Could Claims Challenge Current InsurTech Priorities?

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The insurance industry is witnessing a lot of change, driven by current technological trends, like the Internet of Things, Big Data and Analytics, Blockchain which are dynamically and irrevocably changing the way it functions. Let's look at the top trends impacting the industry and discuss the various challenges which are driving the current InsurTech priorities and see if we can call out the most important of them all.

Every industry has its leaders and its laggards and the insurance industry is not an exception to this. Deep pockets are helping some insurers to take advantage of digital technologies to change the way they function and to:

1. Offer new models and personalized products to meet changing customer expectations, which are driven by online retail sales models,
2. Partner with technology players to ensure that they keep up with the emerging trends in technology and to take advantage of the Internet of things to adopt connected sensors or devices to collect data for loss prevention and employ better pricing methods in property & casualty, life as well as health insurance.
3. Establish a cyber-security strategy to protect the sensitive personal and business data stored by them and comply with privacy regulations.
4. Adopt cloud computing, AI and automation to improve speed and flexibility and to settle claims faster to offer better customer satisfaction,
5. Use advanced analytics to derive strategic insights and proactively plan future business offerings and gain competitive advantage.
6. Consider the use of blockchain technology to add "smart" contracts and secure, decentralized data collection, processing and dissemination to their processes.

Are these strategic initiatives sufficient to enable companies which adopt them to enjoy industry and market leadership, and ultimately, success? What capabilities are needed for insurers to prepare themselves to meet the demands of the industry, in channel expansion or business model development, as it evolves? How can insurers prepare for the demands of tomorrow even as they meet today's expectations from them? The aim of this post is to postulate that many insurers are failing to recognize the importance of claims management to their business, even as they are focusing on many of the other strategic imperatives facing them. Let's explain why we would say so.

It is an open secret that customers are always happy with a good claims settlement experience, but tend to get very upset and start posting strong negative online feedback when their claim is delayed, disputed or rejected. Though claims satisfaction is an extremely critical component of an insurer's overall customer relationship management challenge, it is only a work in progress for most at the current time. Instead, they need to pay attention to the customers and also focus inward, as they delve deep into the reasons for a customer's dissatisfaction:

1. Insurers need to pay close attention to customer feedback and satisfaction levels with their claims filing process and settlement experience, especially when they are rejected.
2. Insurers have to capture customer feedback and factor it into the way their processes are functioning and question the clarity of their sales pitch itself, and see if the claim was fairly rejected.
3. They need to pay close attention to their reputation in this key area of customer satisfaction, which could impact their ability to retain a customer.
4. It must be remembered that dissatisfied customers never come back for additional coverage or another policy.
5. Even agents who find too many customers raising their voices against an insurer's claim settlement process tend to move business away from them.
6. The seamlessness of customer experience needs to extend to claims handling, as claim filling becomes a smooth process.
7. Insurers can use technology to provide more options for filing a claim, including the uploading photos and videos, with increased speed and accuracy and reduced contact points with humans.
8. As algorithms detect fraudulent claims more easily, claims handling is improving in efficiency. Data driven claim prevention can help decrease costs and deliver value by predicting actual risk and reducing premiums.

In managing the delicate balancing act between identifying fraudulent claims and paying legitimate ones, insurers could create a negative relationship with a customer by being too strict or overly suspicious. But that doesn't mean they can be trusting and keep approving every claim in a lenient manner. Any unfairness, whether real or assumed, could determine whether a policy gets renewed again, or our online reputation suffers, or the insurer could face a legal dispute in a court. Even as insurers work hard to identify the technologies needed for them to expand their distribution channels and ensure that they create optimized customer journey; they cannot lose sight of the importance of eliminating fraudulent claims from their list of priorities. Which is why, we feel that claims management could challenge InsurTech priorities for the insurance industry. What do you think? Please write in and share your thoughts.

Prime insurance solutions offers comprehensive leading-edge proprietary analytics. Our expertise has proven effective by streamlining legacy business processes such as enrollments, underwriting, claims, and customer services.Our diverse full service portfolio, workflow management software solutions and dedication to acquiring the best employees has transformed us into a trusted partner in the insurance industry. http://www.primetgi.com/insurance-software-solutions/

Article Source: https://EzineArticles.com/expert/Sud_Gover/2254163

 

5 Basic Insurance Mistakes to Avoid

By Shalini M  |   Submitted On January 20, 2020

  

Having basic insurance coverage is essential. If you don't apply for insurance, know that it will be a big mistake. Therefore, you may want to have enough coverage to meet your needs. Also, it's important that you realize the importance of insurance. Given below are a few common mistakes that you may want to avoid when it comes to buying insurance.

