Your distribution engine powers sales, but the fuel you need for each market segment differs. The capabilities you need to support voluntary sales by brokers in the small case market versus those focused on the large case market vary greatly. So the question for insurers planning a down market move is: will you find the distribution you need?
How to make your benefits products a good fit for small businesses
Looked at from a marketing lens, my personal truth is that I am a demographic of one. And anyone who can grasp that and understands my needs and preferences will score some serious points and wallet share. This type of mass personalization could be key to successful benefits insurance small case marketing on Main Street.
When it comes to benefits insurance market expansion…it’s good to be a “yes” man
What stood out this year at the LIMRA Group and Worksite Benefits Conference was all of the talk around small businesses. Yes, it is an election year. But no, this was not just an echo of every candidate’s familiar refrain about how small business is the growth engine for America and must be supported. For benefits insurers, this is an every year issue. Carriers struggle to make small business a plank in their platform for business growth. The result is that growth opportunities are left on the table while the majority of carriers are forced to battle over the same books of business in the large and jumbo case markets.
In part one of this series on rating systems, we looked at how traditional development processes can expose your insurance business to risk. Among the most serious of these are having a single point of failure in your pricing model and the financial risks that result from long development cycles that limit how often you can update pricing. In this post, we take a look at a new approach that enables you to complete a rating initiative by defining and deploying rating models, tables, and algorithms in a fraction of the time, while empowering you to safeguard your margins by revising pricing as often as your business demands.
It’s the ultimate irony. Insurance carriers are in the business of risk management, assessing risk while predicting revenue and expenses and then pricing for that. However, the mechanisms many carriers use to generate the rating systems their pricing depends on expose them to risk.
The results are in from our second annual Enrollment Technology Survey, and guess what? There are really no surprises. The results of our survey of LIMRA Enrollment Technology Conference attendees and others didn’t show large differences with our 2014 survey. But, like a tipping point being reached in a slow arch, some small measures give clues to the direction of insurer initiatives in enrollment plans and enrollment technology. And unfortunately, technology infrastructure limitations are still standing in the way of insurers being able to execute their growth strategies.
As 2015 ramps up, predictions for the coming year(s) are populating information channels, and many, will no doubt, highlight the advancing efforts to enhance, expand, and improve underwriting functionality, productivity and profitability. Rising above the host of technology trends and flavors of the day, one commonality remains for insurers: underwriting is a key driver of growth and profitability. Insurers will focus on leveraging technology to improve underwriting for some time to come.
Exigen Insurance Solutions’ recently announced partnership with The Evogi Group is good news for insurers trying to enter the fastest-growing segment of the auto insurance market. The collaboration provides insurers full policy administration, billing, claims and account management for personal and commercial auto UBI products using telematics and GPS technology.
Customers Rank PolicyCore High for Customer Satisfaction, Technology and Functionality
Aware that customer care is the cornerstone of its success, AMI, the largest wholly New Zealand owned fire and general insurance company, has selected Exigen Insurance Solutions’ underwriting, policy administration, billing and claims solutions for all lines of business to provide a new, high-performance enterprise platform.