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blog

March 20, 2017 in Digital Insurer

Exploring the InsurTech-Consumer Disconnect

Despite recent hype around the growing InsurTech industry, a new survey from Vertafore reveals consumers don’t want to share their personal data with InsurTech startups that replace human agents with technology, even if it means they get a cheaper rate. 


Robert Philips
blog

February 07, 2017 in Digital Insurer

Millennial Survey Reveals How the Most Underinsured Generation Spends on Insurance

At more than 75 million people in the US, the millennial generation is now the largest living generation. They are also the most underinsured. To help better understand why the millennial generation remains chronically underinsured, Vertafore went directly to the consumers shaping the future of insurance – surveying nearly 450 US millennials ages 18-35 on their insurance purchasing and personal finance habits. The results? A love-hate dynamic. First and foremost, it is clear that millenn...


Jessica Martin
blog

January 05, 2017 in Digital Insurer

Most Disruptive Insurtech Startups to Watch in 2017

Across the world, 2016 was the best year for insurtech companies to date. Thirteen experienced acquisitions and IPOs, a higher number than ever before. Insurtech apps are streamlining the way we approach insurance in our daily lives — from health care to automobile insurance to life and home protection — this emerging software is employing algorithms and data collecting technology to provide highly-tailored insurance policies. Let’s take a look at 5 insurtec...


Daniel Taibleson
blog

December 22, 2016 in Digital Insurer

Is Your Agency's CRM Built For Insurance?

How often do you hear stories of insurance agency’s failing to meet their sales targets? Yet, when you dig a little deeper, you realize they have with no real understanding of where their problems lie. Too often, their sales processes rely on charisma, intuition and a good dose of luck. But in a world as complex as ours, those skills are not enough....they need to be partnered with 21st century technology. Incredible advances in technology are allowing companies to restructure their sales...


Daniel Taibleson
blog

December 20, 2016 in Digital Insurer

What is CRM and How Does it Increase Leads?

What is CRM and How Does it Increase Leads? Strictly speaking, CRM is a business acronym which stands for Customer Relationship Management. CRMs are utilized across many business industries to keep track of leads and nurture them through the buyer's journey. You may think you don't need a CRM as the principal or owner of an insurance agency, but many studies have been done on the benefits of insurance agencies using CRMs. Would you believe that one study found an ROI of $8.71 for every $1.00 s...


Daniel Taibleson
blog

December 08, 2016 in Digital Insurer

6 Ways Blockchain could Disrupt the Insurance Industry

There’s been a lot of InsurTech news in 2016 but no topic has commanded the attention of the insurance technology community like the potential of blockchain. It’s still early in the hype cycle and it’ll take a few years for today’s ideas to become tomorrow’s new normal – but some of these ‘crazy’ out-there ideas are coming to reality much, much sooner. Some, like SmartContracts, are even available today. The real question is: What are...


Daniel Taibleson
blog

December 06, 2016 in Digital Insurer

Improving Your Sales Performance With Steve Anderson: Cross-selling and Upselling

December is a time for reflection. For most of us, this means taking a hard look at the performance of our business and reviewing the numbers. It's a time for us to see how we've done, what's worked, what didn't, and figure out what we might want to change about the way we attack the new year.  As we head into the last month of the 2016 we're transitioning our focus on the Vertafore blog to help you address one of the most important aspects of your business in 2017: Impr...


Daniel Taibleson
blog

November 29, 2016 in Digital Insurer

The Future of Insurance is in the Hands of Millennials Part 1: How to Capture Millennial Customers

Image credit Millennials: they inspire countless magazine cover articles and speeches about how "horrible" the generation is, yet those who were born between 1980 and 2000 are the most powerful force in America's economy – including for your insurance business. Pew Research Center reported this year for the first time millennials overtook Baby Boomers as America's largest generation. Not only do they have more purchasing power than any other cohort, they’...


Daniel Taibleson
blog

November 29, 2016 in Digital Insurer

The Future of Insurance Is in the Hands of Millennials Part 2: How to Hire Them Now

image credit You may feel out of touch or challenged when hiring millennials for your agency, but research shows they are vital to the long-term success of insurance. Hiring young producers, those born between 1980 and 2000, helps business when you provide them with the right tools. The 2016 Reagan Consulting Best Practices Study found millennial agents drive organic growth, while multi-generational agencies are the most likely to achieve long-term independence. A fourth of agents are expect...


Daniel Taibleson
blog

November 24, 2016 in Digital Insurer

Customer Service is Not a Competitive Advantage

Customer service is not enough Does your agency believe that customer service is your competitive advantage? Carriers, MGA/U’s, how you about you?   Agency and Grow consultancy owner Jason Cass has some bad news for you: “Customer service means nothing.” How can that be?! Well, Cass says providing customer service are table stakes – “It’s what the client expects,” and in an era with increasing competition from Insurtech sta...


