultural fit," he concluded. (Source – GlobeNewswire) Over the past five years, Tanenbaum-Harber has seen substantial business growth in a competitive climate and challenging market conditions. The agency serves over 5,000 clients in wholesale distribution, real estate, security, hospitality, technology, and non-profit. About Risk Strategies Risk Strategies is a private, growth-focused national specialty insurance brokerage and risk management advisor. The company simplifies asset protection, benefits, and liability for businesses and individuals. Since 2018, its employees have ranked it as the 'Best Place to Work across North America'. Insurance Journal named it the 6th Fastest Growing Firm, 8th Largest Personal Lines Broker, 11th largest privately-held P&C Broker, and 16th largest US Broker for 2020. Risk Strategies is happy to be backed by one of the oldest private equity firms and a renowned insurance investor.

Read More

CORE INSURANCE, COMPLIANCE

Utmost Group Upgrades Financial Compliance Capabilities with Napier

Napier and Utmost Group | February 01, 2023

On January 31st, 2023, Utmost Group, which offers insurance and savings solutions, enhanced its financial compliance capabilities in collaboration with Napier, a customizable anti-financial crime compliance provider. Napier's client screening solution, which started operations in just 21 days, was implemented to bolster the company's existing compliance strategy and to facilitate future expansion. The Napier team met these stringent deployment deadlines to meet the time constraints imposed by the expiration of licenses held by the outgoing partner. The Client Screening solution from the company will enhance existing systems by automatically screening clients against sanctions, PEP (Politically Exposed Persons) lists, and other essential watchlists at appropriate intervals. In addition, the AI capabilities will allow for faster screening and help lower the number of false alarms. Paul Smith, Chief Risk Officer at Utmost International Isle of Man, shared, "We needed to rapidly migrate and then implement our existing screening protocols to the new system, so we were delighted that Napier was able to merge two legacy systems neatly into a single hosted instance while levelling up our capabilities. This really made the difference when managing the upgrade of systems that were being made end-of-life earlier than expected." He added, "Compliance requirements inevitably evolve over time as risks also change and criminals become more sophisticated, so we are delighted to have a robust system now in place that will keep us one step ahead of our obligations and enhance our overall services." (Source – Business Wire) About Napier London-based Napier is a compliance technology specialist that operates a platform based on extensive experience and in-depth knowledge. Combining big data technologies with AI and machine learning, the company offers products that improve efficiency and reduce risk. Its strategy underpins the client's policy, process, and procedure, allowing them to concentrate on specific outcomes. The compliance platform is quick, scalable, easily configurable, and intuitive. It rapidly bolsters AML defense and trade compliance capabilities while achieving the compliance requirements and challenges of any industry. About Utmost Group Utmost Group, headquartered in London, is a leading insurance and savings solutions provider. The company offers innovative, adaptable solutions that help clients secure their financial futures. The main divisions of the Group are Utmost International, Utmost Life and Pensions. The key business lines of Utmost International consist of Utmost Corporate Solutions and Utmost Wealth Solutions. The Group has approximately £58 billion in AUA and 550,000 customers as of June 30th, 2022, with over 1,500 employees across all its businesses.

Read More

CORE INSURANCE, RISK MANAGEMENT

CCC Intelligent Solutions Joins Duck Creek’s Strategic Partner Program

CCC Intelligent Solutions and Duck Creek Technologies | February 03, 2023

On February 2, 2023, CCC Intelligent Solutions (CCC), a premier SaaS platform powering the P&C insurance industry, joined Duck Creek Technologies' partner program as a strategic member. Duck Creek Technologies is an intelligent solutions provider shaping the future of P&C insurance. Joint customers will benefit from increased automation and improved efficiency in claims handling for both employees and policyholders, thanks to the integration, which will allow Duck Creek core system users seamless access to solutions from CCC's industry-leading claims management suite. Manju Bansal, Vice President, Ecosystems and Alliances for CCC, stated, "Our insurance customers are looking to automation to drive greater efficiency and better experiences for their staff and end consumers." He added, "Working with Duck Creek is a natural extension of our network strategy, which is centered on enabling technology partners to integrate with the CCC platform and offer solutions that add value to our customers' business. This integration will not only save insurers time accessing the tools they need and use every day, but it will also help drive process improvements across their existing workflows." (Source – GlobeNewswire) The Duck Creek and CCC interface gives mutual customers seamless access to their CCC Claim Folders and technologies that promote early claim resolution, such as predictive inspection, which turns complex vehicle damage data into actionable insights at the first notice of loss. Insurers can also hire workers, find repair businesses, and schedule appraisals for policyholders. In addition, single sign-on (SSO) allows insurers to access CCC's platform from Duck Creek Claims. Robert Fletcher, Sr. Partner Manager, Duck Creek Technologies, expressed, "We are delighted to deepen our relationship with CCC." "This is an important integration for our customers who seek to drive efficiency and automation into everyday processes. We're excited to offer seamless access to certain CCC solutions and create even more value for our platform," he concluded. (Source – GlobeNewswire) About CCC Intelligent Solutions CCC's connected data platform is reshaping the trillion-dollar automobile and insurance industries. Its cloud-based SaaS solutions use the latest AI, IoT, telematics, customer experience, mobile, and digital workflow technologies to generate deep, actionable insights that help clients drive business and impact lives. The company has innovated throughout its 40-year history, scaling through client relationships and delivering industry-leading first-to-market solutions. About Duck Creek Technologies Duck Creek Technologies is the intelligent solutions supplier shaping the future of property and casualty (P&C) and general insurance. Modern insurance systems use its platform to perform flexible, innovative, and evergreen operations on the cloud. The company believes insurance should be there for people and businesses when, where, and how they need it. Besides, all its market-leading solutions are available via Duck Creek OnDemand.

