Ameritas Selects iPipeline’s SSG Digital Platform to Enhance Life Insurance Processing for Financial Professionals

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e-Application, Self-Service Capabilities, and Network to Optimize Financial Professional and Carrier Performance

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Exton, PA (January 12th, 2021) – iPipeline® – a leading provider of low code cloud-based software solutions for the life insurance and financial services industry, today announced Ameritas has chosen the SSG Digital® Platform to streamline the application processing experience. Ameritas is a mutual-based provider of life insurance, financial services, and employee benefits. iGO® e-App and Maestro® Self-Service will be integrated with Swiss Re’s Magnum Pure® full-service underwriting automation to accelerate business processing, lower costs, and improve the customer experience for the Ameritas independent distribution channel. iPipeline has the life insurance industry’s largest independent distribution and carrier network within North America.

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“In a recent Deloitte survey, 48% percent of 200 insurance executives agreed the pandemic showed how unprepared our industry was to weather this economic storm. Digital technologies are essential to succeeding in today’s contactless selling environment, and iPipeline’s low code SSG Digital platform has what it takes to power the industry forward in 2021,” said Larry Berran, CEO, iPipeline. “Using iGO e-App and Maestro Self-Service with Magnum Pure will help Ameritas to improve their financial professional and consumer experiences.”

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“Ameritas evaluated several technology providers to find a platform that best fit our needs,” said Robert Sharp, Head of Independent Distribution at Ameritas. “iPipeline is a strong organization in the independent marketplace with integration experience and an innovative end-to-end platform. We look forward to working with iPipeline on automating our new business processes.”

To learn how you can implement iPipeline’s innovations to automate how your products are sold and processed, contact sales@ipipeline.com or call 1-800-758-0824, option 2.

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About Ameritas
Ameritas is a marketing name for Ameritas Mutual Holding Company and its affiliated subsidiary companies, including Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York. Founded in 1887, Ameritas offers a wide range of insurance and financial products and services to individuals, families, and businesses. These products and services include life insurance; annuities; individual disability income insurance; group dental, vision, and hearing care insurance; retirement plans; investments; asset management; and public finance. Securities offered through affiliate Ameritas Investment Company LLC. (AIC), member FINRA/SIPC and investment advisory services offered through the business name of Ameritas Advisory Services. AIC is not affiliated with any third-party entity mentioned herein. For more information, visit ameritas.com.

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About iPipeline
iPipeline is a leading provider of low code, cloud-based software solutions for the life insurance and financial services industry. Through our SSG Digital, end-to-end platform, we accelerate and simplify sales, compliance, operations, and support. We provide process automation and seamless integration between every participant in our ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers on a global basis. Our innovative solutions include pre-sales support, new business and underwriting, policy administration, point-of-sale execution of applications, post-sale support, data analysis, reporting, user-driven configuration, consumer delivery and self-service, and agency and firm management.

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iPipeline’s platform is used by approximately 450 carriers and fund companies, 1,400 distributors and financial institutions, and their agents and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Boston, Bromley (UK), Burlington (Canada), Cheltenham (UK), Dallas, Davidson, Fort Lauderdale, Huntersville, Ontario (CA), Philadelphia, Pleasanton, and Salt Lake City. Visit www.ipipeline.com.

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For iPipeline:
Lisa Shea
Marketing
lshea@ipipeline.com
484-870-6234

Life Insurance Technology In 2020 Was Driven By Simplicity And Data

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By Ken Leibow

Published in Broker World Magazine January 1, 2021

 

We all had to adapt to change beginning nine months ago with the pandemic. A distributor’s Agency Management System (AMS) must improve its quality of service for agents/advisors, field underwriting (exams) needs to be safe, and turning Inforce data to action is critical for advisors to manage their client’s policies. Here is an inside look on how life insurance solution providers adapted and innovated to these new challenges in 2020.

 

 

Agency Management Systems Essential for Distributors during COVID

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Life insurance distributors in the USA and Canada faced the same challenges during COVID in 2020. I reached out to Equisoft whose Agency Management System (AMS) is the most widely used in Canada for life insurance distributors, and it is also available in the USA. I also met with OneHQ whose modern, easy-to-use CRM/AMS gained momentum in 2020.

