Realign Insurance Strategy with the Power of Tech

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Accelerate your digital capability to navigate disruption

Even before Covid-19 began its global march, the insurance industry was gearing up for profound change. But as the events of 2020 continue to evolve, there is growing sense of urgency for carriers to accelerate delivery of spot-on solutions for their customers.

 

To navigate this new era, Reuters Events is launching Insurance AI and Innovative Tech Virtual (May 27-28).

 

Across all corners of insurance, longer-term goals now require immediate action, and a strategic push to embrace digitalisation like never before. At this unique gathering of the industry’s most senior figures, innovators and decision makers expect to:

 

  • Outline a roadmap for the future of insurance
  • Share the latest strategies on how to drive workable solutions and innovations
  • Work towards an environment where all carriers can not only survive, but prosper
  • Discover how to build trust and win over the new generation

 

Meet decision-makers from across the entire value chain, with 1000+ leaders from technology, innovation, data, analytics and more. Now is the time to join the boldest minds in insurance to create a competitive edge through a unified tech strategy.

 

Confirmed speakers include:

 

  • Jane Possell, Chief Information Officer, CNA Insurance
  • Greg Tacchetti Chief Information and Strategy Officer, State Auto
  • David T. Vanalek, Claims Chief Operating Officer, Markel
  • Amandah Greiling, SVP and Head of Underwriting Support & Service, Zurich North America
  • John Almasan, AVP, Head of the Actuarial Advanced Analytics, Nationwide

 

To stay ahead in this new era for insurance, this is the one virtual event that executives with a strategic interest in technology, innovation, data and analytics cannot afford to miss!

 

Virtual attendees of Insurance AI and Innovative Tech Virtual 2020 will become part of North America’s largest insurance community, with over 2000 industry leaders coming together to network, debate and learn from renowned experts. To give attendees control over their own networking, Insurance AI and Innovative Tech Virtual 2020 will also be utilizing the innovative Brella app, allowing attendees to set up online meetings with new contacts and create valuable business networks that can be leveraged in future. Even from a distance, Insurance AI and Innovative Tech will feature more interactivity than ever before; remote polling will gather the audience’s perspectives on pressing issues and attendees will be able to submit their own questions to our expert speakers using the Slido platform. Please find more information on agenda and registration via the website: https://events.insurancenexus.com/analyticsusa/register.php

 

Insurance Nexus, a Reuters Events Company, is behind Insurance AI and Innovative Tech Virtual (May 27-28).

 

Contact:

Ira Sopic

Global Project Director

Insurance Nexus

T: + 44 (0) 207 422 4363

E: ira.sopic@insurancenexus.com

 

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About Insurance Nexus

Situated between London’s Silicon Roundabout and the City, Insurance Nexus is at the innovative heart of an industry undergoing significant disruption and innovation. Insurance Nexus is the central hub for insurance executives. Through in-depth industry analysis, targeted research, niche events and quality content, the team provides the industry with a platform to network, discuss, learn and shape the future of the insurance industry.

 

 

Delivering Empathy at Scale Webinar Featuring Insights from LexisNexis Risk Solutions, Liberty Mutual, Auto Club Group and Farmers Insurance

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Leveraging automation can be a double-edged sword. As customers look for simpler claims processes and access to information, it can be easy to put tools into place that make customers feel left out of the loop, unheard, and wary of the process. To make automated claims work at optimal levels, companies need to embrace the technology early, and actively work to deliver maximum value to the customers. The first insurers to make it through the gap will win the day.

 

When customers make claims, they are generally under great stress, uncertain of the outcome, and sometimes in the midst of the most trying times of their lives. The job of insurance providers and agents should be to deliver service that customers want, service that is informative, reassuring, and that has the human touch. With automation, we can reach more people, deliver more information and service faster – but how do we do that without sacrificing that all-important human element: empathy?

 

During a webinar discussing how insurance carriers can ‘Deliver Empathy at Scale’, Bill Brower (Vice President – Auto Claims, LexisNexis Risk Solutions), Mike Fiato (Chief Claims Officer, Liberty Mutual), Lori Pon (Director of Claims Transformation and Claim Service Center, Auto Club Group), Samantha Santiago (Head of Claims Strategy and Automation, Farmers Insurance) and moderator Alan Demers (Founder-President, InsurTech Consulting) shared their insights into the possibilities for the claims ecosystem.

