“Hello, undefined: How are you?” We’ve all seen bad marketing emails where what was supposed to be a personalized greeting or communication goes terribly wrong. These failed attempts at personalizing the customer experience have the exact opposite effect that they are supposed to when the data is bad.
Fraud has long been a significant problem for the insurance industry – actually since the very beginning of insurance at Lloyd’s coffee house. The Coalition Against Insurance Fraud indicates that 5-10% of claims costs are related to fraud, with over 30% of insurers reporting as much as 20% of claims...
During this past year, I built a home in the White Mountains of NH and determined early on that it would be a “Smart Home.” Now, I should tell you that my profession involves speaking about InsurTech trends often, so you would think that this would not be a difficult...
Astounding leaps forward have been made in two key technologies in the last couple years: voice recognition and artificial intelligence. Machine learning has fueled tremendous advances that are now resulting in these two technologies being used very broadly across many types of devices and in many situations.
The world itself is at an inflection point, with emerging technologies poised to change every aspect of our lives and businesses. Exactly how each industry will be transformed and how this will affect insurance is difficult to predict.
The InsurTech landscape grows, shifts, and changes every day. SMA is tracking about 800 InsurTechs, and there are others that are likely not on our lists. Many insurers are racing to keep up with the new announcements, pivots, funding rounds, partnerships, and other activity that is shaping and reshaping this space.
We are facing an epidemic that is only going to get worse – the scourge of cyber and telephone based scams against individuals and businesses. Scammers are becoming so sophisticated that it is difficult for even the most educated and tech savvy individuals to avoid being conned.
The journey, over time, of the insurance Managing General Agent (MGA) is an interesting one. In their original manifestation in the late 1800s/early 1900s, MGAs were a way for east-coast insurers to get their products west, without having to commit their own resources – clearly a valuable business model.
If you feel like insurance is changing faster every day, you’re not alone. According to our most recent research, published in 2017 Insurance Technology Priorities and Spending, 37% of insurers reported that the pace of change is keeping them up at night.
The insurance industry is in transition, no doubt about it. So much is happening regarding digital strategies, InsurTech, customer expectations, analytics, and other areas that are positioning the industry for a new future. Despite all the activity, IT budgets for P&C and L&A insurers in North America this year appear...