Read More

CORE INSURANCE, RISK MANAGEMENT

Risk Strategies Announces Acquisition of Tanenbaum-Harber of Florida, LLC

Risk Strategies | January 31, 2023

In a recent development, Risk Strategies, a prominent national specialty insurance brokerage and risk management organization, acquired Tanenbaum-Harber of Florida, LLC, a well-established insurance and risk management consultant for businesses and families. However, the terms of the agreement were not revealed. Tanenbaum-Harber, one of the largest independent retail agencies in South Florida, has its headquarters in Miramar (Florida). The company's history dates back to 1860, and today, it is among the most successful in the region. Tanenbaum-Harber of California, Inc.'s assets were also obtained as part of the acquisition. Headquartered in San Diego, Tanenbaum-Harber of California, Inc. provides support to developing businesses in the state. Scott Popilek, Atlantic Regional Leader, Risk Strategies, stated, "Tanenbaum-Harber brings another industry leading brand to our growing Florida team." He added, "They have terrific, highly experienced people and an approach to client service built and refined for over 150 years that perfectly aligns with our firm." (Source – GlobeNewswire) Tanenbaum-personal Harber's lines division, which helps families and individuals with their risk and liability coverage needs, has grown steadily in recent years, even though most of the company's business is with clients who want customized property and casualty insurance solutions. Fred Jove, President, Tanenbaum-Harber of Florida, expressed, "Given the long history of our firm, we wanted to find a partner that could provide a path for our people and business to scale both within the state and nationally." "Risk Strategies, having both a strong presence in key areas within our home state and more than 30 specialty practices nationally, presented both a great business and cultural fit," he concluded. (Source – GlobeNewswire) Over the past five years, Tanenbaum-Harber has seen substantial business growth in a competitive climate and challenging market conditions. The agency serves over 5,000 clients in wholesale distribution, real estate, security, hospitality, technology, and non-profit. About Risk Strategies Risk Strategies is a private, growth-focused national specialty insurance brokerage and risk management advisor. The company simplifies asset protection, benefits, and liability for businesses and individuals. Since 2018, its employees have ranked it as the 'Best Place to Work across North America'. Insurance Journal named it the 6th Fastest Growing Firm, 8th Largest Personal Lines Broker, 11th largest privately-held P&C Broker, and 16th largest US Broker for 2020. Risk Strategies is happy to be backed by one of the oldest private equity firms and a renowned insurance investor.

Read More

CORE INSURANCE, COMPLIANCE

Utmost Group Upgrades Financial Compliance Capabilities with Napier

Napier and Utmost Group | February 01, 2023

On January 31st, 2023, Utmost Group, which offers insurance and savings solutions, enhanced its financial compliance capabilities in collaboration with Napier, a customizable anti-financial crime compliance provider. Napier's client screening solution, which started operations in just 21 days, was implemented to bolster the company's existing compliance strategy and to facilitate future expansion. The Napier team met these stringent deployment deadlines to meet the time constraints imposed by the expiration of licenses held by the outgoing partner. The Client Screening solution from the company will enhance existing systems by automatically screening clients against sanctions, PEP (Politically Exposed Persons) lists, and other essential watchlists at appropriate intervals. In addition, the AI capabilities will allow for faster screening and help lower the number of false alarms. Paul Smith, Chief Risk Officer at Utmost International Isle of Man, shared, "We needed to rapidly migrate and then implement our existing screening protocols to the new system, so we were delighted that Napier was able to merge two legacy systems neatly into a single hosted instance while levelling up our capabilities. This really made the difference when managing the upgrade of systems that were being made end-of-life earlier than expected." He added, "Compliance requirements inevitably evolve over time as risks also change and criminals become more sophisticated, so we are delighted to have a robust system now in place that will keep us one step ahead of our obligations and enhance our overall services." (Source – Business Wire) About Napier London-based Napier is a compliance technology specialist that operates a platform based on extensive experience and in-depth knowledge. Combining big data technologies with AI and machine learning, the company offers products that improve efficiency and reduce risk. Its strategy underpins the client's policy, process, and procedure, allowing them to concentrate on specific outcomes. The compliance platform is quick, scalable, easily configurable, and intuitive. It rapidly bolsters AML defense and trade compliance capabilities while achieving the compliance requirements and challenges of any industry. About Utmost Group Utmost Group, headquartered in London, is a leading insurance and savings solutions provider. The company offers innovative, adaptable solutions that help clients secure their financial futures. The main divisions of the Group are Utmost International, Utmost Life and Pensions. The key business lines of Utmost International consist of Utmost Corporate Solutions and Utmost Wealth Solutions. The Group has approximately £58 billion in AUA and 550,000 customers as of June 30th, 2022, with over 1,500 employees across all its businesses.

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