Practice and client management

Insurance blockchain working group The Institutes RiskStream Collaborative has partnered with Trustlayer to build out an insurance verification proof of concept.

Digital Insurance spoke with Maroun Mourad, president of global underwriting and leader of the life unit at Verisk about life insurance technology and what’s ahead for the industry.

“A New Idea: Insurers Creating Ecosystems Delivering Value to The Policyholders,” a session during InsureTech Connect 2021 focused on the current changes occurring to accelerate solutions for consumers.

Vethelpline offers insurance members and now subscribers, 24/7 access to veterinary experts and veterinarians who can answer care questions through an app with a chat feature or through a phone consultation.

Recent EY research confirms how the pandemic fundamentally changed consumer needs, how they plan to increase their financial security, and what insurers can do to seize the opportunity.

The past 18 months have uncovered a vulnerability in the insurance industry, as companies have struggled to maintain consistency in their processes in the face of remote working. Communication processes, in particular, have suffered and as a result, traditional insurers now face the real risk of losing customers to insurtechs and other more technologically advanced companies.

Insurtechs have secured more access to capital in the last few years and by the end of 2020 the total market cap of listed insurtechs surpassed $22 billion, according to the World Insurtech Report 2021.

Deanne Criswell, the first woman to lead the Federal Emergency Management Agency, in April took over a 20,000-person operation exhausted by managing responses to disasters linked to global warming: wildfires and the 2020 hurricane season, the most active on record.

Results published Monday show that 46% of White people are working with professionals to plan their finances, while 38% of African Americans, 36% of Asian respondents and 44% of Hispanic people are doing the same.

Forrester research finds that even the most tech-savvy claimants want the reassurance of a human voice handling their claim.

Many insurers are focused on ransomware risk protection even though other new vulnerabilities are emerging from remote work. Recent statistics point to a troubling increase in ransomware and phishing, web application attacks and other emerging cybercrime tactics.

Carriers, pressed by lower expense insurtech models that emphasize direct-to-consumer engagement and new, rich data sources, are beginning to encounter a bifurcation of risk and client characteristics.

The decline is likely because of a lack of proactive support and personalized attention, according to a J.D. Power study.

User-friendliness and a seamless experience will go a long way toward the perception that the insurer is providing value.

Protective Life discovered a tremendous amount about the way we approach customers and how we can successfully leverage technology platforms.

Similar approaches to technology will help the companies offer a unified customer experience, according to executives for each.

We really don’t have to look far beyond the other heavyweights of national marketing.

Market research firm finds volatility in satisfaction with carriers' capabilities.

Chief service officer Jamie Lee says insurance needs diverse views to create the best overall customer experience.