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ITA Pro Weekly, November 25,2020

New Majesco study on insurance ecosystems, insurers failing to deliver on consumer needs, Exactuals CFO on electronic payments, and more…

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Hot off the presses!

In this new era of insurance, market leaders are experimenting with new opportunities. In a new blog post, Majesco’s Denise Garth examines insurance customer need and the opportunities provided by new technologies, partnerships, and ecosystems, including examples to lead the industry forward.

“One of the best examples of a company looking at the customer across life, health, wealth and wellness is Sofi, a Fintech organization. Sofi started out as a student loan consolidator and provider, and has rapidly expanded to owning the entire customer financial services relationship – life, wealth, health and wellness. Sofi states its mission is ‘to help people reach financial independence to realize their ambitions. And financial independence doesn’t just mean being rich – it means getting to a point where your money works for the life you want to live.’”

 

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.

 

Despite the insurance sector investing nearly $28 billion on customer experience, less than half of global respondents (49%) feel their insurance provider will be responsive to their basic needs, according to a new report by core and digital platform provider EIS and GlobalWebIndex.

“When it comes to digital prowess, consumer opinions of insurers are astonishingly low – only 23% of consumers expect insurers to integrate their experience across mobile, web and in-person channels, while only 19% expect insurers will know them and their preferences following an interaction. This dynamic presents a terrific near-term opportunity for digitally savvy insurers to exceed expectations and win business.”

 

Exactuals is a SaaS payments, data analytics, and reporting platform that started life by paying residuals and royalties to the entertainment and music industries. Now it’s providing the same service to the insurance industry for the payment of commissions, claims, and vendors. In a new Electronic Chat, Exactuals CFO Andrew Mauritzen looks at the similarities between the two sectors and why the company added insurance to its specialty services.

“Insurance payments are complex, and that’s where we shine. Our cloud-based platform sits on top of legacy systems and can be customized and configured to a user’s rules. Another issue facing insurance carriers is the need to move away from paper checks to bring down expenses and provide a modern policyholder and producer experience. Our payee portal, which offers self-registration and the flexibility for the payee to determine their payment method, facilitates both of these goals. Lastly, security is on everyone’s mind right now. We hold all of the sensitive PII data on behalf of our clients in a secure vault, are SOC 2 Type 2 + HIPAA compliant, and are further beholden to stringent OCC banking oversight due to our corporate parents, City National Bank / RBC.”

 
Breaking News from the Insurance Industry
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