 

Alan Demers opens the discussion saying, “I was excited because of the importance of where we’re headed as an industry, through automation and self-service, and then trying to find a balance […] from a human standpoint into the value of empathy itself.”

 

The idea of scaling empathy is more ambitious than it might seem. Anyone with experience growing a business may already know why. The fact is that some services scale well, and others do not. Generally, uniquely human qualities – things that are not generally manufactured – do not scale well. Reproducible goods scale incredibly well. That’s why a Hollywood blockbuster film is worth spending hundreds of millions to make. The owners of the final product can make copies with considerable ease. The same goes for novels, trinkets, and goods of all kinds.

 

But, how do we scale empathy?

 

Consider the fields of nursing, home care, or childcare. These are tasks that require an individual human. They cannot be duplicated without creating a new human to perform them. So, scaling empathy seems impossible, right? Well, modern information technology may have something to say about that.

 

Demers makes a very important point – how do we define empathy? The dictionary definition is “the ability to understand the feelings of another”. But when put into the context of claims-handling it “may be described as anticipating needs and delivering on them”.

 

Any time a claims agent deals with a client making a claim, they are dealing with someone experiencing a personal loss. It could be a profound loss, or it could be relatively minor, but it is always significant. Hence the value of empathy.

 

At that, Bill Brower touches on the topic of the “touchless claim” in delivering empathy.

 

From Traditional to Touchless:

Bill began by explaining the common physical damage claims processes including traditional claims, Fast Track Claims which includes Direct Repair and Virtual Claims Processing where customers provide smart phone photos of damaged autos for adjusters to prepare repair estimates remotely normally in hours.  Bill said the move to Fast Track and Virtual processes were driven by technology advances like the introduction of computers and digital cameras for claims back in the 1990’s and Virtual began due to the high quality of cameras within the smart phone beginning around 2013.  Therefore, with continued advances in technology and the availability of real-time claims data Bill predicts the next evolution in claims processing will be a touchless claims process.  Bill defines touchless claim as “a process similar to Virtual Handling- except no claims adjuster or carrier employee is involved in the process. Technology is used to report the claim, capture damage or invoices, run a system audit and communicate with the customer electronically. If the claim meets the approved criteria, the claim is automatically paid without human intervention.”

 

Brower notes that insurance carriers continue to enhance and fast track processes while offering virtual claims handling options for customers that have not yet decided on a repair shop.  Bill explained that while virtual claims processing began around 2013, it grew dramatically starting around 2017 and for the next three years”.

 

He goes on to note that, based on a LexisNexis Risk Solutions report that found that 95% of claims executives were either using virtual claims today or moving to virtual claims in the near future, “the next logical step seems to be touchless claims.”

 

Although a great many steps have yet to be taken before touchless claims is common in the industry, Brower points to the obvious advantages that fewer touches has for the carrier and the customer. “If you can get to the point where maybe just one person is involved in the claim that would certainly be an improvement in many operations as carriers surveyed shared that it’s still common for 3 or more claims professionals to be involved in even a simple non injury auto claim.”

 

Delivering Empathy at Scale Now:

Mike Fiato provides key insights into how insurers can quickly provide empathy at scale with technologies available now – in this case, Fiato refers to Liberty Mutual’s adoption of two-way texting technology. Crucially, this service allows the customer to still have a strong connection to their insurer with the added advantage of more convenience for them, and lower cycle times for the insurer.

 

“If you can build trust and provide peace of mind,” Fiato concludes, “and the claim does not require face to face, or phone to phone contact, you can create an experience that the customer is wowed by or satisfied with and still accomplish the goals that you want.”

 

The Power of Empathy

Lori Pon discusses empathy as a preventative process: “no matter how outstanding our claim service delivery is, a claim always disrupts the customer’s life. As a consumer, how important would it be for your insurance company to actually alert you in advance of danger?”

 

The first impulse to this challenge might be to simply allow the customer to fill out a text field explaining the loss in plain language. However, in the absence of advanced AI, this would still require the eyes and effort of a human being. That is the opposite of scaling. Therefore, AI is deeply integrated with these solutions as a matter of necessity.