 

David Nicolai, vice president, Insurance Solutions at Equisoft explains how back office automation is essential for servicing their advisors, “How do distributors stay relevant in times of accelerated change? That’s a critical question we’ve heard distributors ask so often over the past nine months. The answer, for some, is that it has been difficult—to pivot quickly and execute on a new value proposition that will enhance their ability to attract and retain the best advisors—if they are still running their business with manual, largely paper-based processes. There’s too much drag in the system. Innovation, no matter how creative their thinking is, will be hard to implement. On the other hand, we have clients who went from 100 percent paper-based to almost entirely automated and digital when they implemented the Equisoft/centralize agency management system. That made all the difference. When COVID hit and distributor staff, advisors and clients could no longer meet in person, their transition to the new reality was almost seamless. App processing, advisor communication, inforce services—all continued at pace because they didn’t rely on paper and mail. Clients received the support they needed in difficult times. Advisors appreciated the service and value their distributors were able to provide in helping them continue to meet their clients’ needs.”

 

Meeting with Brett Barker, Senior Account Executive at OneHQ, he provided not only information about their AMS, but client experiences during 2020. Tailored specifically for insurance distribution, OneHQ is an extremely powerful yet easy-to-use system. It’s highly configurable, replacing disjointed systems by bringing the CRM, AMS, and Compensation together plus integrating all other systems into one place. Brett explained, “Our user-friendly interface and personalized modules help give each department a dialed-in system to maximize results. As an example, a OneHQ customer recently made the move from their legacy system to OneHQ because their back office and sales teams had very little communication between systems. Wanting more data visibility for sales and back office efficiencies, the team moved to OneHQ and for the first time in years they had access to all of the information they needed within seconds. In the end, sales activity increased 20 percent and OneHQ’s innovative platform is providing better service to agents by freeing up the back office teams from running reports and answering questions.”

 

With the changes brought about by COVID-19 and more focus on how technology can impact sales internally and for their agents, OneHQ has witnessed a tidal wave of new clients. Their modern technology that focuses on increasing sales without sacrificing service is giving their clients an edge during these rapidly changing times. Brett continued, stating that OneHQ is increasingly seeing more of their clients beginning to offer their agents a full technology strategy starting with the CRM that integrates with their back-office system. In addition, this also makes the IMO much “stickier” with their agents. To sum it all up, Kyle J. Ginavan, CEO, OneHQ, said, “There have always been many good technology options available to insurance agents, but never a full technology strategy. While the securities industry has well-thought-out technology strategies for financial advisors, insurance distribution has typically lagged in this area. However, with COVID, we’re certainly starting to see that change.”

 

 

Exam Safety: Simplifying through Innovation

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Underwriting is key to the life insurance new business process. For term insurance, a drop ticket with an exam still dominates the higher percentage of cases in 2020. Paramed exam companies are the front lines for underwriting. I reached out to Ryan Janeway, founder and CEO of MediPro Direct. Ryan explained that at this stage of the pandemic, protecting field medical teams and applicants requires access, innovation, and adaptation. Said Janeway, “Very few companies are positioned as effectively as MediPro Direct to actually improve customer experience during this crisis. MediPro Direct founded Vanguard Genetics LLC in 2015 to gain access to clinical and genetic testing services that can aid underwriters in policy-making decisions now and into the future. Under the current circumstances, our clinical lab association has provided immediate access to necessary PPE, as well as rapid COVID antigen testing to ensure the safety of our customers and team.”

 

As innovators, the teams at MediPro Direct and Vanguard Genetics helped bring rapid antigen testing to market and are now validating saliva test collection methods to simplify the collection process for these tests. Additionally, their teams have reduced manufacturing costs by up to 70 percent in order to dramatically improve public access to testing—which, combined with the distribution of vaccines, are key to getting customer business and lives back on track. Under proper credentialing, these tests can be used in the office and in the field to help ensure safety during insurance exams, clinical trials, and other medical interactions. MediPro Direct has adapted to the current environment by creating unique tools and processes such as its Tier1 Network™, to increase examiner coverage for carriers, its Quality First™ system to dramatically improve access to real-time quality data for carriers, and its RemoteID™ system for scaling and improving tele-interview processes without the need for fixed call centers.

 

 

Inforce Policy Data Turns to Action

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As the digitization of the life insurance industry persists, the concept of shared visibility of data is becoming more relevant. Shared visibility of information across distribution partners helps to keep carriers, BGAs, and advisors all aligned on what’s working as it should and what areas have room for improvement. When it comes to inforce policy management specifically, that shared visibility is especially important. But timely exchange of information is not enough to satisfy a proactive, compliant, and efficient inforce management strategy.

