insurance carriers
Better Communication is Key for the Reinsurer-Insurer Relationship
An inability to communicate effectively can obviously harm relationships. Renowned author and psychology professor, Dr. John Gottman, cites “stonewalling” as a major predictor of divorce among married couples. Being unresponsive can also harm businesses, including insurers. Providers want to work…
Differentiators for an Effective Group/Voluntary PAS
My previous blog post highlights the challenges insurers are facing in the group life and annuities marketplace, such as the fact that most insurers have a special system dedicated to basic group processing that does not meet their current needs….
Four Big Challenges for Group Life/Voluntary Carriers
The U.S. group life and annuities marketplace is rapidly evolving, due to changing regulations and rising healthcare costs. This market has shifted from basic group products, to a complex mix of group/voluntary products across lines of business. Worksite benefit offerings…
3 Insurers Benefitting from Virtual Reality: Mini-Case Studies
In my previous blog post, I noted that insurers “have already begun investigating VR.” Actually, that was probably an understatement. Some insurers have passed the “investigation” stage and are actively benefitting from virtual reality. The following mini-case studies outline three…
Insurers are Intrigued by Virtual Reality
Professional basketball player Andre Drummond turned to an “unconventional and new training method” to improve his shooting woes: virtual reality (VR). How was that process for Drummond? “The first couple of days or weeks, it was hell for me,” he…
Harness Social Media to Win Over Millennials
Millennials, people born between the early 1980s and the early 2000s (also known as “Generation Y”), are now the largest living generation in the United States and many other places in the world. This fact should increase insurance carriers’ desire…
Product Innovation: Winning Strategy for MGAs
My previous blog post, MGAs: The Gatekeepers of Specialist Insurance, discussed the pressures on MGAs and why their niche focus and in-depth knowledge provides an essential route to market for large insurance carriers. In this follow-up blog post, I’ll dig…
Core Cloud Solution Adoption is Rising. Here’s Why…
Insurers are increasingly adopting cloud-based core systems, wrote Danni Santana in an informative article for Insurance Networking News (“Cloud-Based Core Still on the Rise”). Chuck Ruzicka, VP of research and consulting at Novarica, was quoted as saying, “We are passed…
The Two Biggest IoT Challenges for Insurers
FC Business Intelligence asked 300 carriers which challenge impedes Internet of Things (IoT) adoption for insurers most. The top two answers were: Lack of a clear strategy – 40.7% Privacy issues – 14.5% Lack of a Clear Strategy In terms…
Looking Beyond Technology & Functionality When Replacing a Core Insurance System
What should insurance carriers consider when thinking about replacing core systems? I’ve always thought that ensuring full cooperation between IT and the business is crucial – without that synergy, IT will likely push for cutting-edge technology, even if it comes…
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