P&C | May 30, 2022
Rising rates have overwhelmed the simplified user experience, smooth customer service, and enhanced navigation that were intended to define the digital revolution of the property and casualty (P&C) insurance industry—and boost consumer happiness. The J.D. Power 2022 U.S. Insurance Digital Experience StudySM released, shows that even though insurers have put a lot of money into websites and mobile apps for customers, customer satisfaction with insurers' digital services is going down this year.
Although insurers keep upping the ante on technology, improvements are being offset by frustration among customers who are going online to shop for a better rate—and not finding one. We’re also seeing a clear trend in which more than half of digital insurance shoppers choose not to use digital tools or educational resources to help them through the shopping process. This further exacerbates the decline in customer satisfaction.”
Robert M. Lajdziak, Director of Insurance Intelligence at J.D. Power.
The research, which was updated this year, assesses digital consumer experiences among both P&C insurance purchasers seeking quotations and existing customers performing routine policy-servicing tasks. The study looks at four elements that affect the functionality of desktop, mobile web, and mobile apps: ease of navigation, speed, visual appeal, and information/content. Corporate Insight, a renowned provider of competitive intelligence and user experience research to the financial services and healthcare industries, collaborated on the project.
Key findings of the 2022 studies are as follows:
Customer satisfaction with the P&C insurer's digital purchasing experience is only 499 out of 1,000, down 16 points from a year ago. Overall, customers are satisfied with their digital service experience at 705, down one point from 2021. Customer dissatisfaction with escalating rates and the inability to obtain premium cost relief by searching for a new policy is driving the fall in shopping satisfaction.
Digital shopping tools, which help insurance consumers find discounts, policy details, and specific coverage or unique advantages, are linked to a satisfaction rise of 137-211 points, depending on which shopping tool is utilized. However, during their quotation requests, 54% of insurance shoppers did not use any shopping tools.
The study reveals considerable discrepancies in mobile app performance when it comes to account service. The average satisfaction score for the top 25% of respondents who use a mobile app is 885, which is much higher than any other channel. However, satisfaction with a mobile app among the bottom 25% of respondents drops 358 points to 527.
Traditional insurers and digital native InsurTech firms both have similar levels of consumer satisfaction with digital account servicing. Traditional carriers make up the difference with better information/content and access to human support when customers need it. While InsurTechs outperform on speed and visual appeal metrics, traditional carriers make up the difference with better information/content and access to human support when customers need it.
Integrity Marketing Group and Richman Insurance Agency | August 10, 2022
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 acquired Richman Insurance Agency, an insurance marketing organization ("IMO") based in Dallas, Texas. As part of the acquisition, Rob Richman, President of Richman Insurance Agency, will become a Managing Partner in Integrity. Financial terms of the acquisition were not disclosed.
Richman Insurance Agency has quickly become an influential leader in the markets it serves. With more than a decade of experience in the insurance industry, Rob Richman understands how to provide fundamental agent training so his team can best meet client needs. He guides the company's fast-growing network of agents to success through a proven system of in-depth coaching and support. Richman Insurance Agency provides $15 million in mortgage protection, life insurance and final expense products to a wide range of consumers, serving more than 20,000 Americans annually.
"A great business needs great leaders, and Rob has proven he has the attitude and passion to make an impact on this industry, His hard work and dedication have built his agency into the success it is today, and his well-trained team is now ready for the next step forward. Adding Integrity's resources and technology will accelerate Richman Insurance Agency's growth path, allowing them to reach more people while enhancing our efforts to serve the life, health and wealth needs of all Americans. We're proud to welcome Rob and his team to Integrity — I'm confident their biggest successes are ahead of them."
-shared Bryan W. Adams, Co-Founder and CEO of Integrity
At Richman Insurance Agency, we specialize in helping agents maximize their potential, Adding Integrity's world-class support and services to our team's commitment and work ethic creates the perfect combination to supercharge our business. Integrity is pioneering the future of life, health and wealth protection, and we want to be part of it. When we see the group of industry leaders Integrity has assembled, we can't help but be thrilled to join their ranks. We know we're just getting started with what we can achieve,explained Richman, President.
