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ITA Pro Weekly, August 21,2020

Openly’s new business model, not your father’s life insurance, buying a will on a mobile app, and more….

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Hot off the presses!

Founded in October 2019, Openly is a technology-enabled managing general agency (MGA) for homeowners insurance that has built its products, processes and technology specifically to serve the independent agency channel. In this week’s Electronic Chat, Openly Founder and CEO Ty Harris discusses how new and emerging insurtechs are helping independent agents speed up the transactional elements of insurance to do what they do best: provide expert advice.

“If an agent sees his role as waiting for a consumer to call or write asking him to do a basic transition like make a payment, that’s not a winning value proposition. But there is plenty of evidence that shows consumers with moderately complex needs very much value a human touchpoint on more complex advice about coverage -- or just to touch base on whether they’re making a good decision. I know I want that option when I have any kind of financial need.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

Life insurance ain’t what it used to be – and that’s not a bad thing. Technology, trends in millennial buying, and the urgency of COVID-19 have upended how we think about life insurance, according to new findings by Majesco. This week’s blog post by Denise Garth connects the dots between these trends to project where life insurance is headed over the next few years.

“Growth and viability of the life insurance industry is vitally connected to the major trends redefining insurance including demographic and market trends, customers’ expectations, and their adoption of new technologies. Insurers’ long-held business assumptions and operating models were built to support “traditional” insurance approaches for products, channels, pricing and customer engagement, and this has not dramatically changed since the early 18th century when the first product mortality tables and structures were introduced. New, innovative products like variable life, critical illness or long-term care still followed a similar business foundation.”

 

Who needs lawyers? This week, online insurance marketplace Policygenius announced that it’s offering consumers a mobile app that allows them to create wills and trusts right on their smart phones – along with shopping for life and home insurance for a one-stop experience. Policygenius CEO and Co-Founder Jennifer Fitzgerald says the wills app is a natural progression of Policygenius’s product offerings:

"Our customers are busy people committed to securing financial protection for their families. They're often thinking about making an estate plan at the same time they're considering securing life insurance, but knowing where to start can feel overwhelming. We developed this app as a way to provide people with a simple, digital way to handle multiple important financial decisions in one place."

 
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