 

Visibility of inforce data alone is table-stakes. As you continue to seek ways to not only differentiate but also provide more value to your distribution partners, you need a way to make that data and information you share with each other actionable. That’s where a platform like Proformex comes in as the right partner for you and your community. Proformex connects visibility to efficiency, simplicity, and opportunity. By aggregating data and giving everyone access to it—their platform takes that data and provides you with powerful analytics and insights that you and your distribution partners can use to make data-driven decisions that produce real-world outcomes. And there’s no manual burden involved; by automatically surfacing both risks and opportunities to you and your distribution partners, you’ll now have the ability to proactively manage potential problems and seize revenue-generating opportunities. It’s a win for everyone, from carrier to client.

 

Simplifying the life insurance new business experience impacts agents, distributors, carriers and consumers. Mining and analyzing life inforce data and turning it into action creates new sales opportunities for advisors to engage with their clients. COVID obviously accelerated innovation in life insurance technology in 2020. For those solution providers that have adapted and taken on the challenges head on with new innovations, they will have staying power in our industry moving forward in 2021.

 

Firms Using iPipeline’s InsureSight Data Analytics Increased Life Insurance Placements by 9% for Perm, 3% for Term

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InsureSight Data Analytics Enable Agents/Advisors to Break Through COVID-19 Challenges to Sell

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Exton, PA (November 10, 2020) – iPipeline® – a leading provider of low code cloud-based software solutions for the life insurance and financial services industry – today reported, for the period ranging from March to August 2020, five top firms using InsureSight® Data Analytics increased placement for permanent insurance products by 9% and term insurance products by 3% above the industry averages. This resulted in a $7.3 million increase in sales for the five firms during the height of the COVID-19 pandemic.

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Developed by iPipeline’s data analytics and data science team, the InsureSight® Data Analytics leverages data from iPipeline’s Agency Management System (AMS), which is comprised of 300+ Distributors, 70+ Carriers, 800,000+ annual application submissions, $8 Billion+ in annuity deposits, and $4 Billion+ in life premium within the industry. Real-time performance metrics for a participating firm are benchmarked against the industry to deliver a holistic view and drive improvement.

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“Nothing thrills me more than to see our customers benefiting from our digital products during the COVID-19 pandemic. The challenges to customer engagement are real, and selling in the contactless environment is extremely difficult,” said Larry Berran, CEO, iPipeline. “InsureSight Data Analytics is an extremely powerful and insightful tool for top management to use in benchmarking performance both within their unique environments as well as on a national basis. It not only provides knowledge about how you stack up against the competition, but it enables top management to evaluate what is being sold, where, and to whom to fine tune operations and optimize sales on a demographic and geographic basis. Being able to analyze white space for a product portfolio and identify viable markets is invaluable when things are tough. InsureSight is making a difference and proving to be a critical service in today’s marketplace.”

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“As an early adopter of iPipeline’s InsureSight Data Analytics, AgencyOne began to see and measure data points that we had never looked at before. We had a gut feeling about the success of our business, but we could not prove it other than by looking at our revenue,” said Gonzalo Garcia, Partner, AgencyOne. “To understand more about our business and people, we worked with iPipeline to develop the ‘advisor scorecard’ functionality of the system. By measuring each advisor’s business relationship with us and more importantly, communicating that information to our advisors on a quarterly basis, all parties are held accountable for the success of each other. It became a true business partnership. From there, we were able to have some very real conversations—using factual data points—to enhance services for productive relationships and terminate non-productive ones, resulting in long term, mutual profitability and growth.”

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“Lion Street has an intense focus on connecting high-net-worth individuals, family offices, business owners, and corporate clients with the best financial solutions to meet both their short- and long-term needs. Our ability to understand all their current and future needs has a profound impact on our performance,” said Dan Stanley, Vice President Operations, Lion Street. “iPipeline’s InsureSight Data Analytics provides the ability to quickly and efficiently identify service gaps and adjust both internally and externally to strategically plan our next move, and this has positively impacted our placement ratios in a very difficult year.”

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“As a data driven firm, having immediate insight into the dynamics of our business enables us to understand how we are performing as an integrated operation to address the needs of our customers and agents. This is particularly critical in today’s marketplace given the challenges,” said Mac Chrystal, President & CEO, Gen3 Advisor Group. “InsureSight Data Analytics is a powerful and rapidly enabled service, which has allowed Gen3 to react in real-time to all activities within our business process. There is no question that it has improved how we function as a team and driven record growth for us during the COVID-19 pandemic period.”