 

That’s not to say that people don’t play a role. Pon underlines how important it is that “your staff is aimed with the information they need to better personalize the claim experience based on the customers preference claims is the most critical moment of truth in the insurance lifecycle, you do not have a second chance to make that first impression”.

 

Finally, Pon outlines how insurance carriers can determine their “secret sauce”. Discussion of the importance of working with the right partners throughout these transformation processes is particularly frequent within the industry today and is arguably just as important as the technology itself. As Pon concludes, “it’s not about low touch or high touch – it’s about using the right mix of technology, people and processes to deliver the right touch.”

 

Empathy as more than emotion:

Sam Santiago argues that “the biggest part of delivering empathy is about providing choice and being there and looking at ways to improve overall response times… whether it’s in person through the text, on video, or however we choose to interact with them. It’s being there for them in their moment of need.”

 

This is absolutely right. How can an insurance carrier provide empathy to customers if they can’t be there for them in the first place? A customer would certainly feel more relieved if they were able to communicate with their insurer as quickly as possible through whatever channel they are most comfortable with.

 

To hear the full webinar including the Q&A, you can access the full webinar here.

 

Indexed Annuities and Structured Annuities Have a Record-Setting Year!

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Wink, Inc. Releases 4th Quarter, 2019 Deferred Annuity Sales Results

Des Moines, Iowa. March 17, 2020Wink’s Sales & Market Report is the insurance industry’s #1 resource for annuity sales data since 1997. Sixty-two indexed annuity providers, 50 fixed annuity providers, 68 multi-year guaranteed annuity (MYGA) providers, 11 structured annuity providers, and 47 variable annuity providers participated in the 90th edition of Wink’s Sales & Market Report for 4th Quarter, 2019.

 

Total fourth quarter sales for all deferred annuity sales were $53.3 billion; a decline of 3.3% when compared to the previous quarter. Total 2019 deferred annuity sales were $221.8 billion.

 

Noteworthy highlights for all deferred annuity sales in the fourth quarter include Jackson National Life ranking as the #1 carrier overall for deferred annuity sales, with a market share of 9.8%. Lincoln National Life followed in second place, while AIG, Equitable Financial and Allianz Life rounded-out the top five carriers in the market, respectively. Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity, a variable annuity, was the #1 selling deferred annuity, for all channels combined in overall sales for the fourth consecutive quarter.

 

CLICK THE BUTTON BELOW TO READ THE COMPLETE NEWS RELEASE:

Inundated by IoT: How Carriers Can Leverage a Trillion IoT Devices with Nationwide, CNA and Everest Re

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Define your IT innovation strategy or risk becoming irrelevant, according to insurance leaders. Almost daily, a new disruptive technology is developed with far-reaching effects on the industry.

 

There is no turning back. AI, Blockchain, Machine Learning and IoT become more commonplace every day. By 2025, according to current estimates, there will be more than 50 billion IOT devices; the number is expected to grow to one trillion by 2030.

 

Maintaining a competitive edge depends on a company’s ability to leverage new technologies with speed and flexibility. A panel of insurance industry executives will address ways to realize ROI from innovation during a not-to-be-missed webinar scheduled Wednesday, March 11, 2020.

 

Enroll here and gain actionable insights from John Almasan (AVP, Head of Actuarial Advanced Analytics, Nationwide), David He (VP, Artificial Intelligence, CNA), and Sandeep Bajaj (Chief Information Officer, Everest Re). An effective strategy, they all agree, is an essential component for continuing efficiency and profitability.

 

Discussion will focus on the following points:

  • Become an agile operation: Set an innovation mindset from the top down by rewarding collaboration, flexibility and individual ownership of change

 

  • Build an adaptable foundation: Banish legacy systems forever with a dynamic tech infrastructure capable of rapidly adopting new tech as they emerge

 

  • Spend wisely for maximum ROI: Prioritize Insurtech investments with your future needs front of mind to anchor your strategy to long-term objectives

 

Don’t miss out on this valuable information. Register here for this live March 11 webinar, from 9 to 10 a.m. CDT, and stay ahead of the curve in an increasingly tech-centered world.

