Posts Tagged ‘insurance’

Volunteers Arranging Donations In A Community Charity Donation Center

4 Ways Insurers Can Help Communities Affected by Hurricane Ian

Hurricane Ian slammed into Florida’s gulf coast and Georgetown, South Carolina, on September 28, leaving countless businesses and homes — if not wholly destroyed — drowned with flood water and without power. The Insurance Information Institute, an industry-funded research group, estimates that Ian has caused at least $30 billion in damage. Now that the storm […]

InsureTech Connect 2022 Recap: Key Themes Include Data, Personalization, and Embedded Insurance

Our insurance team is just returning from InsureTech Connect (ITC). What a great week in the desert! ITC is one of the, if not largest, industry gatherings of insurance carriers, solution provers, implementation partners, and startups. Over 2,400 companies were in attendance, and it was said that there were over 8,500 attendees present this year. […]

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Why the Shopping Cart is Irrelevant in Insurance

In our previous blogs, we’ve documented how insurance is a complicated product for the traditional commerce process. Let’s recap what we’ve covered: It’s a product mandated by the state, financial institutions, and professions for many parts of life – driving, homeownership, rental, professional liability, and others. But it’s not a product that most of us […]

GEICO, State Farm, Nationwide, Progressive, USAA Top Q1 2022 Mobile Insurance Scorecard

Recently, Digital Insurance issued the findings from Keynova Group on the 2022 Mobile Insurance Scorecard.  While mobile has long been a part of the carrier offering – pay a bill, get an ID card, file a claim – this survey reflects the evolution of insurers from transactional into personalized servicing. I’ve long advocated that personalization […]

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There is No Secret Sauce: Put Financial Services Customers First and You Will Grow

TD Bank Group recently announced its Q4 2021 earnings were up 31% from Q4 2020, despite the challenges brought on by the COVID-19 pandemic. On its earnings call, the company elaborated that this in part was due to its dedicated, people-oriented approach to business. TD emphasized that this elevated focus on the customer experience has […]

How the New Experience Economy Is Reshaping Insurance (Part 5 of 5)

Harvard Business Review defines the New Experience Economy as the fourth evolution of economic value, which includes commodities, products, services, and now, experiences. It is at this point where the product is most differentiated and pricing most premium. In a commoditizing marketplace such as personal lines, a personal experience is an opportunity for carriers to […]

Data Is the Foundation…for Everything in Insurance (Part 4 of 5)

Data fuels the engine of the digital economy. Connected experiences, in the context of the customer relationship, are driven by a robust data set that confidently presents integrated, diverse data to enable actionable insights that can be automated across the customer’s journey. Internally, data creates the foundation for increased analytic application of fraud detection, at-risk […]

Using Personalization To Create Authentic Relationships in Insurance (Part 3 of 5)

While the thought of changing policies can be daunting, carriers are throwing hundreds of millions (if not billions) into advertising budgets to make the consumer aware of ways to save by switching. As a result, the industry is experiencing a decline in brand loyalty in favor of pricing. A brand may bring a customer in […]

Insurance Operating Models Need to Put the Customer in the Middle (Part 2 of 5)

In my last post, I discussed how insurance companies that demonstrate empathetic knowledge of their consumers and deliver tailored, real-time solutions will build on their noble purpose and gain competitive advantages in a digital operating environment. So, where can you begin? It starts with putting your customer in the middle of your operating model. Instead […]

Achieving Data Democratization in Financial Services (Part 4 of 4)

Over the last three blog posts, we discussed the importance of data democratization in financial services. Today, we want to share a few final words. To maximize the value of data resources, they must be discoverable by those who require the information. Once a needed data source is identified, it is best to have an […]

A Digital Environment Is Essential For Insurers to Gain Competitive Advantages (Part 1 of 5)

Insurance serves a noble purpose: to protect individuals & businesses and their property, liability, and financial obligations. At their roots, many of the large, well-known carriers today began by serving the distinctive needs of businesses and individuals who could not find coverage elsewhere. Rural residents paying city insurance rates, government employee affinities, and experiences tailored […]

Connecting Data Governance to an Enterprise Search Tool in Financial Services (Part 3 of 4)

In our last blog post, we shared a proven approach to architecting a metadata search solution. Today, we’ll share a few high-level details about a solution that Perficient built, which can allow all types of financial services companies to jump-start their data democratization programs. Perficient has developed a highly capable abstraction layer called Handshake, which […]

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