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To learn how you can implement iPipeline’s InsureSight Data Analytics to improve agent selling for permanent and term insurance products, contact sales@ipipeline.com or call 1-800-758-0824, option 2.

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About iPipeline

iPipeline is a leading provider of low code, cloud-based software solutions for the life insurance and financial services industry. Through our SSG Digital, end-to-end platform, we accelerate and simplify sales, compliance, operations, and support. We provide process automation and seamless integration between every participant in our ecosystem including carriers, agents, general agencies, advisors, broker-dealers, RIAs, banks, securities/mutual fund firms, and their consumers on a global basis. Our innovative solutions include pre-sales support, new business and underwriting, policy administration, point-of-sale execution of applications, post-sale support, data analysis, reporting, user-driven configuration, consumer delivery and self-service, and agency and firm management.

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iPipeline’s platform is used by approximately 150 carriers, 1,400 distributors and financial institutions, and their agents and licensed advisors in a cloud-based environment. With headquarters in Exton, Pennsylvania, iPipeline has locations in Boston, Bromley (UK), Burlington (Canada), Cheltenham (UK), Dallas, Davidson, Fort Lauderdale, Huntersville, Ontario (CA), Philadelphia, Pleasanton, and Salt Lake City. Visit www.ipipeline.com.

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About AgencyOne
AgencyOne works with a select group of life insurance and wealth advisors across the nation who specialize in the needs of high net worth clients. AgencyOne delivers full-service, back office support to our advisors so that they can focus on the client experience. By working with a select group of advisors, we help clients protect their financial security and transition their wealth in an orderly manner. We employ our talents and resources in medical underwriting, insurance-based solutions, and advanced planning techniques to deliver a highly personalized service platform. Our objective is to be recognized as the leading Brokerage General Agency in the country by the most successful insurance and wealth advisors serving the affluent marketplace. Visit us at www.agencyone.net.

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About Lion Street
Lion Street is a leading financial services company based in Austin, Texas. Lion Street provides elite life insurance advisors access to the financial products, intellectual capital, and specialized resources they need to meet the sophisticated needs of high-net-worth and corporate clients. Together, Lion Street’s Advisor-Owners are strongly committed to building a highly collaborative network of professionals. Visit us at www.lionstreet.com.

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About Gen3 Advisor Group
Gen3 is a family owned and operated IMO located in Youngstown, Ohio. Our goal is to help top insurance professionals and financial advisors simplify their businesses and better serve their clients through every step of the planning process. With a broad portfolio of life and annuity products, sales platforms, back-office, and marketing support, Gen3 is here to help producers grow. We’d love for you to join the family. To learn more, visit us at gen3advisor.com.

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For iPipeline:
Lisa Shea
Marketing
lshea@ipipeline.com
484-870-6234

Life Inforce Policy Management Automation

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November 2019

By: Ken Leibow 

Broker World Magazine

 

It’s finally here—online tools for life insurance agents and clients to do basic tasks like change beneficiaries, look up paid-to-date information, see account values, and address changes without having to fill out a form or call a customer service phone number. It’s no longer a one-off but being implemented by most life insurance carriers today. You are also now seeing Artificial Intelligence (AI) chat tools for clients to get the information on their policies or to answer basic insurance questions on demand. Readily available for agents is new technology leveraging Big Data Analytics to analyze a policy resulting in new sales opportunities with products that better fit your client’s needs.

 

Policy Review
As an agent, you should do a review with your client on their life insurance policies at least once a year. Policy review should also occur when there is a life changing event or a family’s situation has changed, which could result in the need to increase or decrease coverage. Interest crediting rates on certain policies are much lower today than when the policy was first purchased. This can affect the future performance of your client’s policy, which could result in having to pay additional premium dollars to meet your client’s needs. Because people are living longer or if your client’s health has improved, then they may need to make an adjustment on their policy. On permanent insurance like universal life policies, loans and withdrawals and other changes to the policy, like premiums not paid as planned, may have impacted the current performance. Of course, if premiums have increased then you should do a policy review with your client. If the client is an owner or co-owner of a business and that business has grown or changed, then that is a compelling reason to do a policy review. Occasionally a life insurance company’s ratings or financials have changed, which may no longer meet your client’s risk tolerance.