 

This webinar is being run in association with the upcoming Insurance AI and Innovative Tech USA Summit 2020, an event by Insurance Nexus, a Reuters Events Company. Expecting more than 500 attendees from across the North American insurance ecosystem, the Insurance AI and Innovative Tech USA Summit brings senior innovation and business unit executives to uncover the rewards of embedding technologies such as AI, IoT, blockchain and automation to create valuable, relevant insurance products and services and seamless experiences through the power of tech-enhanced operations. For more information, please visit the website or get in touch with a member of the Insurance Nexus team.

 

Contact:

Ira Sopic

Global Project Director

Insurance Nexus

T: + 44 (0) 207 422 4363

T: +1 800 814 3459 ext 4363

E: ira.sopic@insurancenexus.com

 

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About Insurance Nexus

Situated between London’s Silicon Roundabout and the City, Insurance Nexus is at the innovative heart of an industry undergoing significant disruption and innovation. Insurance Nexus is the central hub for insurance executives. Through in-depth industry analysis, targeted research, niche events and quality content, the team provides the industry with a platform to network, discuss, learn and shape the future of the insurance industry.

 

Expert Industry Advisory Board Announced for Auto Insurance USA Conference Chicago, April 16-17, 2020

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Insurance Nexus by Reuters Events is proud to announce the appointment of an expert industry advisory board which will assist us in advising, shaping and contributing to the agenda and program for the inaugural Auto Insurance USA 2020 conference in Chicago, April 16-17, 2020

 

The board members are all highly accomplished and well-known leaders, collectively representing a significant portion of the traditional auto insurance supply chain. “The emergence of and complexities presented by mobile and other technologies as well as connected vehicles has made proactive collaboration between all supply chain segments mandatory” according to event chairman, Stephen Applebaum. “The Auto Insurance USA event is focused on the future of auto insurance and with the active participation of the entire industry, including the OEMs, will truly represent a unique and unprecedented opportunity for all participants to explore greater collaboration in the interests of their ultimate common customer” adds Graham Proud, Head of Connected Auto Research at Reuters Events.

 

We proudly announce our Auto Insurance USA Advisory Board:

 

  • Stephen Applebaum, Managing Partner, Insurance Solutions Group, (Chairman)
  • Graham Proud, Head of Connected Auto Research, Insurance Nexus by Reuters Events
  • Pete Frey, Commercial Telematics Director, Nationwide
  • Sanjeev Mirle, Managing Director, Automotive & Mobility Strategic Partnerships, Liberty Mutual Insurance
  • Terry Fortner, Vice President Insurance Sales and Marketing, LKQ Corporation
  • Dave Smith, Senior Vice President, Supply Chain/Strategy/Procurement, Caliber Collision
  • James Spears, Founder, Spears Consulting Group, LLC
  • Mary Mahoney, Vice President of Global Insurance Replacement Division, Enterprise Holdings Inc.
  • Scott Trost, Vice President, Account Management, CCC Information Services

 

250+ industry executives will be joining Auto Insurance USA (April 16-17, Chicago) from Personal and Commercial Lines, product, claims and innovation. Uniquely, this event will be focused at the intersection of the new auto ecosystem and will welcome OEMs and leading supply chain experts to the conversation. The top 30 carriers and the most impactful OEMs are already involved. Don’t miss this opportunity to cement your future, going beyond the insurance policy to ensure your customers’ safety and lifelong loyalty.

 

For more information of Auto Insurance USA; the speaker line up and agenda, please download the brochure or contact the event director, Graham Proud at graham.proud@insurancenexus.com

ELCO Mutual Launches Revised Final Expense Product Using MRS Technology Platform

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BROOKFIELD, Wisconsin, February 3, 2020 –

 

On January 14 ELCO Mutual Life & Annuity (ELCO) launched a new Final Expense product using Management Research Services (MRS) as both a technology platform and a call center services provider. The goal was to provide accelerated underwriting in the new product by leveraging integrations with MIB and Milliman’s IRIX rules engine. CumPane Solutions (CumPane) consulted with ELCO on configuring the underwriting decisions and through a collaborative effort between all, the new product was launched in only eight weeks.

 

MRS’s self-service technology platform was a key component for quickly building the underwriting decisions as determined by ELCO and CumPane. Even after launch, MIB logic was modified to ensure a high automation level. MRS’s innovative platform enabled ELCO to quickly make changes that were safely tested, immediately deployed into Production once approved, and best of all, avoided a new Statement of Work or additional fees.

