Millennials + Insurance: 10 Takeaways For The Digital Age

Digital Media Solutions | November 13, 2019

When it comes to industry disruption, Millennials are often the disruptors. From Uber to Airbnb, Millennials have leveraged technology and efficiency to change previously entrenched industries, and insurance may be the next market undergoing a shift in business as usual. Over and over again younger consumers assert their interest in relationships that feel personalized and authentic. Michele Serro, CEO of Doorsteps, an online tool for housing rentals, found that, when it comes to big life decisions, Millennials want, products and messaging that make sense together, humanized messaging, brands that clearly listen to Millennials and stories of what could be. For insurance, the desires from Millennials are no different. Insurance marketing must understand who Millennials are and what their preferences are when it comes to being sold insurance.

Spotlight

What will the insurance industry look like in 2 years, 5 years, or even 10 years? In this clip of the 8% Nation Podcast, Brandon Clay explains where he thinks the insurance industry is headed and how NOT TO BE a "dinosaur" in this industry. He also talks about the importance of networking events & conferences, why he enjoys helping agent, and gives us a sneak peek of his latest book!

Spotlight

What will the insurance industry look like in 2 years, 5 years, or even 10 years? In this clip of the 8% Nation Podcast, Brandon Clay explains where he thinks the insurance industry is headed and how NOT TO BE a "dinosaur" in this industry. He also talks about the importance of networking events & conferences, why he enjoys helping agent, and gives us a sneak peek of his latest book!

Related News

WORKERS COMPENSATION

Split Limit Studios Joins Guidewire PartnerConnect Solution

Split Limit Studios, Guidewire Software | March 22, 2021

Split Limit Studios, LLC, a main provider of pay-as-you-go workers' compensation billing solutions, and Guidewire Software, Inc. (NYSE: GWRE), the platform P&C insurers trust to draw in, improve, and develop efficiently, today announced that Split Limit Studios (SLS) has joined Guidewire PartnerConnect as a Solution partner. SLS conveys its TRUPAY® platform, a comprehensive pay-as-you-go workers' compensation billing solution, to insurers, empowering them to offer pay-as-you-go policies with accurate and automatic premium calculation utilizing payroll information directly from payroll companies. SLS's Ready for Guidewire PolicyCenter joining will empower Guidewire clients to coordinate to TRUPAY. “Pay-as-you-go billing for workers’ compensation is now mainstream and policyholders expect insurers to offer this billing option,” said George Kostakos, chief executive officer, Split Limit Studios. “Building a solution to support pay-as-you-go billing can be time consuming and expensive, so we offer our solution to save insurers this work while satisfying policyholder expectations. We are thrilled to partner with Guidewire and soon offer our comprehensive billing solution integrated within Guidewire to our shared customers, making it even more simple to offer pay-as-you-go billing for worker’s compensation.” “We are excited to welcome Split Limit Studios as our latest Guidewire PartnerConnect Solution partner,” said Becky Mattick, vice president, Global Solution Alliances, Guidewire Software. “SLS’s solution minimizes audit surprises, as well as bad debts at the end of the policy term by drawing directly from payroll data to accurately match premium with risk. This creates a ‘win-win’ situation for insurers and their insureds. We are pleased to soon offer this technology integrated with Guidewire and extend these benefits to our joint customers.” About Split Limit Studios, LLC Split Limit Studios differentiates its SaaS technology from the competition with insurance expertise, excellent customer service, a focus on security, and a commitment to deliver on its promises. They have over twenty customers, including eight Tier 1 carriers and four workers compensation state insurance funds, and receive data from hundreds of payroll companies. TRUPAY®, Split Limit Studios signature solution, improves the cash flow of policyholders, provides agents with a flexible payment plan to offer their clients, increases payroll companies’ customer retention and reduces operating costs for carriers. Split Limit Studios continues its push to expand connectivity with payroll companies to make it easy to submit payroll data to all the workers compensation carriers who rely on TRUPAY® for their pay‐as‐you‐go programs. About Guidewire PartnerConnect ecosystem and Ready for Guidewire Guidewire PartnerConnect Solution partners provide software, technology, and data solutions as well as insurance support services. Our Solution partners help drive business value and innovation for insurers by developing and delivering integrations, extensions, apps, and other complementary solutions for Guidewire products. All of our Ready for Guidewire partner solutions are validated for security, quality, and compatibility with Guidewire, and can be found on the Guidewire Marketplace. About Guidewire Software Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire. As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.