 

The objective of the policy review is to do a thorough analysis of current insurance holdings vs. current needs. There are also industry and product changes to consider as well. I would recommend to carefully look at older life policies because of the way life insurance is designed today—the current changes in pricing, and how it’s medically underwritten, may have a significant difference in 2019 compared to five, 10 or more years ago. Also, you need to be up to date on the current tax, business and estate law changes. Higher life expectancies (mortality tables), lower interest rates and dividend crediting rates affect performance. There are new products on the market today to consider like indexed universal life products. Look at your client’s goals: If their goals are the same, is there a better insurance product for them today? If their goals have changed, then what’s available today to best meet those financial needs? For living benefit needs there are linked benefit products to consider. Should your client consider a way to financially maximize a policy he no longer needs by looking at a life settlement option?

The Insurance Consumer Journey

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By Ken Leibow

 

Jornaya has taken Data Analytics to a new innovative level. “Jornaya Activate” is an application that enables more cost-effective target marketing by witnessing the behavior of the consumer online shopping experience. An example is a Life event whereby a consumer is shopping online for a new home loan or to refinance their current Mortgage. This will identify that the consumer will need more Life Insurance. A Carrier or Agency’s portfolio of customers can be better targeted with marketing campaigns with messages that will be more cost-effective in generating new sales opportunities.

 

Jornaya captures 200 million unique shopping events each month of which 5 million are life insurance related opportunities. This has increased 30% over 2018. Literally there are portfolios of millions of customers. There is NO personal identifiable information captured (PII). Privacy of these consumers is secured. The data criteria captured are focused on witnessing the behavior of consumers filling out online forms for shopping for insurance, mortgages and other activities across multiple websites that can be analyzed to determine specific insurance needs. Jornaya works with Multi-Line Insurance Carriers and Agencies including life insurance Direct Marketers like AccuQuote and eFinancial. I interviewed Jamie Pickles, GM of Insurance at Jornaya, for this article and he had a quote that sums it all up. “A predictive model is great, but facts are better”.

 

Jornaya Activate monitors a portfolio of prospects/customers for Major Life Purchase (MLP) in-market behavior by incorporating intelligence on behavior and measuring intent in Real Time, Jornaya’s innovative technology can Provide intelligence that could become a new sales opportunity for life insurance. If you are a marketer, the data captured will allow you to interact better with your customer and improve customer retention.

 

Download and Read the Report by Jornaya “Understanding the Insurance Consumer Journey” by clicking the button below.

Digital Insurance: Technologies and Strategies Driving Insurance into the Connected Age

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Mariana Dumont
Head of USA Operations
Insurance Nexus

 

The ability to accurately discern the past and predict the future based on nothing but data points and the experience of actuaries and adjusters has served the industry well up to now. Insurance is, after all, a multi-billion-dollar, truly global industry. While this remains the case, the landscape is now radically different to the past, thanks in part to the advent of the Internet of Things (IoT). The use of these technologies that collect, record and transmit live data has proliferated exponentially over the past decade, and for a data-reliant industry like insurance, the impact has already been profound.

 

They may already seem ubiquitous but estimates of how many IoT devices will connect our cars, homes, communities, medical services and work lives by the year 2020 range from 30 billion[i] to 50 billion[ii]. Whatever the precise number, this will generate (and already is) a huge amount of data to be analyzed and monetized.

 

This increase in the quality and quantity of available data is already producing some significant outcomes; the process of writing policies can now be far better informed by what is known about the risk level of an individual or entity, as opposed to simply what is known about the claims generated by an entire class of risk. Some carriers have already begun this transition; John Hancock, for example, announced in 2018 that all new life insurance policies must henceforth use digital fitness trackers to monitor policyholders[iii]. Using the high-quality, objective data derived from IoT, it is now possible to assess claims more accurately and efficiently, and in some cases, even prevent them from arising entirely.

 

“IoT is already enabling customers to avoid bad things happening to them. Some people call it prevention. I see it as empowerment of customers.” – Nick Ayrdon, Head of Strategy & Development at Aviva

 

In turn, this is changing how insurers interact with customers, both before and after a claim, with one executive predicting that that we are in fact “shifting from a claims-handling business to a claims prevention one”. As the value proposition of exchanging data for value becomes more concrete, it could become a strong pull-factor driving uptake of connected insurance products. And yet, already operating in an environment of squeezed profits, high regulation and low consumer trust, the industry is witnessing something of a perfect storm at present.