Integrity helps Americans prepare for the good days ahead by partnering with industry leaders and icons who come together as peers to optimize insurance processes and financial services. Unified by their common goal of improving insurance and financial services experiences for everyone, members of Integrity's partner network learn from each other and collaborate to design strategies that better protect the life, health and wealth of consumers.
Rob has always done his utmost to help his team fulfill their goals — it's what makes him the type of leader we're thrilled to partner with, Richman Insurance Agency is ready to take a big leap forward and grow faster and serve more people than ever before. Partnering with the best minds in the business and gaining access to Integrity's cutting-edge technology and resources will springboard their future success. Richman Insurance Agency will be a great addition to the Integrity family. We're grateful they've chosen to be part of our mission to help more Americans plan for the good days ahead,explained Shawn Meaike, President of Family First Life and Managing Partner at Integrity.
To take full advantage of Integrity's partner benefits and agent resources, Richman Insurance Agency will utilize Integrity's vast infrastructure of business services. Partners can streamline administrative functions through centralized areas, such as People & Culture, Technology & Innovation, finance, legal and compliance, and world-class advertising and marketing. In addition, Integrity offers partners access to proprietary technology through its omnichannel insurtech platform. These comprehensive insurance and financial services offerings include valuable agent resources, such as product development, quoting and enrollment systems and customer relationship management software.
All these benefits are further accentuated by Integrity's Employee Ownership Plan, which offers employees the exciting opportunity for meaningful company ownership.
About Integrity Marketing Group
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 partner network, 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 cutting-edge technology helps streamline the insurance and financial planning experience for all stakeholders. In addition, Integrity develops products with carrier partners and markets them through its nationwide distribution network. Integrity's nearly 6,000 employees work with approximately 500,000 agents and advisors who serve more than 11 million clients annually. In 2022, Integrity will help carriers place almost $20 billion in new sales and oversee more than $30 billion of assets under management and advisement through its RIA and broker-dealer platforms.
About Richman Insurance Agency
Richman Insurance Agency, founded in 2019, is based in Dallas, Texas and is a leader in the life insurance industry. The agency specializes in mortgage protection, final expense, and retirement planning. To provide the best products and services, Richman Insurance Agency partners with industry leading carriers, and develops agents and leaders to provide quality service in the senior market. In 2021, Richman Insurance Agency served over 20,000 Americans and provided over $15 million in annual paid premium.
BDA | July 25, 2022
The Bermuda Business Development Agency (BDA) is proud to support the 60th annual Florida Insurance Council (FIC) Summer Symposium on July 26-28, in Orlando, Florida.
The FIC programme will include state legislators, the Office of Insurance Regulation and other industry speakers including BDA Chair, Stephen Weinstein and BDA CEO, David Hart.
Mr. Weinstein said, “Since Hurricane Andrew, Bermuda’s (re)insurance market has been the preeminent partner to Florida insurers, supporting the market with capital, risk expertise, and an ethos of collaboration."
Mr. Weinstein said, “Since Hurricane Andrew, Bermuda’s (re)insurance market has been the preeminent partner to Florida insurers, supporting the market with capital, risk expertise, and an ethos of collaboration. Today, Bermuda (re)insurers provide over 60% of the hurricane reinsurance in Florida, support efforts to reform and strengthen Florida’s insurance market, and invest in and share cutting edge science to boost hurricane resilience and promote mitigation. Over 30 years, the Bermuda and Florida markets have tackled many challenges together and shared many successes. We look forward to seeing so many business, legislative, and regulatory leaders in person over the course of FIC’s outstanding programme, and exploring the next cycle of growth in our partnership.”
Mr. Hart said, “As a sixth generation Floridian, I have seen first-hand the benefits that Bermuda’s (re)insurance market offers Florida’s economy, and I am proud to represent Bermuda and the BDA at the FIC’s Summer Symposium. As we enter peak hurricane season, our Chair and I will highlight Bermuda’s continued value proposition as the world’s risk capital to the largest gathering of Florida’s domestic insurers. We thank FIC President, Cecil Pearce, for the speaking invitation and look forward to a large gathering of Florida-based companies and executives visiting us for our second annual Bermuda Risk Summit being held at the Hamilton Princess & Beach Club on March 6-8, 2023.”
The BDA encourages direct investment and helps companies start up, re-locate, or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial.