Insurance has always been a tricky thing, hasn’t it? For some people and businesses, just trying to get basic coverage feels like an endless struggle. Maybe it’s because of a risky job or an unusual situation that makes them too “risky” in the eyes of traditional insurance agencies. But what are they supposed to do then? Go completely unprotected and just hope for the best. That just doesn’t seem right. Thankfully, a new breed of insurance disruptors is shaking things up with innovative on-demand models that are finally closing the coverage gap for the “uninsurables.”Rather than forcing a rigid, one-size-fits-all…
Author: Prince Writer
Can you imagine a world where your car could automatically adjust your insurance premium based on how safely you drive? Or what if your home insurance could send you alerts about potential risks and offer customized coverage options? These kinds of innovative services are becoming a reality thanks to insurtech, the use of technology to revolutionize the insurance industry.At the center of this digital transformation lies efficient and effective tools called APIs. You might be thinking, “APIs? What are those and why do they matter?” Well, let’s break that down. Essentially, APIs act as messengers that allow different software systems…
One of the most significant drawbacks is the loss of productivity that ensues. When the CRM doesn’t communicate effectively with email clients, accounting software, or marketing automation tools, employees are forced to engage in redundant data entry across multiple platforms manually. This not only wastes valuable time but also increases the risk of errors, undermining data integrity. A clunky and user-unfriendly CRM can hamper sales efforts, leading to missed opportunities and revenue leakage. Efficient lead tracking, prospect follow-up, and sales pipeline management become arduous tasks, hindering the ability to capitalize on potential sales. Consequently, the customer experience suffers due to…
Most people are not immune to the worries of the wallet—big and small. From paying for monthly bills all the way to paying for long-term care and everything in between, people from Gen Z to Boomers told us what they are concerned about financially. Turns out, saving retirement is a key financial worry, with 44% of Americans expressing concern, according to the 2024 Insurance Barometer Study, from Life Happens and LIMRA. This has been true for every year since the study began in 2011. It’s Millennials’ Turn While there hasn’t been a major change retirement concern, what has shifted is…
With the utilization of cloud-based solutions, insurers can unlock valuable insights from vast amounts of data, enabling them to better understand customer behaviors, assess risk more accurately, and personalize their insurance products and services. Machine learning algorithms can automate underwriting processes, claims assessments, and fraud detection, significantly improving operational efficiency and reducing costs. Therefore, cloud-based analytics solutions offer scalability and agility, allowing insurers to adapt to evolving business needs and market dynamics easily.In a nutshell, as the insurance industry navigates the complexities of digital transformation, leveraging cloud capabilities emerges as a crucial strategy for reducing technical debt. By embracing cloud…
Insurance companies not only gather sensitive information from their clients but also generate their own corporate data that requires protection. With cyber attackers increasingly focusing on an industry rich in personal, medical, corporate, and other confidential data, insurance companies become prime targets with significant vulnerabilities.The evolving landscape of technology introduces cybersecurity challenges as we continue to understand various attack vectors that could compromise and exploit new systems. Despite occasional lulls in cyber-attacks, it’s crucial to recognize that malicious actors adapt their tactics, dedicating time to plan and gather information for orchestrating the next major attack.Given the substantial stakes involved, insurance…
The automation capabilities of InsuredMine provide a significant advantage in minimizing errors and enhancing accuracy in insurance operations. By automating data entry and documentation, agents, and admins can avoid repetitive admin tasks, saving time and increasing productivity.For example With InsuredMine’s workflow automation system, redundant data entry is eliminated, and errors are reduced. Agents and admins no longer have to waste time manually entering data, instead allowing InsuredMine’s technology to complete these tasks accurately and efficiently.The document management system amplifies documentation processes, efficiently organizing and storing essential files. With the ability to upload and retrieve documents anytime, essential information is readily…
In the dynamic world of SaaS, understanding your customers is the difference between a fleeting fling and a lifelong love affair. And who sits at the heart of this understanding? Your Customer Success Manager (CSM). CSMs are more than just customer cheerleaders; they’re data detectives, mining interactions for valuable insights that fuel product improvements, drive strategic decisions, and ultimately, ensure customers reach their full potential.But how do they do it? Let’s peek into the toolbox of a top-notch CSM:Listening beyond the words: Effective CSMs are masters of active listening. They delve beyond the literal meaning of a client’s question or…
If you have dependents—or just loved ones who you want to take care of after you die—life insurance is critical. This coverage helps ensure your lost income doesn’t translate to tangible material losses for your family once you’re gone. But how much life insurance is enough? That’s a question whose answer can change significantly over your lifetime, and an important one to answer correctly. You may be underinsured with life insurance coverage if… 1. Your only life insurance coverage is through your employer. While some life insurance is certainly better than no life insurance, if your only coverage is through…
Join Life Happens for a Facebook Chat during Insure Your Love month this February. We’ll discuss all things life insurance and love! Date: Thursday, February 15 from 1 to 2 p.m. ET Where: Join us on Facebook using your personal handle or your company’s handle. Hashtag: Use and follow #InsureYourLoveChat during the above time frame. How to: To share a response from your company account on Life Happens’ posts, first switch your profile to your company’s Facebook page. Then look up Life Happens in the search bar. When you’re on Life Happens’ Facebook page, make sure you’re writing a comment…