Ignoring the Importance of Basic Insurance

You must have at least basic insurance. For instance, it can protect you in case of car theft and accidents. In addition, basic health insurance can help you save on your medical bills. If you can't go for a comprehensive policy, make sure you get a catastrophic or deductible plan.

IF YOU HAVE BASIC FIRE AND BURGLARY INSURANCE YOUR HOUSE AND PROPERTY IS PROTECTED

According to the Affordable Care Act, you must have health insurance. Otherwise, you may have to face fines at the time of filing your taxes. The health plan you opt for should meet your minimum requirements. A plan designed for disability protection, for instance, can protect you if you fall seriously sick or get injured.

Opting for an Expensive Plan

Another common mistake is to purchase a plan that is more expensive. It can be hard to estimate how much you should spend on a plan, especially when it comes to liability insurance. Therefore, we suggest that you have a discussion with an agent about your assets. At young age, you won't have to pay for an expensive plan as you won't have a lot of assets to protect.

Opting for a Cheap Plan

Under insuring yourself is another common mistake. Ideally, your basic plan should be able to cover your expenses. In other words, in case of an accident, your plan should be able to pay for all the medical expenses.

For a health plan, the same is true. If you are in the United States, one million dollar can be enough. However, if you have a major illness like cancer, your medical expenses will be much higher.

Opting for the Wrong Insurance

Getting the wrong type of insurance policy is another common mistake. It's not a good idea to opt for policies that won't be of any use to you. For instance, if you are under the age of 30, you don't have to get different types of policies.

Keep in mind that you don't have to go for all types of policies. If you know what you are going to get, you won't have to get surprised at the time of filing a claim.

Not Considering Different Policies

Make sure you shop around before deciding on a policy. It's better to do this every now and then. This will help you save money by opting for a different policy. In addition, you may consider policies that offer discounts based on your location or profession. Shopping around won't take much time but save you a lot of money. Plus, it will help you avoid common mistakes.

In short, these are some common mistakes that you may want to avoid when it comes to buying the right type of insurance policy. It's much better to consult a health insurance agent to make an informed decision.

If you are looking for a California health insurance agent, we suggest that you check out Health Insurance Agent.

Article Source: https://EzineArticles.com/expert/Shalini_M/2609777

SUCCESS QUOTES

1. “The secret of change is to focus all your energy not on fighting the old but on building the new.” — Socrates, father of Western philosophy (Click to tweet)

2. “Always deliver more than expected.” — Larry Page, co-founder of Google (Click to tweet)

3. “Don’t take too much advice. Most people who have a lot of advice to give — with a few exceptions — generalize whatever they did. Don’t over-analyze everything.  I myself have been guilty of over-thinking problems. Just build things and find out if they work.” — Ben Silbermann, founder of Pinterest (Click to tweet)

4.“If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” — John Quincy Adams, 6th President of the United States (Click to tweet)

5. “Every time we launch a feature, people yell at us.” — Angelo Sotira, co-founder of deviantART 

6.“Be undeniably good. No marketing effort or social media buzzword can be a substitute for that.” — Anthony Volodkin, founder of Hype Machine (C

7. “What do you need to start a business? Three simple things: know your product better than anyone, know your customer, and have a burning desire to succeed.” — Dave Thomas, Founder of Wendy’s (Click to tweet)

8. “If you can’t feed a team with two pizzas, it’s too large.” — Jeff Bezos, Founder and CEO of Amazon (Click to tweet)

9. “If people like you, they’ll listen to you, but if they trust you, they’ll do business with you.” — Zig Ziglar, author, salesman, and motivational speaker (Click to tweet)

10. “If you are not embarrassed by the first version of your product, you’ve launched too late.” — Reid Hoffman, co-founder of LinkedIn (Click to tweet)

11. “The value of an idea lies in the using of it.” — Thomas Edison, co-founder of General Electric (Click to tweet)

12. “The stars will never align, and the traffic lights of life will never all be green at the same time. The universe doesn’t conspire against you, but it doesn’t go out of its way to line up the pins either. Conditions are never perfect. ‘Someday’ is a disease that will take your dreams to the grave with you. Pro and con lists are just as bad. If it’s important to you and you want to do it ‘eventually,’ just do it and correct course along the way.” — Tim Ferriss, author of The 4-Hour Work Week 

13. “Make every detail perfect and limit the number of details to perfect.” — Jack Dorsey, co-founder of Twitter 

14. “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” — Steve Jobs, co-founder, Chairman and CEO of Apple Inc. 

