Posted on April 22, 2014 by Erik J. Sandquist
In our latest Technology Vision report, we found that large companies are leveraging their capital and resources to embrace digital in unique and innovative ways. While there are many benefits to becoming a more digital insurer, the ability to shift from a product-focused to a customer-centric insurer is one of the most valuable.
Becoming customer-centric goes far beyond tailored e-mail campaigns . . .
Posted on April 21, 2014 by Brian DeMaster
Consider this fact: 45 percent of workers say they have less than $1,000 to pay for out-of-pocket medical and illness expenses, while 25 percent have less than $500. These numbers represent a growing appetite for supplemental healthcare offerings. What’s more, for a variety of reasons the Affordable Care Act will undoubtedly stimulate the voluntary benefits marketplace further. A massive opportuni . . .
Posted on April 18, 2014 by Erik J. Sandquist
The independent agency (IA) channel still reigns as the dominant distribution channel in insurance. Accenture’s recent survey of US consumers shows that despite growing interest in digital and other “direct” experiences available in insurance, customers continue to favor doing business with IAs.
Nearly 70 percent of consumers prefer to receive quotes on a policy through an IA; 71 percent prefer to . . .
Posted on April 18, 2014 by Eva Dewor
The risk-based capital model may be integrated into the day-to-day business of a traditional company. To obtain a risk-sensitive framework, insurers should consider including business models, governance, processes and IT infrastructure in this integration. As a result, the transformed models are risk-adjusted and the processes are risk-driven as the figure below demonstrates:
A group-wide risk-bas . . .
Posted on April 17, 2014 by Daniele Presutti
In this blog, I want to consider the concept of profitable growth in the insurance industry from a different angle: technology. As my previous blogs have suggested, sustained profitable growth depends on strategic cost reduction combined with the development of new business.
Developments in technology are having, and will continue to have, a significant impact on both areas.
From the client side, . . .