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ITA Pro Weekly, August 23, 2019

EMC Insurance, Independent Insurance Channel, LexisNexis and GM, and other news from the ITA

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Hot Off The Presses!

LexisNexis Risk Solutions Selected by GM
as Preferred Insurance Data Partner

 
LexisNexis® Risk Solutions, a leading provider of data, analytics and technology, today announced that General Motors (NYSE: GM) has selected the LexisNexis® Telematics Exchange, a device-agnostic telematics ecosystem, as its preferred portal for sharing consumer-approved connected car data with insurers.  

The mission of the Telematics Exchange is to help save consumers time and money, and enhance safety with programs such as proactive, personalized insurance discount offers and safe driving initiatives.  Consumers can apply for safe driver discounts, based on their driving behavior. This only can occur with the driver’s consent, and only when they enroll in specific programs.

LexisNexis has been a trusted steward of data for more than 25 years and is an innovator in using data to help make consumers’ daily lives easier. As the first automaker to offer connected vehicles, GM’s addition marks an important step in the growth of the LexisNexis Telematics Exchange.

Read more...

 

Independent Insurance Channel
Set to Achieve Record Year


Agents and brokers in the independent insurance channel just posted their best second quarter (Q2) results since 2013.
 
The 6.4% organic growth rate of independent agents and brokers across all business lines coupled with "a red-hot mergers-and-acquisitions (M&A) market yield a healthy outlook for the future of the industry," says Mark Crites, Vice President, Reagan Consulting. "2019 could be a historic year."
 
Buoyed by the good news, as revealed by Reagan Consulting's Organic Growth and Profitability (OGP) Q2 2019 survey, agents and brokers have "lifted their full-year 2019 growth expectations to 7.0%, up from 6.0% after Q1 results were posted," reports Crites. 

Read more...

 
Guest Blog

Eight Critical Areas for
Customer Experience Transformation

by Deb Smallwood

Customer experience is an essential component of the transformational journey. 

In fact, transforming the customer experience is a new and powerful organizational shift that can bring about quantum change. It can also create amazing, quantum impacts and improvements without huge IT investments or years of time. And, not only will an improved customer experience have a positive effect on retention, it will drive operational optimization as well.  

In all my years of working in insurance and technology, I have never experienced anything with such a magnitude of power and potential to change. Nothing can move true transformation like changing the perspective, or “flipping the lens” on customer experience.

It all begins with shifting away from the traditional inside-out, customer-service driven focus and flipping the lens toward an outside-in, empathy-driven, customer-experience focus. And it does not matter who you call the customer. Some insurers consider their agents or other distribution partners to be the customer. Others view the policyholder as the customer. Some consider both to be customers and even extend it to other stakeholders as well.

Read more...

 
Breaking News from the Insurance Industry
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