Insurance Industry News – Week of December 10

External data penetrates insurance operations
Digital Insurance
Insurers today leverage third-party and external data across marketing, underwriting, and claims. While self-reported mature capabilities are rare in all three areas, this is likely to change in the coming years—insurers industry-wide report that basic third-party data capabilities are common and that pilot activity is high.
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Big changes coming to P&C claims
Digital Insurance
Property/casualty claims is destined to transform more than any other area of the insurance business over the next decade. Many may see that as a provocative statement, especially with all the attention on distribution and underwriting. After all, there are so many new entrants, new Insurtech startups, and new technology solutions aimed at disrupting or transforming distribution and underwriting that it may seem difficult to justify the statement that claims will transform even more.
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Tis the season to be wary: what brokers can teach clients about holiday risks
Insurance Business America
With more than $34 billion lost in 2017 to fraudulent insurance claims, one of the insurance industry’s highest priorities is protecting themselves from fraud through innovative technologies. That’s according to the 2018 Insurance Fraud Survey from FRISS, which surveyed 150 insurers. Among the company’s key findings were that the quality of a carrier’s data has become increasingly important.
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Why brokers need to be great communicators
Insurance Business America
Listening is key in communication and brokers need to understand its value to better serve their clients. That’s the verdict of Dustin Thome (pictured), The Buckner Company’s executive vice president for Denver operations. He believes brokers need to have a good ear in order to thrive in insurance – effective communication is needed to relay strings of information from clients to insurance underwriters and vice versa.
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The REAL Customer Experience
Bill Wilson
Many insurtechs talk about the “customer experience.” Their focus is usually on SELLING insurance in a way that minimizes human intervention. Translation: Fast, Easy, and Cheap. I’ve written many times before (and will again very soon) that it is IMPOSSIBLE to provide a relevant premium quote in 60 seconds or less as some insurtechs claim in their hype.
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