Daniel Taibleson
blog

November 22, 2016 in Digital Insurer

FinancePro DocuSign Integration brings ease of eSignatures to MGA-MGUs

FinancePro and DocuSign Integration brings ease of eSignatures to Managing General Agents and Managing General Underwriters How many times have you closed a deal over the phone only to end up waiting for days for an agency or carrier to get back to you with signed paperwork? It’s frustrating, right? You’d rather get the deal done today. Right NOW if you could! Now you can. Here’s the reality: Customer demands and expectations change at the speed of technology. The insurance i...


Milena Babayev-Gurvits
blog

November 17, 2016 in Digital Insurer

What is a Net Promoter Score and How Insurance Agencies Can Calculate It

Growing Customer Loyalty and Satisfaction Pays Customer satisfaction measures how your products and services meet, exceed, or fall flat of customer expectations. Customer experience, on the other hand, sums up every experience customers have with you over time. It is more about how they feel, what they think about you, and who they talk to about it—which brings us to loyalty. Traditional loyalty programs don’t usually work well for insurance agencies. With a limited number of custo...


Daniel Taibleson
blog

October 20, 2016 in Digital Insurer

Do You Run Your Insurance Agency Like Amazon or the DMV?

How well is your insurance agency meeting customer expectations?  We like to believe that our customers have so-so experiences. Customer experiences that aren’t great, but aren’t bad enough to make them look elsewhere either. Unfortunately, in 2016, that’s just not true. Your customers are constantly being bombarded with marketing messages from competing local insurance agencies, carriers, direct writers and online self-service platforms being developed by insurtech start...


Daniel Taibleson
blog

October 14, 2016 in Digital Insurer

How Much are Your Satisfied Insureds Worth?

Data supports happy customers as key to agency growth   Customers these days have a lot of options. When it comes to finding new customers, insurance agencies and carriers do not. Growth is the name of the game in insurance, and right now, the game is getting tough. P&C carriers and agents like yourself are feeling the squeeze with a slowing population growth and latest Reagan Big I study revealing that organic growth has been on the decline for the last three years. On top of that, ...


Daniel Taibleson
blog

October 11, 2016 in Digital Insurer

A History of Disruption: 5 Industry-Leading Companies That Didn't Evolve Fast Enough to Survive

Companies today have two choices: evolve with technology or go extinct. This certainly holds true for the insurance industry where emerging insurance technology (insurtech) is putting pressure on many in the industry who are slow to adapt. As you can see from the timeline above, this isn't exactly new. And in case you don’t think it could happen to you, the following examples show this belief can turn disruption into failure no matter WHAT industry you work in! Related: Watch the exceedin...


Arleah Clark
blog

October 06, 2016 in Digital Insurer

Expert Roundup: How Will Big Data Impact the Insurance Industry?

Big data in insurance expert roundup We spent the last two months focusing on the intersection of big data analytics, insurance, and technology in order to shine a light on the disruptive changes that are taking place in the industry. Vertafore did a lot of primary and secondary research in order to produce our free e-book on big data analytics and share our perspective, but we also think it’s important to provide you with the perspective of other influential members of the insurance indu...


Daniel Taibleson
blog

October 04, 2016 in Digital Insurer

Fresh Expectations, Fresh Companies: 3 Lessons from Insurtech Leader Ask Kodiak

Fifteen months ago the debate was whether the 'e' should be included in "Insurtech/Insuretech". Not only has that silly debate been settled (sorry, 'e') but several new companies with actual customers and products now call Insurtech home. From IoT and AI trained for insurance to highly automated brokerages and agent/carrier productivity tools like Ask Kodiak, we've all 'grown up online'. We look to automate everything and apply technology at every chance we get. Some of us are new to insurance,...


Michael Albert
blog

September 28, 2016 in Digital Insurer

The Future of Insurance: Big data, Blockchain, and IoT (Video)

Big Data and the Future of Insurance If you're interested in technical innovations you can’t avoid Blockchain, IoT, and Big Data. There's a lot of research on the three topics separately but very little on how these three will combine to have an impact on the insurance industry. Between January 2016 and June 2016, I did a study of the correlation between these three innovations and the opportunities and threats that could emerge - all from the perspective of the insurance industry.&nb...


Ugur Ozdemir
blog

September 27, 2016 in Digital Insurer

How Dark is Your Data? - Turning Big Data Into Actionable Insights

The real issue with big data analytics in the insurance industry that isn’t discussed enough is: What do you do with the vast amounts of data that you have access to? Even if you put in the time and effort to establish the infrastructure to capture data intelligently, you still need a plan in place to help you turn that giant pool of numbers and letters into actionable insights. It’s called dark data. Dark data is operational data that is not being used. Consulting and market resear...


