Insurance to provide US$5 billion boost to countries in climate pain

Insurance Business Magazine | September 24, 2019

Insurers are partnering with the United Nations and other public groups to help the poorest countries bounce back from natural disasters that may become a more regular occurrence. As part of the program, as much as US$5 billion in insurance capacity will be offered to 20 developing countries that are vulnerable to shifts in the climate and willing to work with the groups to increase their resilience, according to a statement Sunday from the Insurance Development Forum, the UN Development Program, the German Federal Ministry for Economic Cooperation and Development and the UK Department for International Development.

Spotlight

Data processing has historically been at the very core of the business of insurance undertakings, which is rooted strongly in data-led statistical analysis. Data has always been collected and processed to inform underwriting decisions, price policies, settle claims and prevent fraud. There has long been a pursuit of more granular datasets and predictive models, such that the relevance of Big Data Analytics (BDA) for the sector is no surprise.

Spotlight

Data processing has historically been at the very core of the business of insurance undertakings, which is rooted strongly in data-led statistical analysis. Data has always been collected and processed to inform underwriting decisions, price policies, settle claims and prevent fraud. There has long been a pursuit of more granular datasets and predictive models, such that the relevance of Big Data Analytics (BDA) for the sector is no surprise.

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INSURANCE TECHNOLOGY

Insight Risk Implements ChainThat's Beyond Policy Administration Platform

Insight Risk | June 29, 2022

Insight Risk has successfully deployed Beyond Policy Administration® (BPA), a next-generation policy administration platform, according to ChainThat, an Xceedance company that specializes in software-as-a-service (SaaS) platforms for the global insurance sector. Insight Risk is a technology-driven, builders' risk-focused managing general agency based in Westport, Connecticut, USA (MGA). The company sought a core platform capable of rapid, full product deployment and policy lifecycle change management to support organizational growth. A flexible, adaptable framework was also required to support the changing priorities of the business, its customers, and fronting partners. BPA from ChainThat was identified by Insight Risk as the most comprehensive fit to meet the company's operational needs and expansion goals. “Our company set out to use connected devices to drive better underwriting and risk selection, Adopting BPA as our core platform allows us to improve risk evaluation and loss control, streamline engagements with agents and brokers, and provide peace of mind to our fronting carriers. With BPA, we can adapt to market changes quickly, focus on generating new revenue, and provide best-in-class service to our customers and capacity providers, such as Munich Re Group Specialty Insurance Services.” -Chad Hollingsworth, president of Insight Risk The BPA platform's advanced and secure technical framework is based on a modern micro-services architecture. BPA provides full API access to all PAS components as well as a modern, drag-and-drop interface for deploying, managing, and updating standard and complex insurance products in near real-time. The system streamlines the policy lifecycle, improves data connectivity, and can be integrated as a self-branded, external broker or customer portal. BPA includes a self-service reporting suite that can be tailored to meet the data analytics requirements of any insurance company.

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INSURANCE TECHNOLOGY

P&C Insurer Digital Investments Cannot Offset Rising Rates, Finds J.D.Power

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.

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RISK MANAGEMENT

Brown & Brown Accelerates Digital Insurance Distribution By Acquiring CoverHound and CyberPolicy

Brown & Brown, CoverHound, CyberPolicy | November 09, 2020

CoverHound® and CyberPolicy®, a main advanced protection commercial center for people and independent companies, today declared they have been obtained by Brown and Brown, Inc. a main protection financier firm giving danger the executives answers for people and organizations. With this procurement, Brown and Brown increases extra admittance to the quickly developing computerized protection market for the two people and independent companies, notwithstanding abilities that modernize the protection buying experience. CoverHound, and its completely possessed auxiliary CyberPolicy, are an impetus for driving the computerized change that the protection market requests, specifically the advanced quickening that has happened in the course of recent months because of the Covid pandemic. Consolidating Brown and Brown's solid transporter connections and item information with CoverHound and CyberPolicy's association organization and client experience will make a solid incentive for clients and accomplices. CoverHound and CyberPolicy will keep on working autonomously under Brown and Brown and will zero in on scaling advanced associations with confided in brands. Brown & Brown Senior Vice President of Technology, Innovation, and Digital Strategy Steve Boyd said of the acquisition, “We see CoverHound as an important platform for Brown & Brown’s expansion into the digital insurance marketplace while at the same time helping our traditional businesses to continually deliver an exceptional customer experience. By combining CoverHound with our expertise and market strength, we will be able to meet more customers where they are and provide them with the appropriate coverage for their unique exposures.” CoverHound and CyberPolicy CEO Keith Moore said, “We’re thrilled to become part of Brown & Brown, an exceptional company with an entrepreneurial spirit. Combining Brown & Brown’s strong carrier relationships with our proven marketplace technology will offer customers best-in-class curated choice and digital simplicity. The acquisition strengthens what has always been our mission: delivering fast, accurate and actionable options online to customers based on their specific insurance needs, anytime, anywhere.” In the course of recent years, CoverHound and CyberPolicy have kept up a main Net Promoter Score of 82, have essentially expanded the quantity of approaches sold totally on the web and have built up the ability to carefully cite and tie numerous transporters and items into a solitary online exchange. As one of the first InsurTechs that have arisen and scaled over the previous decade, CoverHound and CyberPolicy have stayed consistent with their vision, zeroing in on being a confided in guide for curated decision and satisfying the intricate needs of the present current client, all while streamlining the protection examination and buying measure About CoverHound: CoverHound® is an original InsurTech that allows consumers and businesses to easily compare and purchase insurance. CoverHound offers competitive rates and coverages in 50 states, delivering fast, accurate and actionable quotes from leading US carriers based on a customer’s specific needs. Developed by a team with deep insurance and online financial marketplace experience, CoverHound is dedicated to providing best-in-class customer experience About CyberPolicy: In 2016, CyberPolicy® became the world’s first marketplace to help small businesses compare, quote and buy cyber insurance online in minutes. Since then, CyberPolicy has expanded its offerings to deliver more complete coverages and bundles for Small and Medium-sized businesses including additional core business insurance products. CyberPolicy offers competitive rates in 50 states and helps small businesses “Plan. Prevent. Insure™”. About Brown & Brown: Brown & Brown, Inc. (NYSE: BRO) is a leading insurance brokerage firm, providing risk management solutions to individuals and businesses. With more than 80 years of proven success and thousands of teammates, we offer knowledge you can trust and strive to deliver superior customer service.

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