CB Insights recently published a nice summary of alliances between automakers and insurers that provide insurance as part of the lease. Some insurers have also partnered with startups pushing a differentiated car ownership model, like Carma and FAIR.
Group benefits insurers face continuous pressure on margins, while true sales growth remains challenging. This, in combination with the price sensitivity of plan sponsors, makes operations efficiency and improved marketing across multiple channels key drivers pushing insurers towards improved digital capabilities.
Carriers are seeking modern systems that can better support rapid product development and self-service capabilities, along with pricing and product changes. These modern systems are also crucial for attracting and retaining top distribution talent. By automating benefits administration and enrollment, and integrating with other core systems, insurers can address competitive concerns from both functional and financial perspectives.
Mitch Wein on the growing need for DPOs and CISOs in the EU and US.
Chris Eberly on challenges facing RIAs
Jim Klotz on workers’ comp rates in 2018.
Three common initiatives across annuity and life carriers today are to improve speed to develop products, create an easy and fluid customer experience for submitting new business, and process new business with little to no manual intervention. The implementation approaches, requirements, and challenges vary by carrier, but there is a clear desire to improve experience and efficiency. Carriers are achieving these targets by performing process reviews, implementing new platforms, and often delivering new digital experiences.