Worry+Peace marked its first foray into open insurance with scalable review-focused tools

Insurance Business | July 29, 2020

Insurtech company Worry+Peace has marked its first foray into open insurance with the release of a pair of automated and scalable review-focused tools accessible to all providers who are using the firm’s online platform. Reviews API gives each insurer a default key and a corresponding product key to every product it lists on the Worry+Peace marketplace, allowing for seamless data transmission. Onboarding for existing providers has already started and is set to be completed by the end of August.The company has also launched Reviews BCC, which enables insurers to send out customised review requests by copying Worry+Peace in outbound e-mails. The tool can also be automated using a CRM system. Both tools operate on a “cost-per-use basis,” with users given the option to spend their credits on inviting reviews or boosting their listings.

Spotlight

Asteron’s vision is not only to make insurance accessible and more easily understood by advisers and their clients, but also to provide better incentives to become healthier and to stay healthy. Asteron Life! is an online wellbeing program that provides tools and resources around lifestyle, nutrition and exercise.

Spotlight

Asteron’s vision is not only to make insurance accessible and more easily understood by advisers and their clients, but also to provide better incentives to become healthier and to stay healthy. Asteron Life! is an online wellbeing program that provides tools and resources around lifestyle, nutrition and exercise.

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Beat Capital Partners Picks OneShield to Launch New MGAs

Beat Capital | May 18, 2022

Beat Capital Partners is expanding into the United States and has selected OneShield Software's SaaS technology platform to launch new Managing General Agents (MGAs). Beat Capital Partners is a highly successful insurance sector investor in the United noted for providing start-up money, infrastructure, risk capital, and A+ rated paper to new ventures. The outstanding features of the OneShield Market Solutions (OMS) SaaS platform are the reason for Beat's entry into the US market. OMS includes functionality for policy management (binding, quoting, and servicing), billing (invoicing through payment), claims administration and document management, reporting, and analysis. All of these can be customized to meet the complex needs of MGAs. We did a thorough analysis of available insurance technology platforms and chose OneShield for various reasons, including OMS's all-in-one pricing approach, overall system capabilities, and substantial industry knowledge. The team at OneShield thoroughly understood our overall business concept, and the platform itself has a stellar reputation in the startup and MGA markets." April Galda Joyce, CEO of Beat Capital America. Last year was a big year for OneShield's SaaS offering as many start-up insurers and MGAs wanted to adopt scalable and adaptable technologies with proven rapid time-to-market deployment schedules. We are delighted to meet these similar standards for Beat Capital and look forward to working with them as they expand their business in the United States." Liza Smith, OneShield's Chief Revenue Officer.

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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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INSURANCE TECHNOLOGY

Aline Capital Launches Insurance Division to Expand Commercial Real Estate Service Offerings

Aline Capital, LLC | June 16, 2022

Southeast-based Aline Capital has launched a commercial insurance division, adding to its current service offerings in the commercial real estate sector. The division will focus on commercial property, general liability, and builder's risk insurance for commercial real estate investors and developers throughout the region. The firm made the strategic decision to launch an insurance division after experiencing several headwinds in the commercial insurance market on deals they were advising their clients on. Commercial insurance has proven to be extremely challenging and an evolving dynamic for transactions in the current market environment. By launching Aline Capital Insurance Services, we are now able to help clients navigate each piece of the investment process. As investment advisors, our goal is to bring an elevated level of personal service and value to every client and transaction. We now feel that we have a complete service offering for clients with the rollout of our commercial insurance division." Aline Capital Managing Partner Joey Weinel. The firm has enlisted Greenville native and insurance veteran, Kevin Allen, to lead the firm's initiative. Allen said the main points for clients to know are what type of insurance they are buying, what it covers, and how it applies to their commercial property and/or business. Simplifying the transaction and looking at the cost of ownership are also important. Aline Capital is a fully integrated commercial real estate and capital markets advisory firm. It offers investment sales, leasing, and debt and equity advisory services to commercial real estate developers and investors.

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