 

“Making these changes is so easy. A major revision to handling MIB codes can be made and tested in a matter of minutes. The power of our self-service features and customer support allows these changes to be made by any system administrator, with no programming required.” – Steve DeLonge, MRS Director of Client Success

 

“The MRS team and Jason from Cumpane Solutions have become instrumental in ELCO Mutual’s underwriting process. Their innovative solutions, quick turnaround times, and attention to detail transformed a project that initially felt overwhelming into an enjoyable and enriching experience. ELCO’s team is looking forward to the release of its revised final expense product and a bright future with our new strategic partners.” – Bill Bruce, Marketing Manager at ELCO Mutual

 

 

 

About Management Research Services (MRS)

 

Management Research Services (MRS) has developed an innovative approach to streamline the formation and maintenance of a rules engine in new business and underwriting processes. The innovative “software as a service” (SaaS) platform – MRS Tech, has at its core, powerful and intuitive self-service functionality to empower the business user, enable agile development and maintenance and dramatically reduce reliance on IT resources. The industry leading rules engine, E-app, call center, external data integration capability, and reporting options along with an experienced integration team makes MRS the perfect solution to support any new business process.  MRS Tech has a compelling ‘partnership’ pricing structure with no upfront implementation or set-up costs.  For more information, visit www.managementresearchservices.com.

 

About ELCO Mutual

 

ELCO Mutual Life and Annuity (ELCO) has served its policyowners since 1946 by providing unique solutions to the senior market. ELCO’s team believes in the human element, and that service comes first. This philosophy is not only demonstrated by our staff’s intense drive to assist our clients but also by the products we offer. Client-driven deferred annuities, unique immediate annuity solutions, and a portfolio of participating whole life products have allowed us to follow these core values for 74 years, and they will continue to guide us into the future. For more information about ELCO Mutual, please visit www.elcomutual.com.

 

About CumPane

 

Established in 2018, CumPane Solutions is a leading provider of consultancy to the life insurance sector. With a depth of experience in both technology and underwriting, we support clients with their automation initiatives, ensuring a smooth implementation journey and optimum system delivery.

 

The name “CumPane” (pronounced “Come-Parnay”) is based on the Latin phrase from which “Company” is derived. It literally means “to share bread”.

 

For more information, see www.cumpanesolutions.com, or contact jason@cumpanesolutions.com

 

SOURCE Management Research Services (MRS)­­

Deliver Empathy at Scale with Liberty Mutual, Farmers Insurance, AAA and LexisNexis Risk Solutions

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For insurance carriers, automation can be a dangerous game as customers demand both a frictionless, automated claims process and access to understanding claims handlers. How do you find the right balance?

 

With chatbots at FNOL, image analytics estimating damage more accurately than any human, and complex claims being fast-tracked to claims adjusters, virtual claims handling delivers the efficiency that customers expect with the empathy customers need. Join our panel of experts as they share insights into how to leverage virtual claims to deliver empathy at scale.

 

To explore the strategies and tools that enable insurers to deliver empathy at scale despite increased automation, Reuters Events is bringing together a panel of senior claims executives; Mike Fiato (Chief Claims Officer, Liberty Mutual), Samantha Santiago (Head of Claims Strategy & Automation, Farmers Insurance), Lori Pon (Director of Claims Transformation and Claim Service Center, AAA) and Bill Brower (Vice President – Auto Claims, LexisNexis Risk Solutions) as well as our moderator Alan Demers (President-Founder, InsurTech Consulting) for a live webinar, ‘Deliver Empathy at Scale – Virtual Claims Handling as the Future of Efficient, Customer-Centric Claims’ on February 13th at 11:00AM ET.

