Practice and client management

Automation is well-positioned as a maturing technology that facilitates digital transformation without jeopardizing customer service.

Partnerships between automakers and insurance carriers have existed for decades, but more recent deals offer customers insurance options at the point of sale using telematics data capabilities built into connected-car platforms.

Almost half of the five-star ratings mentioned a good experience with an adjuster as the primary reason for satisfaction in a claims process, according to the customer satisfaction surveys analyzed by Hi Marley.

Lack of information about the claims process, smaller than expected claims payouts, denial of claims and inability to reach claims staff were also noted as frustrations from respondents, according to a survey of 250 policyholders in the U.S. and Canada, from Publicis Sapient, a consulting firm.

While digital life insurance buyers find it easier than expected, lags in policy delivery impact customer relationships right off the bat.

As property and casualty insurance carriers look to reduce growing loss ratios in 2022, many have shifted their focus away from growing their customer bases and toward increasing their profits. But for carrier marketers, the path to efficient customer acquisition isn’t as simple as merely cutting budgets.

Satisfaction scores dropped when customers submitted photos digitally, but still had to schedule an inspection, market research firm finds.

Digital Insurance received responses via email from Yael Wissner-Levy, vice president of communications at Lemonade about its pet insurance product and consumer education.

Property and auto insurance shopping levels finished 2021 lower than any point in 2020, the company reports.

As 2022 gets under way, insurers have opportunities to boost their visibility beyond simply increasing their marketing spending.

The demand for no-medical exam life insurance has grown in the last year, likely related to the COVID-19 pandemic. From October to December 2021, about 56% of applications submitted through Policygenius were for no-medical exam policies compared to January to March 2021, which was only 26%.

The total losses and physical damages were estimated to cost $343 billion, well below the peak loss year in 2011 of $615 billion, however the 2021 losses, compared to 2011-2020 were about 4% higher than the average of $271 billion, according to the 2021 Weather, Climate and Catastrophe Insight report.

A recent study shows cyber incidents, business interruption and natural catastrophes are the most important global business risks for companies in 2022.

Allstate and John Hancock recently announced a partnership to reward John Hancock Vitality members with points if the policyholder is also a safe driver with the Allstate Drivewise program. The alliance is the first of its kind and could be an indicator of where the insurance industry may be going.

Breakthroughs in AI over the past decade mean we can now use it to train computer vision algorithms to perform visual tasks as accurately or more than humans. Smartphones can be turned into visual experts in your pocket, which can appraise some aspects of the environment better than people.

Insurtechs are everywhere, covering every sector and raising money at record-setting clips. But the legacy insurance businesses, from carriers to agencies, have already been here and have the deep pockets to remain. So naturally the story has become about competition for market share.

The disruptions created by the pandemic, natural disasters and a shifting workforce in the past year have challenged insurers to respond to market uncertainties with speed. Before looking at where technology met its goals and where there are opportunities for 2022, it bears noting how carriers mitigated uncertainty and aggressively charted a path forward. Carriers didn’t shy away from the need to digitize or accelerate movement to the cloud.

New methods, using artificial intelligence, ease the fraud detection burden and help insurance companies stay one step ahead.

Digital Insurance spoke with Rand Harbert, chief agency, sales and marketing officer for State Farm about celebrating 100 years and its support of small businesses.

New research from SMA shows that the plans and progress of some transformational technologies are accelerating ahead as others have hit the brakes.