Libbie Cedeno
blog

September 22, 2016 in Digital Insurer

Where to Begin - 4 Ways Agency Principals are Structuring their Analytics Efforts

There is no one right answer when it comes to getting started with analytics, but it is possible to get it wrong. The only wrong approach is one that does not take into account how your organization works. While each organization is different, the research that went into our Big Data Analytics E-book shows that analytics efforts are generally structured in one of these four ways: Individual business units drive the project Because individual business units are closest to the data and i...


Jeremy Guo
blog

September 20, 2016 in Digital Insurer

Getting Started with Data Analytics – 6 Steps to Success for Insurers

Why is big data such a big deal for the insurance industry? Why does Vertafore keep trying to turn your attention towards examples of how other insurers are using big data analytics to generate breakthrough results for their business? You might even be asking yourself why we’d write about the importance of tackling big data on our partner’s websites. The answer is simple: Those who embrace big data analytics have a competitive advantage. Joyce Sigler, Vice President of the Jones &am...


Alyssa Koske
blog

September 15, 2016 in Digital Insurer

2016 Millennial Insights Survey Debunks Myth That Insurance is Boring

Millennials officially outnumber baby boomers as America’s largest generation. That means they have the most purchasing power, the most at risk, and the most influence on the future of the insurance industry - take a second to let that sink in. You need to know more about the ways millennials are impacting the workplace. Even if you’re a millennial! Which means you should spend the next 5-10 minutes familiarizing yourself with the results of Vertafore’s 3rd annual (and largest...


Jessica Gaylord
blog

September 13, 2016 in Digital Insurer

9 Key Questions Insurance Agents Need to Ask Themselves About Big Data

Data, data, data everywhere… Big data figures are astonishing when you start looking at the volume of data insurers collect. The trends, predictions, and the resulting analysis can be overwhelming – but nonetheless, big data is creating opportunities for companies in every industry and allowing those with the right tools in place to carve out a competitive advantage. The question is: are you USING big data? Either you’re using it knowingly (and making it work for you!) or it...


Joyce Sigler
blog

September 08, 2016 in Digital Insurer

5 Ways Drones Will Impact the Insurance Industry by 2020

The drones are coming, the drones are coming! Think back to just a few short years ago: recreational use of drones didn’t even exist – they were primarily just for military use. Now, drones are becoming increasingly common for domestic and commercial use due to their affordability and accessibility. I'm pretty sure I'm not that only one who's had a drone ruin a scenic view for them.   And we’re already seeing this rapidly expanding industry unfold right before our eyes. ...


Guy Weismantel
blog

September 06, 2016 in Digital Insurer

3 Ways Big Data Analytics is Driving Growth and Innovation in Insurance

Big data analytics growth is on the mind of Fortune 1000 firms who want to outpace competitors and improve revenue. The Big Data Executive Survey 2016 by management consulting firm NewVantage Partners found staggering growth in big data use in just the past four years. Don’t feel like reading the report I linked to? Here are a few of the stats that had an impact on me: More than 60% of organizations have big data in production, up from 5% in 2012. In 2012, 24% of organizations e...


Guy Weismantel
blog

August 30, 2016 in Digital Insurer

4 Ways Big Data Can Impact Your Bottom Line in a Big Way

A study from PwC found 78% of insurers stated “changes in customer demands are a major driver of their technology investments.” Almost all of your peers are investing in technology because the data is telling them they need to move away from product-centric tactics and develop a more customer-centric approach; putting the needs of the consumer at the heart of their growth strategy. While there are times it can be beneficial to be a contrarian, this is not the time to reject th...


Guy Weismantel
blog

August 16, 2016 in Digital Insurer

4 Types of Analytics Defining the Future of the Insurance Industry

The 2015 Global Insurance Outlook report published by professional services firm Ernst and Young states the word "technology" sums up the focus of today's insurers. As the leader in modern insurance technology, Vertafore is intensely focused on helping agents and carriers alike get the most out of today’s technology while simultaneously working with you to help define the future of insurance technology. Research shows us big data and analytics are dominating the minds of i...


Guy Weismantel
blog

August 09, 2016 in Digital Insurer

What Makes Big Data 'Big' for Insurance and Beyond

Drowning in data? Information technology research and advisory company Gartner estimates that we currently have 6.4 billion connected devices and forecasts that there will be 20.8 billion "connected things" worldwide by 2020.  That's almost 3 connected devices for every single man, woman, and child on earth.  And every single one of those devices connected to the internet will be collecting data. Data that we can use to make the world a more predictable place, capable of he...


Guy Weismantel
blog

August 02, 2016 in Digital Insurer

Why Is Big Data Such a Big Deal for the Insurance Industry?

For those with short attention spans, the answer to the question posed by the headline above is this: Visibility.  If business was predictable, we'd all read the same books, use the same technology, and the markets would be stable. Things would be easy!  But they never are.  As hard as we try to predict the future (some of us better than others - like Warren Buffet), odds are that our predictions are nothing more than fantasies. Stories of optimism or pessimism based on emotio...


Guy Weismantel
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