 

There is no question as to whether the global insurance industry is going to go digital, and most of the industry understands why it will. The real problem for most is how it should happen and creating an environment in which they can maximize the value of insurance technology. As Michael Lebor states, this is not simply a case of reorganizing a particular department or function: “In my opinion, IoT is not a product, it’s a paradigm shift, a completely different way for technologies to interact with each other. Devices are going to be talking to each other, there are going to be hubs, and we must leverage that throughout the entire lifecycle of our product, whether for distribution, or on-boarding customers, or using it for claims and first notice of claims. It’s not one product, it’s a holistic way of thinking.”

 

Any transformation of this nature will invariably lead to substantive changes in how insurance carriers operate internally and whereas digital insurance projects were generally siloed to innovation departments in the past, executives agree that is starting to change. While the survey found that only 14% of senior management teams were currently affected by the introduction of digital insurance, the most commonly cited reason was that initiatives had not yet reached the point where it had become necessary (the implication being that management will take a more active stance when projects have scaled sufficiently).

 

Similarly, American Family Business Development Manager, Shaun Wilson, suggests “until there are a lot of devices providing a lot of data about specific risks, the carrier is not going to have the insights about whether or not these devices mitigate risks to any level of significance. That’s the promise of this approach, but nobody has enough data yet to validate the hypothesis.” As carriers leverage connected technology more and the impact on the business deepens, however, we can expect to see greater top-down management and involvement from board level stakeholders[iv].

 

To provide a comprehensive overview of the progress and prospects of Connected Insurance, Insurance Nexus have produced the Connected Insurance Report, an in-depth study of the progress of insurance technology globally, today, and in the future.

 

As the industry begins to understand how it can exploit the possibilities of connected and digital insurance, the Connected Insurance Report has crystalized the concerns of those tasked with turning an unprecedented technological revolution into market-ready products. At first glance, one might assume that the ability to learn more about the risks they are insuring should allow both for policies to closely follow the risk over time, and secondly that the ability to gather more information about a claim will discourage fraud. The net result should therefore be greater profit for companies, and lower premiums for their customers.

 

At second glance, it is just as clear that the picture is much more complicated than that. As we talked to more and more executives, it became apparent that the industry is only just beginning to work through the practical problems it faces. Indeed, questions as basic as the best way to install a sensor in a building are still the subject of lively debate. Ultimately, the world of insurance may be next in line for the kind of creative destruction that the tsunami of digitisation had brought to IT, telecoms, media, retail, hospitality, manufacturing, financial and business services.

 

The Connected Insurance Report was researched and produced by Insurance Nexus in collaboration with the IoT Insurance Observatory. It is the first of its kind to conceive of insurance IoT holistically, as a paradigm shift necessitating changes in insurer business models, organisational structures and technology stacks. Insurance Nexus surveyed the experiences of more than 500 insurers and reinsurers to assess where they sit in the connected insurance market and to extract the challenges they face and their stories of success.

 

Along with a panel of 20 industry leaders who have been operating at the sharp end of the IoT revolution, Insurance Nexus looked at these hurdles and opportunities and pulled them apart to provide readers with the case studies with actionable insights to help guide decision-making as the industry tackles its own strategic milestones.

 

 

Tech infographic

 

[i] https://spectrum.ieee.org/tech-talk/telecom/internet/popular-internet-of-things-forecast-of-50-billion-devices-by-2020-is-outdated

[ii] https://www.accenture.com/gb-en/insight-insurance-internet-things

[iii] https://www.bbc.co.uk/news/technology-45590293

[iv] https://assets.kpmg/content/dam/kpmg/xx/pdf/2019/03/insurtech-trends-2019.pdf

Proformex Publishes Analysis of Life Insurance Best Interest Standards

 

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Kris Beck Headshot

WRITTEN BY

Kris Beck, CEO

Proformex

 

An In-Depth Look: Best Interest Standards for Life Insurance

Where did they start, where are they now, and where are they going?  “Best interest standards” are regulations that require carriers and producers that sell life insurance to establish criteria and processes overseeing product recommendations given to retail consumers. Under best interest standard regulations, all investment recommendations given to consumers must be made with the consumer’s needs top of mind. The ultimate goal is to protect the consumer and define the ethical duties of agents and advisors selling life insurance. This paper takes a deeper look of how best interest standards have been introduced to the life insurance industry, the various moves made on the state level to legislate these standards, and the future direction of the industry.

