Sapiens TL
Follow Us
ITA MEMBERSHIP

RESOURCES

RESOURCES

ITA Pro Weekly, June 05,2020

J.D. Power on insurance digital experience, how insurtech is helping life insurance, COVID-19 makes it sink-or-swim time for insurance, and more…

View this email in your browser

Hot off the presses!

Significant investments in direct-to-consumer website and mobile design have helped property and casualty (P&C) insurance companies improve their digital service and shopping experiences. According to the J.D. Power 2020 U.S. Insurance Digital Experience Study, released today, insurers have made across-the-board improvements in clarity of information, but many still struggle with the balance of too much information and a minimalist approach.

“The COVID-19 pandemic has thrust digital shopping and customer self-service solutions into the spotlight,” said Tom Super, head of property and casualty insurance intelligence at J.D. Power. “Even before the pandemic, P&C insurers were investing heavily in digital to capture the growing legions of customers and prospects who are experiencing their brands largely via web and mobile. Across the board, we’ve seen the fruits of those investments: overall satisfaction scores for both new insurance shopping and existing account servicing have risen sharply during the past year.”

 

In this week’s Electronic Chat, Bobbie Shrivastav, co-founder and chief product officer of insurtech Benekiva, looks at the critical role life insurance is playing during the COVID-19 pandemic, and how insurtech can bridge the gap between life insurance policies and their intended beneficiaries by transforming the claims process from intake to payout.
 
“Claims has been a key customer service issue even before COVID-19.  Now, more than ever, it is also a business continuity issue. Carriers that want to uphold their superior servicing standards are shifting their focus to tools that make it easier for their staff and customers to optimize their processes for claims and servicing.”

 

For insurtech companies, nothing can be more exciting than transporting insurers from the heights of their high-level planning into the fulfilling position of becoming a truly digital, data-savvy provider of services and products. Even though COVID-19 has pushed insurers along a track they were slowly moving on, those insurers may be better off for having been pushed to accelerate their journey. In a panel discussion facilitated by Majesco, four insurtech influencers take a look at the future of insurance post COVID-19.

“As the opportunities emerge, as they start to become clear, I think we're going to see an increase in innovation,” said Mike Conner, co-founder and CEO of Silicon Valley Insurance Accelerator. “A company out of Singapore, Singlife, has provided a life insurance policy that comes with a debit card. You can vary what you pay into the policy or what you take out of the policy over time. My guess is we'll see some of that merge into income protection, at an individual level.”

 
Breaking News from the Insurance Industry
Click on the links below to get the latest news in the insurance marketplace:
 
Copyright © 2019 Insurance Technology Association
All rights reserved.


Our mailing address is:
12 Sterling Path
Yaphank, NY 11980

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.






This email was sent to <<Email Address>>
why did I get this?    unsubscribe from this list    update subscription preferences
Insurance Technology Association · 12 Sterling Path · Yaphank, NY 11980-1200 · USA

Email Marketing Powered by Mailchimp


Featured articles

On archive MR

MT RHS

ELECTRONIC CHAT

The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.

ITA LIVE 2020

ITA LIVE 2020 –SAVE THE DATE!
April 5th – 7th, 2020
The Diplomat Resort
Hollywood, FL
Become a member today to receive updates – www.itapro.org/MR

BLOGS AND COLUMNS

only online

Only Online Archive

ITA Pro Buyers' Guide

Vendor Views

Partner News