KPMG: The 'one-size-fits-all' approach to insurance no longer works

KPMG | November 29, 2019

KPMG: The 'one-size-fits-all' approach to insurance no longer works
To better serve millennials, insurance companies in Canada should not only be willing to transform their business approaches, but also capable of utilizing big data, a new report from KPMG suggests. According to KPMG’s new report, “Insurance frontiers: Here to horizon,” 86% of chief executives at insurance companies surveyed said that they are concerned over how millennials will change their business – particularly when millennials are not following historical norms in terms of predicted life paths or milestones. The report also found that 84% of Canadian millennials do not trust traditional advertising. Ninety-five per cent (95%) also said that the most credible source of product information is their friends. “The insurance industry will look radically different in 10 years from how it does today,” said KPMG partner and national insurance sector leader Chris Cornell.

Spotlight

Set to embark on his fourth World Cup qualifying tournament with the U.S. U-20 MNT, head coach and Youth Technical Director Tab Ramos discusses the qualifying process, the construction of his roster and the team’s goal of winning another CONCACAF U-20 Championship.

Spotlight

Set to embark on his fourth World Cup qualifying tournament with the U.S. U-20 MNT, head coach and Youth Technical Director Tab Ramos discusses the qualifying process, the construction of his roster and the team’s goal of winning another CONCACAF U-20 Championship.

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INSURANCE TECHNOLOGY

PZU group adopts Akur8 to improve the charging process in the Baltic countries

PZU insurance group | September 07, 2021

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INTELLECTUAL PROPERTY

MarshBerry Secures Growth Capital from Atlas Merchant Capital

MarshBerry | January 19, 2022

MarshBerry, a leading investment banking and consulting firm serving the Insurance Distribution and Wealth Management industries, is pleased to announce its partnership with Atlas Merchant Capital ("Atlas"). The new partnership will help MarshBerry accomplish its growth goals by improving and expanding services to create even better outcomes for clients. This partnership provides access to additional resources to help execute on strategic growth initiatives including expanded client solutions and acquisitions domestically and in Europe. "This is a really important event for our company. Partnering with Atlas advances our ongoing efforts to aggressively and intentionally grow and improve in all facets of our business, which will translate directly into benefits for our growing client base, Our leadership team remains committed, invested and excited about how this will help us continue to grow by enhancing the solutions provided to our client base." -John Wepler, MarshBerry CEO and Chairman. "We have been impressed with the accomplishments, growth and vision of MarshBerry and believe our investment will serve as a springboard to achieve the near-term and long-term strategic goals," - Colin Savage, Atlas Managing Director, Head of North America Investments. Houlihan Lokey served as financial advisor to MarshBerry in connection with the transaction. About MarshBerry – Helping Clients Learn, Improve & Realize Value Founded in 1981, MarshBerry serves the insurance distribution and wealth management industries, including insurance agents & brokers, specialty distributors, private equity firms and wealth management firms. MarshBerry's industry-specific services help clients build, enhance and sustain value through: Merger & Acquisition Advisory*, Debt & Equity Capital Raising, Financial Consulting, Market Intelligence & Benchmarking, Organic Growth Consulting, Connect Executive Peer Exchange and Connect Platform Aggregation. Learn more at www.MarshBerry.com. About Atlas Merchant Capital LLC Atlas Merchant Capital LLC was founded to participate in compelling market opportunities in the financial services sector. Based in New York and London, Atlas Merchant Capital was founded by Bob Diamond and David Schamis, who together with their partners form a complementary partnership with extensive operating and investing expertise across the financial services landscape.

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INSURANCE TECHNOLOGY

Grange Insurance Uses Digital Tools to Improve the Claims Experience

Grange Insurance, | April 30, 2021

The insurance claims process is commonly regarded as a pivotal point in the customer experience journey. Grange Insurance has enabled next-generation policyholder interactions through the claims journey in response to changing customer expectations in the modern age. Digital updates include: • Two-way texting to enable Grange claims associates to connect with policyholders within multiple modes of communication • Electronic claims payments for faster claims resolution and payment • Proactive customer texts to keep our policyholders informed of their claim status throughout the claims process. • These improvements are part of Grange and its associate partner Integrity Insurance's dedication to engaging in new solutions to provide exceptional customer experiences. Two-way texting Grange has implemented next-generation business technology to provide claims customers with text message services. Policyholders will text pictures of their assigned insurance claims and get real-time answers to their claims questions when they need them the most. This program, which is powered by Hi Marley, an AI-based conversational service interface designed specifically for the insurance sector, needs no IT integration or app to get started. Grange saw an improvement in its already high customer loyalty scores within months of allowing two-way texting capability. Grange policyholders may connect with their adjuster in a variety of ways, including phone and email. Paying claims electronically Grange policyholders can also receive claims payments more quickly due to a secure electronic settlement system built to expedite restitution. Customers who file a home, vehicle, or business claim with Grange will choose to pay their claims electronically. Customers who use this payment method will collect their electronic payment in as little as a few hours by direct deposit to a checking or savings account, direct deposit to a debit card, or instant prepaid virtual cards. Other advantages of this new capability include the ability to easily navigate payment status in a touchless experience and reduce the chance of fraud through mailed checks. Grange allows customers to have a say in how they want to receive claims payment in the manner they find most convenient. Claims status notification Grange also offers automatic text messages, enabling policyholders to access claim status notifications on their mobile devices quicker than ever before. Grange's mission, with further updates already in the works, is to make the claims experience more manageable and less frustrating, allowing policyholders to get back on their feet as soon as possible. Policyholders do have the option of participating or not, and their choices can be changed at any time. Grange is deeply committed to protecting individuals and enterprises with exceptional service and takes tremendous interest in consumer loyalty, as shown by strong ratings from J.D. Power and positive customer feedback. The business is dedicated to keeping ahead of user preferences, attitudes, and desires to have a customized and effortless customer experience. About Grange Insurance Grange Insurance Company, with $3 billion in assets and more than $1.3 billion in annual revenue, is an insurance provider founded in 1935 and based in Columbus, Ohio. Through its network of independent agents, Grange offers auto, home, life, and business insurance protection. Life insurance is offered by Grange Life Insurance and Kansas City Life Insurance. Grange Insurance Company and its affiliates serve policyholders in Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and Wisconsin

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