Customer experience

Insurers across business lines have money earmarked to improve rating systems, billing capabilities and customer portals – but there are key differences in some insurers’ priorities, according to Insurance technology analyst firm SMA’s 2015 Insurance Technology Priorities and Spending report, which polled 105 carriers in P&C and life/health.

Mobile, wearables and other tech enable the insurer to communicate better and more frequently with clients, build long-term relationships, and change the way policies are sold and serviced, and capital is pooled to manage risk.

Omni-channel capabilities are intended to unify online, mobile and contact-center channels and connect those channels with core insurance systems in real time, EIS Group said.

A process is also in the works to provide funds to homeowners who disputed insurance payments without suing.

With fewer recent CAT events, insurers have been applying lessons learned to managing non-catastrophic claims, according to a survey from J.D. Power, resulting in the third-consecutive year of higher customer claims satisfaction.

Deployment rates have grown in the year since Novarica’s last study on these topics.

Making policy information available to customers is table stakes for insurers. But there are other creative ways that carriers are leveraging the channel for increased engagement.

Seven Iowa insurers, including The Principal, Delta Dental, and Grinnell Mutual Reinsurance, are investors in the project, which provides capital and mentoring to six technology startups focusing on providing insurance-specific services.

The Des Moines-based Global Insurance Accelerator has selected the first six startups to receive funding and mentoring from seven local insurance companies. Each has received $40,000 in seed money from the pool and has to create a minimum viable product for demonstration at the Global Insurance Symposium at the end of May.

Former tablet and online banking leader Allison Landers will enhance digital experience for the insurers' group products.