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ITA Pro Weekly, May 01,2020

Prompt.io’s Epker on texting and CX, using federated ID management for cybersecurity, the ongoing battle for insurance talent, and more…

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Hot off the presses!

Brad Epker is Chief Revenue Officer at Prompt.io (formerly Chatbox), a text messaging provider that allows businesses to transform text messaging from communication to action, empowering an instant end-to-end customer experience. In the latest Electronic Chat, learn how the product works and the benefits for insurers in streamlining and improving the customer experience.

 

“As a customer by using a text-based customer service option, you remain in control of the time and the cadence of your conversation -- no more sitting on hold while waiting to either speak to an agent, or while the agent gets more information. I once read that the average person spends 43 days of their life on hold waiting for customer service.”

 

Hardly a week passes without a report of a well-known brand having its systems or customer data hacked. But hackers also target other businesses, including insurance companies and agencies. In an article by Mike Foy of Foy Insurance Group, learn how insurers and agencies can use ID Federation to improve security through the use of an “EZ-Pass”-type single password system.

“Similar to systems long used in other industries, federated identity management simply means that each agency user has a single sign-on to access all of their carriers and solutions providers that participate. Here’s a real-life example of what this cost savings means: If every partner that my 100-person agency does business with joined in a federated identity management solution, my agency would save an estimated $325,000 per year. That’s $50 per user ID per year.”

 

The competition for talent in the insurance industry continues to heat up. Our talent needs are different than they have been in the past. And, insurtech startups are attempting to solve long-standing challenges of the industry. All three of these factors require us to be thoughtful about how we manage talent and the strategies we use to recruit and retain employees. In an article by Carly Burnham of Insurance Nerds, find out how insurtech is helping an “unpopular” industry to gain more recruits in the great talent war.

“Both insurers and insurtechs ought to educate their employees on the basics of coverage, policy language, claims, and introductory actuarial principles. Doing so will allow employees to connect to the product and understand the importance of the work they’re doing, and it will inform their work even if they are not working on one of these core functions.”

 
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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.

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