 

Register for this webinar here

 

Registrants to this webinar, sponsored by LexisNexis Risk Solutions, can expect to explore the following:

 

  • Give the customer more than they expect! Boost NPS while reducing cycle times by automating routine processes to offer a seamless customer experience that gives the customer the power of choice
  • Quick Wins with Quick Estimates: Integrate image analytics AI and automated documentation for increased accuracy and estimation speed to see reduced loss adjustment costs
  • Create a Superior Employee Experience: Reallocate your claims teams to focus on complex claims to maximize human efficiencies and provide true job satisfaction
  • Be there 24/7: Deploy AI and Chatbots to handle routine claims 24 hours a day to be there for customers at any time they need you

 

Register for this webinar here

 

This webinar is being run in conjunction with the upcoming Fourth Annual Connected Claims USA Summit, taking place June 24th–25th, at McCormick Place. Welcoming over 1200 senior attendee, Connected Claims USA is the world’s largest gathering for claims executives striving for efficient, customer-centric claims processing. More information can be found on the website at https://events.insurancenexus.com/connectedclaimsusa/

 

Mariana Dumont

Head of USA Operations

Insurance Nexus by Reuters Events

Phone: +44 (0) 207 422 4369

Toll Free: 1 800 814 3459 Ext: 4369

Email: mariana.dumont@insurancenexus.com

 

Insurance Nexus by Reuters Events 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

Insurance Nexus by Reuters Events 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.

 

 

Failure is Not an Option: Realize the Potential of Data Science From Swiss Re, AmFam, and Blue Cross and Blue Shield

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With 90% of carriers actively investing in new data projects, project failure is not an option.

 

Artificial intelligence (AI) and machine learning (ML) have become mainstays in the insurance industry, equipping insurance companies with tools that can help them to become more efficient and profitable than ever before. But with the stakes so high, carrier executives are immobilized – the volume of cutting-edge data sources has exploded and the vast majority won’t implement a project if they’re not sure of its success.

 

On February 5, 2020, Insurance Nexus will host a webinar with Vineet Bansal, SVP, Chief Technology Officer, Swiss Re; Mingju Sun, Director of Data Science Engineering, AmFam; and Michael Y. Xiao, Divisional VP Enterprise Data Science, Blue Cross and Blue Shield. This webinar will highlight the relationship between data science and successful project management, helping insurance companies to identify areas for growth and enhanced efficiency.

 

Sign up for this webinar to get actionable insight to develop strategy for your organization. You’ll learn how to:

 

  • Unlock the power of data science to ensure long-term project success: Learn how to identify the key steps to success for data science projects in a world of regular failure. Build the right strategy and ensure data science projects result in successful production and implementation.

 

  • Embed AI across the enterprise and beyond models to impact: Discover how to build an effective and agile data ecosystem to support AI and advanced analytics application across business objectives. Foster coalitions across the enterprise to ensure the success of AI.

 

  • Deploy predictive analytics to gain a strategic advantage: Go beyond predictive analytics. Use more accurate models to optimize pricing in real-time, at the point of sale and achieve a competitive advantage.

 

  • Apply emerging technology to the insurance industry: Identify current and future technological trends. See how new technology can help you achieve ROI and improve existing processes.

 

Don’t miss out on the ultimate opportunity to incorporate data science, artificial intelligence and machine learning into your everyday business capabilities — sign up for the webinar today. You’ll receive a free recording of the webinar, even if you can’t attend.

 

This webinar is being run in association with the upcoming Insurance AI and Innovative Tech USA Summit 2020, an event by Insurance Nexus, a Reuters Events Company. Expecting more than 500 attendees from across the North American insurance ecosystem, the Insurance AI and Innovative Tech USA Summit brings senior innovation and business unit executives to uncover the rewards of embedding technologies such as AI, IoT, blockchain and automation to create valuable, relevant insurance products and services and seamless experiences through the power of tech-enhanced operations. For more information, please visit the website or get in touch with a member of the Insurance Nexus team.

Contact:

Ira Sopic

Project Director

Insurance Nexus

T: + 44 (0) 207 422 4363

T: +1 800 814 3459 ext 4363

E: ira.sopic@insurancenexus.com

 

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About Insurance Nexus

Situated between London’s Silicon Roundabout and the City, Insurance Nexus is at the innovative heart of an industry undergoing significant disruption and innovation. Insurance Nexus is the central hub for insurance executives. Through in-depth industry analysis, targeted research, niche events and quality content, the team provides the industry with a platform to network, discuss, learn and shape the future of the insurance industry.

 

 

 

 

 

 

 

 

 

 

 

5 Reasons Distributors Hate Your eDelivery System

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By Roy Goodart

Chief Products and Innovation Officer

Paperless Solutions Group, Inc.

