Product placement is now a matter of channels and predicting when and where customers need a product. It’s all about the ‘The right place, the right time.’
Insurers need to simultaneously improve their offerings, improve digital service and improve their ties to brokers and other partners.
Value-added services are low-hanging fruit that provide personalized, regular customer engagement that extends the value of the insurance risk product.
ERM is about viewing the various levels of an insurer and building an informative risk profile to determine how much risk an organization is facing in order to determine the best use of capital.
With the cost of insurance increasing and profitability impacted, insurers need to look at their broader portfolio and find ways to assess potential losses, predict their impact, and initiate loss prevention strategies more accurately and precisely.
Think of data as talent and imagine that you have been placed in charge of hiring someone who will lead your organization into the future with a whole new approach.
The silver lining of the pandemic is that it forced small businesses to change their minds about preparing and running in a different kind of race. It requires a new mindset to adapt to continuous changes.
If you understand how effective an API gateway can be protecting insurance enterprises, and how easy it will be to implement, you may be adding it to your list of must-haves.
State PFL/PFML laws will continue to spread, but we can all take action to reduce the challenges they create and improve the experience for everyone.
While it may be a stressful time for HR departments, there is significant room for growth for L&AH insurers in 2022 and beyond.