Esurance’s Mobile App for Home Inspections, Machine Learning for UBI, What to Know before Automating Your Process, Why Customer Satisfaction Is Falling for Large Auto Insurers, Insurers Ignoring FinTech Revolution at Their Long-Term Peril, Insurance Analytics Strategy & Blockchain Explained
Insurance Networking News: Esurance Launches Mobile App For Self-Service Home Inspections
Esurance has rolled out a do-it-yourself Home Inspection app, which allows policyholders to self-inspect their homes and receive policy discounts, the company announced today.
Customers can use the app to complete a home inspection in as little as 25 minutes, instead of having to schedule a visit, according to the company. The app provides instructions for homeowners to record areas inside and outside their home. The content is then automatically sent to Esurance for assessment and underwriting. Additionally, policyholders are able to save video clips on their phones as evidence in the event of any claims. Read the full article now…
PropertyCasualty360: Machine Learning for UBI: An Optimal Path to Insurance Ratemaking?
Anyone who relies on automated vehicle navigation systems while driving in congested traffic knows to disregard the principle that the shortest distance between two points is a straight line. One-way streets, missed turns, and dubious directions often make reaching a destination by car seem to take far longer than by foot.
The same could be said of traditional insurance ratemaking approaches. Like a car navigating heavy traffic, the traditional ratemaking approach, otherwise known as multivariate regression, considers numerous rating variables to estimate risk. Sure, they may accurately reflect a policyholder’s loss propensity. But at times, it seems the path is more circuitous than necessary. Read the full article now…
PropertyCasualty360: 3 Questions to Ask before Automating Your Processes
With driverless cars, drones and mobile response RVs during natural disasters, insurance is at the center of a technology renaissance that will fundamentally change how we do business, and what our workforce looks like.
For years, we’ve heard familiar criticism ― insurance needs to modernize. In fact, a survey of industry delegates at Xchanging’s London Market Conference last fall reinforced this perception. Insurers must continue to modernize in order to remain competitive and deliver customer value.
Maybe no other development signifies the insurance industry’s commitment to modernize than its adoption of automation, where insurance actually leads over other global industries. But with this will come significant changes to insurers’ (and their partners’) organizations, from the tasks they assign to current employees to the skill sets recruiters search for. Read the full article now…
Insurance Journal: Why Customer Satisfaction Is Falling for Large Auto Insurers, Rising for Small: J.D. Power
After climbing in each of the past two years, customer satisfaction is falling among the nation’s largest auto insurers, while satisfaction is actually up a tad for small insurers.
This rising dissatisfaction with large carriers is in turn driving overall industry satisfaction downward as customers react negatively to price increases, according to the J.D. Power 2016 U.S. Auto Insurance Study.
One key reason smaller insurers are doing better is the value brought by their independent agents, according to analysts at J.D. Power.
The study examines customer satisfaction in five factors (in order of importance): interaction; policy offerings; price; billing process and policy information (formerly billing and payment); and claims. Satisfaction is measured on a 1,000-point scale. Read the full article now…
Insurance Journal: Insurers Ignore FinTech Revolution at Their Long-Term Peril: PwC
While 90 percent of insurers fear they will lose business to a FinTech start-up, only 43 percent say they have put FinTech at the heart of their corporate strategies, according to report published by PwC.
As customers demand personalized insurance products and companies increasingly look to cut costs, the rise of FinTech in the insurance industry (InsurTech) is a disruptive force that should not be ignored, indicated the PwC report, titled “Opportunities await: How InsurTech is reshaping insurance.”
Global insurance companies need to embrace “a creative culture” in order to reduce the threat of losing market share to InsurTech companies, said the report, based on the findings of the “2016 PwC Global FinTech Survey,” which surveyed management from 79 insurance and start-up companies across the globe. Read the full article now…
Insurance Networking News: Insurance Analytics Strategy, Blockchain Explained, and More (Video)
In this edition of the INN newscast, we discuss analytics, blockchain, machine learning and cybersecurity strategy with insurers. Watch the video now…