It is clear from many of the comments arising from this year’s Insurance Times Broker Service Survey that brokers value underwriters who are open-minded and willing to adapt wordings and terms where possible to accommodate clients’ individual needs. They also value a close dialogue and partnership with underwriters who are
According to broker’s “best” and “worst” verbatim responses in this year’s Insurance Times Broker Service Survey, insurers who act quickly to verify and settle claims are their preferred partners. This year’s importance scores reveals brokers are placing a stronger emphasis on claims in comparison to previous surveys. Those instances where
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,
Perhaps I should have titled this post, "Riddle me this Batman..." Bam! Zap! etc.... now back to our regular scheduled blog post, where we explore the many lessons that can be learned from one industry to the next. Let's start with one of the easier comparisons: How is an
Kimberly Holmes doesn't want to put any limits on what analytics can accomplish at XL Group plc. As the Head of Strategic Analytics, Holmes recently selected SAS Visual Analytics to help the global insurance and reinsurance operations at XL Group meet that lofty goal. We spoke with her at a recent
Lots of buzz around SAS High-Performance Analytics in the news lately! In case you missed it, here are a couple of great reads: In the latest issue of BAI Banking Strategies, SAS CTO Keith Collins talks about leveraging data with high-performance analytics. He explains that financial institutions need to deploy