 

Hey there fellow InsurTech Express readers, I wanted to share an article I wrote back in 2015.  Yep, just about five years ago give or take a couple of months.   It also marks my tenth year of building eDelivery solutions for this market – crazy to think I have designed and built three multi-carrier solutions over this time. No wonder my head hurts so much.

 

You know what’s both funny and sad?  Reading through this article it struck me that very little has changed; yet the voices of distribution keep getting louder, and multi-carrier solutions keep getting stronger with more functionality/benefits than any one carrier can provide.

 

So, carriers – why keep building these solutions on your own?  I speak with many of you every week where the story of not having enough resources and too many projects stand in the way letting you update or even simply keep your own ePolicy delivery offering current.  Isn’t time – yes, after a decade of stumbling through ePolicy delivery to think differently?

 

Carriers and Distributors, I’m curious to your thoughts…

 

Original article below posted March 26, 2015 ————————————

 

We are coming up on almost eight years of delivering life insurance policies electronically, yet there still seems to be a misalignment between what distributors want and what carriers are delivering (no pun intended). This was never more apparent than at one of the industry’s largest events a couple of weeks back.

 

Over the years, several carriers have created electronic policy delivery systems in hopes of dramatically reducing costs, shortening cycle times and increasing placement ratios. Although cost savings are being realized, cycle times are down by about 19 days and placement lift is averaging 5-6%, overall adoption is still low for the independent channel. Most carriers have been left scratching their heads asking the question, why?

 

So, to help try and solve this mystery I did a little homework and met with a number of brokerage agencies. What I found were the five biggest factors as to why distributors and their agents aren’t using your eDelivery system.

 

Here’s what they said.

 

You’re One of Many and They are Lost in The Crowd. The single biggest contributing reason, by far, is the fact that carriers who sell most of their policies through independents and Broker Dealers are “not supporting” a multi-carrier solution. Don’t believe me? The most recent survey conducted by the Life Brokerage Technology Committee (LBTC) surfaces this issue (See quotes at the end of this article.) Your distributors don’t have the resources to train their own staff on fifteen different systems and fifteen different ways of processing, let alone train two thousand plus agents. Your distributors are desperate for multi-carrier solutions. It’s the only way carriers will ever start to break ground in gaining eDelivery adoption within this channel.

 

Your Workflow Stinks. Most single carrier eDelivery solutions rarely meet the workflow needs of the independent channel. All your distributors hear is “it’s my way or the highway” when it comes to varying workflow scenarios. This group tends to have many special deals and arrangements such as sub-GA’s, centralized processing centers and selling agreements with broker dealers. A rigid workflow makes it almost impossible for this group to support their unique relationships. What does that mean for you as a carrier? If you can’t meet all of their needs they won’t play in your sandbox for half of their business.

 

Lack of Integration. Both agencies and agents want platforms that integrate with the other systems they use day in and day out. Lack of integration with Agency Management Systems, CRM and other third party platforms means that these users have to remember multiple user ids for access, double key information and rely on other sources for updates. Integration with third party platforms isn’t only important for overall adoption, it’s absolutely critical.

 

Inability to Promote and Market eDelivery. Each one-off carrier solution has some great functionality but none look the same or even come close to working the same. This makes it hard for a distributor to accurately promote the benefits of eDelivery because agents are finicky and get upset if “things are not as advertised.” Add this to the fact that agencies are busy trying to help sell and close your insurance transactions and they don’t have the time to come up with promotional content and marketing for eDelivery from scratch.

 

Lack of New Functionality and Innovation. There are some really good homegrown carrier eDelivery systems on the market. You may be one of these carriers. If you are, can you remember the last really great new piece of functionality that was added since it had first been implemented. I would wager to guess you could count them on one hand. Resources are tight all over, and in some instances projects for carriers can be two or three years out. This typically means that once a project like building an eDelivery platform is completed and up and running, little to no new functionality is introduced. This drives users away fast, especially if it missed the mark the first time around.

 

Beyond the five reasons why distribution hates carrier eDelivery systems, one other important consideration for the carrier is the cost for creating an eDelivery platform. The development costs and ongoing maintenance of a home-grown e-delivery system can be as much as 20 times more than the cost of just licensing a multi-carrier SaaS based offering.