 

Download or View the full Article click the Executive Brief Button below:

Connected Insurance Report: Industry Weighs in on Future of Technology in Insurance

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To some, it is magic. To insurance, it is reality. The ability to accurately discern the past and predict the future based on nothing but data points and the long-lived experience of actuaries and adjusters has served the industry well up to now, allowing insurance to become the multi-billion-dollar industry it is today. The past few years, however, have witnessed in a dramatic shift to this picture, prompted by the advent of the Internet of Things: technologies that collect, record and transmit live, granular data about their environment.

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This increase in the quality and quantity of available data is already having some profound effects; the process of writing policies can now be far better informed by what is known about the risk level of an individual or entity, as opposed to simply what is known about the claims generated by an entire class of risk. Consequently, it is now possible to assess claims more accurately and efficiently, and even prevent them arising, based on high-quality, objective data.

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This, in turn, has created the need for changes in how insurers and customers interact both before and after a claim, as well as the internal structure, operations and hiring processes of the carriers themselves. Already operating in an environment of squeezed profits, high regulation and low consumer trust, the industry is witnessing something of a perfect storm at present. The tools for insurance carriers to stay relevant and appeal to today’s consumer do now exist, but uncertainty over how best to implement such profound strategic transformation is holding many back.

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To provide a comprehensive overview of the progress and prospects of Connected Insurance, Insurance Nexus have produced the Connected Insurance Report, an in-depth study of the progress of insurance technology globally, today, and in the future. The Connected Insurance Report is based partly on a survey of over 500 people working in insurance and related industries, as well as the exclusive insights of 20 renowned thought-leaders, including Matteo Carbone (Founder and Director of the IoT Insurance Observatory), Cecilia Sevillano (Head Smart Homes Solutions, Swiss Re), Boris Collignon (Vice President Strategy, Innovation and Strategic Partnerships, Desjardins General Insurance Group) and more. 

Access the Connected Insurance Report today for in-depth insights, analyses and case-studies on the technology-led transformation of insurance, including:

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·     How the Benefits of Technology Confer to Insurance: more data, fewer claims and less costs. Discover how the application of technology to insurance is changing the relationship between insurers and insureds and where extra value can be created

·     The State of Play of Technology in Insurance Today: what progress has been made so far across the different lines of insurance? Which lines are most developed and where is ripe for transformation?

·     The Practicalities of Embedding Technology in Insurance: from proving the business case to organizational restructuring and digital transformation, explore how carriers have demonstrably succeeded in leveraging the benefits of insurance technology

·     Making Sense of The Insurance Tech Stack: Provide value to customers by maximizing the worth of all data throughout the value chain. While challenges to each entity and line of business are unique, discover and overcome the principal challenges to embedding technology as reported by the industry

·     The Long-Term Opportunities: From claims prevention to customer engagement, what will the technology-led future of insurance like? Discover what is on the management “to-do list” to ensure readiness for the era of “insurance 2.0”

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Access the Connected Insurance Report today

The Connected Insurance Report was researched and produced by Insurance Nexus and is collaboration with the IoT Insurance Observatory. It is the first of its kind to conceive of insurance IoT holistically, as a paradigm shift necessitating changes in insurer business models, organisational structures and technology stacks. Insurance Nexus surveyed the experiences of more than 500 insurers and reinsurers to assess where they sit in the connected insurance market and to extract the challenges they face and their stories of success.

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Along with a panel of 20 industry leaders who have been operating at the sharp end of the IoT revolution, Insurance Nexus looked at these hurdles and opportunities and pulled them apart to provide readers with the case studies with actionable insights to help guide decision-making as the industry tackles its own strategic milestones.

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Contact

Mariana Dumont

Head of USA Operations

Insurance Nexus

Phone: +44 (0) 207 422 4369

Toll Free: 1 800 814 3459 Ext: 4369

Email: mariana.dumont@insurancenexus.com

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Insurance Nexus is part of FC Business Intelligence Ltd. FC Business Intelligence Ltd is a registered company in England and Wales. Registered number 04388971, 7-9 Fashion Street, London, E1 6PX, UK

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Insurance Nexus is the central hub for insurance executives. Through in-depth industry analysis, targeted research, niche events and quality content, we provide the industry with a platform to network, discuss, learn and shape the future of the insurance industry.

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