This Week in Analytics: Google Insurance Compare Tool

This Week in Analytics: News

Google Enters Insurance Industry, Aggregators Don’t Want Big Insurers, Millennials Changing Renters Market, Consumer Ratings, Recruiting Challenges, Big Data & Analytics Statistics, Technology and Customer Satisfaction, Greatest Threats Revealed, Agents Succeeding, Travelers Work Comp, J.D. Power Study on Catastrophes & Claims

 

TechCrunch, USA Today, Insurance Journal, INN: Google Launches A New Tool To Sell Car Insurance To U.S Web Searchers

“Confirming earlier reports that Google has been plotting a move to help sell consumers auto insurance in the U.S., the search giant announced this morning it’s launching a new feature called ‘Google Compare for Auto Insurance,’ a comparison-shopping site that lets you compare the rates from different insurance providers. The option to compare rates will begin popping up after a consumer does a Google search for “car insurance” using Google’s search engine. Initially, the service is being made available to California residents, but Google says other states will soon follow later this year.” Read the full article now…

 

INN: Aggregators Don’t Want Big Insurers. Here’s Why.

“Andrew Rose, CEO of aggregator Compare.com, says his company’s mission is to provide a lifeline to small and midsize insurers who are trying to compete with the massive marketing budgets of the largest carriers.

Compare.com has been described as Kayak.com for insurance. The aggregator, which originated in the UK as as a project of Admiral Group, is now operational in the United States and is partnering with 40 carriers nationwide. Andrew Rose, Compare’s president and CEO, spoke with INN about how Compare’s business model levels the field for smaller insurers, and what Google is doing in the insurance space in the UK.” Read the full article now…

 

PC360: Here’s How Millennials Are Changing the Renters Insurance Market

“Young adults born in the 1980s or 1990s—known as the Millennial generation, or Generation Y—are having a big impact on cultural trends, including renters insurance purchases.

Tech savvy and in a hurry

‘Tech-savvy Millennials are truly leading the charge in reshaping how we secure and protect our valuables and possessions when renting,’ said Brian Richards, Renters Insurance Expert at Protect Your Bubble, a national provider of renters insurance with custom insurance packages. ‘Millennials want to trust that their belongings are protected, but they want the process of protection to take as little time as possible and do it through online channels.'” Read the full article now…

 

INN: Despite Valiant Efforts, Insurers’ Consumer Ratings Drop

“Choosing an insurance company is one of the most important decision customers will make when it comes to protecting their families, properties and livelihoods, and offering a positive experience is arguably the most important part of attracting and retaining customers. However positive customer experience ratings worldwide declined at an alarming rate in the past year, according to the eighth-annual ‘World Insurance Report,’ by Capgemini, a consulting, outsourcing and professional services company, and the European Financial Management Association. Despite efforts by insurers to meet the increasing demands of their customers, positive customer experience ratings dropped 3.7 percentage points to 28.9 percent in 2014 from an already low 32.6 percent in 2013.” Read the full article now…

 

INN: Technology Among Insurers Toughest Recruiting Challenges

“Two-thirds of insurance companies intend to increase staff in 2015, according to the ‘Semi-Annual U.S. Insurance Labor Outlook Study,’ conducted by recruiting firm The Jacobson Group and industry benchmarking firm Ward Group. That is an increase of eight points since the July 2014 survey and the highest rate since 2009, when the survey began.

The insurance industry has created 60,200 new jobs since April 2011, according to the U.S. Bureau of Labor Statistics. But at the same time, there are headwinds when it comes to acquiring top-level technology talent.” Read the full article now…

 

INN: Ten Stats About Social, Mobile, Analytics, Big Data, Cloud and Digital

“It can be hard for P&C and Life/Annuity insurers to sort the hype from reality when it comes to areas like social media, mobile, analytics, big data, cloud, and digital capabilities.

Recently, Novarica released its “Hot Topics” report which is designed to show adoption rates and provide insurance carriers with insights on six “hot topic” areas: social media, mobile, analytics, big data, cloud and digital. This report is based on a snap poll conducted in November 2014 of 90 members of the Novarica Insurance Technology Research Council, a moderated knowledge-sharing community of insurer CIOs and senior IT executives.” Read the full article now…

 

PC360: Technology Is the New Determiner of Customer Satisfaction

“Technology and the ways that insurers use it to communicate with their insureds is affecting how satisfied those customers are with their insurance companies.

A new study by Capgemini Financial Services finds a distinct drop in customer satisfaction levels, especially with Generation Y policyholders, around the globe. Customer satisfaction rates in North America dropped 8.3%, the most significant point drop of the markets studied. But even with the drop, it still maintains the highest level of customer satisfaction at 39.7% compared to Europe, Latin America and other developed and developing countries.” Read the full article now…

 

IBA: Insurers Reveal the Greatest Threat to their Growth Prospects

“Seventy per cent of financial services CEOS—including those leading insurance companies—say that attracting and retaining employees with the right skill sets is a significant challenge to the future growth of their businesses. Few, however, have firm and realistic plans to remedy this problem.

Those are the findings from PricewaterhouseCoopers’ Annual Global CEO survey. Analysts asked 410 financial services CEOs from 62 countries to answer questions about talent retention, the impact of new technology and complex regulation, among other issues.” Read the full article now…

 

IBA: Agents Triumph Amidst Falling Customer Satisfaction: Report

“Despite a new rise in alternative insurance distribution channels, customers worldwide continue to prefer dealing with independent agents.

Those are the findings of a new survey from Cap Gemini SA and Efma, two Paris-based non-profits. Researchers interviewed 15,500 customers regarding their “general satisfaction” with their insurers in the past year to create the report.

Positive customer experience decreased nearly 4 per cent globally in 2014, with an even more dramatic 8.3 percent decrease among North American consumers—a phenomenon researchers ascribe to the entrance of Generation Y (adults aged 18 to 24) into adulthood.” Read the full article now…

 

IBA: Commercial Insurance Customers Rate Broker Performance: JD Power

“Independent insurance brokers are rated more highly by large business commercial insurance customers than any other commercial lines insurer, a new report from J.D. Power and RIMS reveals.

The first-of-its-kind report asked risk managers with large businesses ($100 million or more in annual revenue or operating budget) in the US and Canada to identify best practices among commercial insurance brokers and carriers, and to rate their satisfaction with brokers and carriers operating in workers’ compensation, auto insurance and commercial property.” Read the full article now…

 

Business Insurance: Travelers Wrote Most Workers Comp Insurance in 2014

“Travelers Cos. Inc. was the largest workers compensation insurer in the nation last year, followed by Hartford Financial Services Group Inc. and American International Group Inc., according to market-share data released by the National Association of Insurance Commissioners.

Travelers nabbed the top spot for the second year in a row, with $4.32 billion in direct written workers comp premiums in 2014, or about 7.9% of the workers comp market share, data by Washington-based NAIC shows.” Read the full article now…

 

Insurance Innovation Reporter: Fewer Catastrophes Drives Higher Insurance Claims Satisfaction – J.D. Power Study

“While recent research has found growing deficits in customer experience overall, claims satisfaction in particular has risen for the third consecutive year, according to J.D. Power’s 2015 Property Claims Satisfaction Study. The Westlake, Calif.-based market researcher interprets the continued increase in part as a reflection of carriers’ ability to focus on non-catastrophic claim service during a time of fewer catastrophic storms.

J.D. Power’s annual study measures insurance customer claim satisfaction based on five factors:” Read the full article now…

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