15. “Always look for the fool in the deal. If you don’t find one, it’s you.” — Mark Cuban, AXS TV Chairman and entrepreneur 

16. “Your most unhappy customers are your greatest source of learning.” — Bill Gates, co-founder of Microsoft 

17. “If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.” — Mark Zuckerberg, founder of Facebook (Click to tweet)

18. “If you define yourself by how you differ from the competition, you’re probably in trouble.” — Omar Hamoui, co-founder of AdMob (Click to tweet)

19. “Wonder what your customer really wants? Ask. Don’t tell.” — Lisa Stone, co-founder and CEO of BlogHer (Click to tweet)

20. “When you find an idea that you just can’t stop thinking about, that’s probably a good one to pursue.” — Josh James, CEO and co-founder of Omniture (Click to tweet)

Are these business quotes inspiring you yet? No? Then keep reading…!

21. “It’s not about ideas. It’s about making ideas happen.” — Scott Belsky, co-founder of Behance 

22. “Make the most of yourself by fanning the tiny, inner sparks of possibility into flames of achievement.” — Golda Meir, fourth Prime Minister of Israel 

23. “There’s nothing wrong with staying small. You can do big things with a small team.” — Jason Fried, 37signals founder and co-author of Rework 

24. “The fastest way to change yourself is to hang out with people who are already the way you want to be.” — Reid Hoffman, LinkedIn co-founder 

25. “Chase the vision, not the money, the money will end up following you.” — Tony Hsieh, CEO of Zappos 

WHAT IS SUCCESS

Pain of Insurance penetration in Nigeria

Why is it so difficult for insurers and brokers to penetrate into Nigerians and win customers. The regulator is bothered, Insurers pay huge claims, brokers work hard , yet penetration is still very low What is the solution, that what all insurance practitioners should be thinking of right now First : Technology Second : Collaboration Please see the 2018 statistics below (www.statista.com/statistics/685278/insurance-industry-market-size-sub-saharan-africa-by-country) INSURANCE PENETRATION IN SUB SAHARAN AFRICA
South Africa	16.99%
Namibia	6.69%
Lesotho	4.76%
Mauritius	4.18%
Zimbabwe	4.09%
Kenya	2.83%
Swaziland	2.44%
Togo	1.98%
Seychelles	1.82%
Rwanda	1.74%
Mozambique	1.58%
Malawi	1.52%
Senegal	1.51%
Gabon	1.38%
Cape Verde	1.29%
Zambia	1.11%
Ghana	1.10%
Cameroon	1.05%
Congo	1.05%
Benin	0.85%
Burkina Faso	0.78%
Uganda	0.77%
Angola	0.71%
Tanzania	0.68%
Gambia	0.67%
Madagascar	0.67%
Niger	0.65%
Sudan	0.57%
Mali	0.53%
Ethiopia	0.43%
Sierra Leone	0.41%
Eritrea	0.38%
Burundi	0.35%
Nigeria	0.30%
Central African Republic	0.29%
Democratic Republic of Congo	0.29%
Equatorial Guinea	0.21%
Chad	0.20%
Guinea	0.04%
Botswana*
Liberia*

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Feed The Good Wolf

There is a Native American story called "The Two Wolves." It starts with an old Cherokee telling his grandson about a battle that often goes on inside people.

He says, "My son, the fight is between two wolves. One is evil. It is angry, envious, jealous, sorrowful, regretful, greedy, arrogant, self-pitying, guilty, resentful, inferior, dishonest, proud, superior, and egotistical. The other is good. This wolf is joyful, peaceful, loving, hopeful, serene, humble, kind, benevolent, empathetic, generous, truthful, compassionate, and faithful."

His grandson thinks for a while, and then asks: "Which wolf wins, Grandfather?" The old Cherokee simply replies, "The one you feed."

#joke
#insurance
#floodgatebrokers
#brokersinnigeria
#lagosinsurance
#protection
#security
#investment

Is Shopping Online A Good Way To Buy Insurance

Life Insurance,Is Shopping Online A Good Way To Buy Insurance

Is Shopping Online A Good Way To Buy Insurance
Shopping online for insurance is a good way to find deals. The insurance companies know that people that shop are not going to buy term life insurance until they find the most for there money. This creates insurance companies to have to offer the lowest prices available so they don't loose a customer. You need a broker to advise you on what to buy. The broker works with several companies. They get different quotes. This help to save money time and future delays that may arise when you have claims, Brokers network together for your good. It's easy, fast, and free. Patronize us and see the difference.