Read More

INSURANCE TECHNOLOGY

Parachute Digital Solutions Launches New Online Insurance Platform

Parachute Digital Solutions | November 23, 2020

Parachute Digital Solutions Inc., a Munich Re company, reports the dispatch of Parachute 2.0, a turnkey product and carrier agnostic online insurance platform for carriers, brokers, employers, associations, and retailers to offer life and supplemental health protection plans in a simple to-utilize, secure and smoothed out digital environment. “Parachute 2.0 reinforces our core philosophy and commitment to making insurance simpler for all involved, whether that’s carriers or brokers who want to make life easier for their clients, or Canadian families who want coverage that fits their lifestyles and the current reality,” said Richard Letarte, Head of Parachute Digital Solutions. “The new platform takes the realities of COVID-19 and the evolving needs of the online insurance consumer into account.” The underlying Parachute 1.0 platform was dispatched in December 2017 to improve the insurance purchasing experience and brought the life and supplemental health insurance application/purchasing measure into a virtual environment by changing leads over to deals with a prompt endorsing choice. Parachute 2.0, which was dispatched in Canada in June 2020, makes it a stride further. From showcasing to purchasing, policy issuance, administration, and analytics, Parachute 2.0 is a completely digital start to finish arrangement. The platform is accessible to any insurance transporter, dealer or retailer wishing to offer life and supplemental health insurance items to their clients. Whenever access is in all actuality, clients can buy a policy shortly or less from any PC or cell phone in a completely digitized online experience. All items sold through Parachute 2.0 are reinsured by Munich Reinsurance Company. “The effects of the COVID-19 pandemic will be with us for a long time. Continuous innovation, industry resilience and adaptable creativity are core to our value proposition,” said Letarte. “The Parachute 2.0 platform offers new levels of service to our clients, while shaping the future of our industry.” About Parachute Digital Solutions Inc. Parachute Digital Solutions Inc., a Munich Re company is an insurance agency that offers a fully digital, end-to-end platform, hosting an array of insurance and protection solutions with our partners. The company’s platform, Parachute, provides carriers, brokers, employers, associations, and retailers with the tools and tactics they need to help future-proof their insurance business and offerings. About Munich Re Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals. “Munich Re” is a registered trademark of Munich Reinsurance Company.

Read More

CORE INSURANCE

Sapiens and Munich Re Collaborate to Assist Insurers in Targeting the Commercial Insurance Market

Sapiens | July 23, 2021

Sapiens International Corporation, a leading global provider of software solutions for the insurance industry, announced today a collaboration with Munich Re, one of the world's leading providers of reinsurance, primary insurance, and insurance-related risk solutions, to provide technology-led consultancy and services to enable primary insurers to serve better the commercial insurance market (small and medium-sized businesses). The commercial insurance market in the United Kingdom is one of the fastest-growing insurance sectors in the country. However, until recently, this market has been underserved, with few insurance packages suited to the segment's specific demands and expectations. Sapiens and Munich Re will collaborate with insurers to help them better target and address this market promptly. The combined solution aims to provide insurers with a modular, scalable technology refresh that allows them to tailor services to the expanding SME sector and actively participate in the post-COVID-19 recovery period. The Sapiens/Munich Re collaboration complements the recent rise in government-backed and retail banking SME support initiatives, such as backed-loan schemes, increased infrastructure spending, tax exemptions, and restart grants, which are fueling the recovery. According to aggregated Companies House registrations, over 200,000 new companies have been established in the UK this year, with the bulk centered on retail, business services, and construction. Because of the industry's push toward digital, coverage explanation, flexible offers, verified self-selection, and how commercial insurers adapt their customer journey are all important. About Munich Re Munich Re is a global leader in reinsurance, primary insurance, and insurance-related risk solutions. Munich Re has exceptional, innovative strength and is a key driver of the insurance industry's digital transformation. Munich Re is one of the world's most sought-after risk partners for businesses, institutions, and private individuals because of its tailor-made solutions and close connectivity to its clients. About Sapiens Sapiens International Corporation enables insurers to succeed in an ever-changing industry. Sapiens provides digital software platforms, solutions, and services to the property and casualty, life, pension and annuity, reinsurance, financial and compliance, workers' comp, and financial sectors. Sapiens has over 35 years of expertise delivering to over 600 organizations worldwide, demonstrating a proven ability to fulfill clients' core systems, data, and digital requirements.

Read More