 

These are just a few reasons why one-off carrier solutions are seeing low adoption for eDelivery by independent distributors and their agents. It’s not because the agency doesn’t want to support it, or their agents are too old or don’t like technology, it’s because the industry has made it hard for them to do their part of embracing the concept and moving away from paper. The benefits to be had for carriers who fully support eDelivery is real. Just think about what shaving 19 plus days off your cycle time and increasing your placement lift by 5-6% for this channel would mean to your business. It’s not small, is it?

 

 

What your distributors are saying – not your vendors – It’s time to listen up!

 

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The LTBC survey was conducted in the last quarter of 2014 and its findings published in November 2014 to its members. The following are sample quotes provided by independent distributors about ePolicy Delivery, their experiences and their desires.

 

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Are you Listening? Here are some actual responses from distributors…

 

“we would like all carriers on the same platform so it’s a consistent user experience for our agents and their clients. Right now, only Lincoln and The Standard are on a multi-carrier platform.”

 

“…The lack of universal e-delivery process for each carrier can be confusing for our staff and agents.”

 

“Not enough carriers offer e-policy delivery… we want a multi-carrier solution”

 

“The various platforms drive away the agents, it would be good to have consistency and offer one platform for all the carriers.“

 

“…Agents are not happy learning all the carrier ways”

 

“…See more and more carriers offering (eDelivery) on their websites which is also confusing to the agent.”

 

“Again we have many different processes on e-delivery….agents and GA’s do not want to learn 30 different ways to process the policy”

 

“Too many processes and not enough carriers on multi-carrier platforms that meet requirements of BGAs.”

 

“Need a uniform delivery process for each carrier.”

 

“One platform that many carriers would approve…. eDelivery would be great if there were more carriers onboard supporting a single system.”

 

“Multi-carrier platform that is customizable to our workflow”

Insurance Nexus by Reuters Events Releases the Connected Auto Insurance 2020 Report

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Insurance Nexus by Reuters Events Releases the Connected Auto Insurance 2020 Report

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The automotive sector is on the cusp of a huge wave of change, rivalled only by historic moments such as Ford Model Ts rolling off the construction line or the deep-seated impact of the 1973 oil crisis. This time, however, it is not just one technological frontier disrupting the sector, but multiple innovations that are already making their mark.

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Insurance Nexus by Reuters Events have produced the Connected Auto Insurance 2020 report to make sure Auto insurance businesses; personal or commercial, can deliver on customer expectations and maximize the opportunities that available technologies like telematics, IoT, AI and analytics offer.

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As well as gaining insight from over 1200 North American insurance executives, get the detail on what this means for an insurance organization from industry experts, including:

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  • Shannon Lewandowski, Innovation and Digital Team – IoT, American Modern
  • Lorenzo Morganti, Big Data/AI Senior Project Lead, AXA
  • Glen Clarke, Head of Transformational Propositions, Allianz
  • Eugene Y. Wen, Vice President, Group Advanced Analytics, Manulife
  • Amrish Singh, Vice President of Product, Enterprise, Metromile
  • Allison Whittington, Head of Housing, Zurich Municipal

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And many more…

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Download the report now

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By downloading the report readers can discover the vital strategic steps you must take in 2020 in order to keep pace with an ever-evolving Auto insurance ecosystem; validated by industry statistics based on 1200 insurance carrier executives and technology leaders.

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Justify next steps for investment with 7 easy-to-decipher infographics that clearly demonstrate technology trends, carrier ambitions, investment strategies and partnerships and learn from your peers through 3 in-depth case studies focusing on ‘Open APIs Open Up Business Opportunities,’ ‘Tracking Through Tags, Pulses and Apps,’ & ‘Enabling Mobility-Based Insurance.’

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You can also access exclusive vieszpoints including James Spears’ take on ‘OEMs Muscling In: The Battle for FNOL’ so that your next step towards OEM collaboration is informed and profitable.

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Understand the ‘state of the industry’ and where it’s heading through a wealth of articles, commentary, and debate on the impact of OEMs and how carriers will respond, new models of car ownership, autonomous vehicles and commercial fleet developments so that you remain on the cutting edge.

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Have any comments? Get in touch and learn about the Auto Insurance USA conference, April 16-17, Chicago. Website viewable here: https://events.insurancenexus.com/auto/