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E.g., 2021-09-17
E.g., 2021-09-17
September 14, 2021
There is more data about consumers available today than ever before. But data scientists should be wary about a growing subset of the population for whom little data exists—this segment with no data can deceptively skew AI-based models in ways that may be difficult to uncover. Insurers have become more sophisticated in customer data enrichment and the AI-powered analysis of this data to build...
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August 24, 2021
How did you get into insurance? I was born into the insurance business. My grandfather, father, uncles, aunts, and multiple cousins are all in the industry. My grandfather started an insurance agency in my hometown of Clinton, Iowa, in 1963. When I was young, my father joined that agency, and his brother, my uncle, joined shortly after. The two of them still run the agency today. What area...
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June 24, 2021
Digital capabilities are growing in importance as the pace of business increases. Agents and brokers are looking to leverage digital capabilities as a potential competitive differentiator and to improve agency operations and customer experience. Agency management systems (AMS) are key to this goal and central to the performance of an independent agency. These platforms help enable sales,...
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June 9, 2021
Novarica recently conducted a study of our 400 Under 40 Young Agent community, and my colleague Emerson Davis and I had the opportunity to speak with a number of these agents at a virtual roundtable discussion last week. We are grateful to Carlos Camacho, Josh Brown, Andrew McCarthy, Austin Bolt, Vaughn Costello, Jeremy Chase, Patience Noah, Brad Christian, Hayden Musgrove,...
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June 7, 2021
Insurers want to increase brand name recognition in their target markets. Some are focusing on creating relevant content that supports the producers when selling. Others are considering advertising directly to consumers to support independent distribution. Insurers have to be careful not to alienate their agents by advertising directly to consumers. Still, many agents, it seems, agree that...
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May 24, 2021
For insurers, trying to improve customer experience often involves engineering a consistent brand message that engages consumers. Novarica’s recent report CX Technology in Insurance outlines the many tools insurers can deploy in order to accomplish this. The diversity of solution options, however, can make it challenging to organize their deployment in a consistent, systematic...
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May 17, 2021
Traditional methods of agency interfacing like portals and direct contact are the backbone of insurer distribution strategies. Yet insurers can no longer afford to ignore the capabilities that distribution connectivity solutions provide. They simplify the digital customer journey through the distribution channel, improve ease of doing business, and expand market presence. Many insurers...
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March 18, 2021
As we put together our latest CRM Market Navigator, we were struck by the unexpected diversity of tools that called themselves “CRM.” Such tools included communications platforms, email automation tools, contact management systems, digital experience personalization systems, agency management systems, and even email servers with alerting and contact lists. We decided to focus on what...
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March 4, 2021
Agency management systems (AMS) are central to an agency: they help agents sell insurance, serve clients, and manage their operations. Several vendors offer software to help meet agent needs. Some offer broad suite capabilities; others are pure-play AMS solutions. Larger distribution software vendors are actively acquiring systems, diversifying feature sets, and enriching the system...
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January 13, 2021
Preference management refers to the data and analytics that are activated when a piece of customer communication goes out (to a policyholder, agent, or claimant) at the time and in the way that customer prefers to be contacted. These communication channels are both digital and analog—text, phone, email, direct mail—and include marketing, transactional, and service-oriented communications....
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