Earlier this year, I was speaking with an insurance executive and he said something that turned out to be my favorite quote of 2014: “Premium revenue is like heroin.” While this seems like an unlikely analogy or simile?. The point this executive was trying to make an interesting argument. Insurance
What do the following have in common? A homeowner inflates the value of his home entertainment equipment stolen during a robbery. A parent states they are the primary driver for their child’s car. A doctor charges for a non-existent procedure. A construction company underreports payroll or misclassifies an employee’s duties.
Last week, I was fortunate enough to attend the Insurance Networking News Analytics Symposium. This great event had several engaging speakers. As analytics becomes more prevalent within insurance, it was refreshing to see that many organizations discuss their successes and share best practices in this essential aspect of the business.
People often talk about the customer experience and the engagement model. This is an easier task when a business has regular interactions with its customers like banks and retailers. However, for insurers, this is a challenge. First of all, insurers have infrequent interactions with their customers. When there is interaction,
Let’s go back in time to the summer of 2007. The original iPhone had just been launched. Miley Cyrus was Hannah Montana. The San Antonio Spurs were NBA Champions, and LeBron James was the savior of Cleveland Cavaliers. Insurance Executives were only concerned about legacy replacement systems. On the surface,
