Geico bounces back but still faces big IT challenges
Geico has a reputation for being a technology laggard in the Personal Lines P&C industry. They've acknowledged this. But Progressive, their longtime rival, is the industry technology leader. So much so that they avoided the massive post-covid meltdown that the rest of the industry experienced. So how is Geico going to catch up? By implementing the same package software core systems that the rest of the industry have. Or by building tools that enable much more granular and event driven risk selection throughout the policy lifecycle? Which is where the money is and is something core systems can't solve.
Ineffective Underwriting Leaves Claims to Adjust the Odds – A Dubious Roof Claim Exposes Gaps
A multi-pronged approach addressing underwriting, renewal, and claim management practices is crucial. By proactively managing risk and fostering transparency, insurers can safeguard their systems against exploitation, ensuring fairness for legitimate claimants while protecting themselves from unnecessary losses. Vigilance and a commitment to comprehensive assessment are key to navigating the complexities of risk.
Not your Mother’s Insurtech: A Personalized, Proactive Response to Risk Discovery
The concept of choice and personalization is spreading across industries. From streaming services to airlines, customers value the ability to tailor experiences to their individual needs. This same approach has the potential to revolutionize the insurance world, particularly the often impersonal and reactive claims process.
The Hidden Hazard: Lithium-Ion batteries in your home and garage
Lithium-ion batteries are a marvel of modern technology, powering our lives with their compact size and impressive stamina. They're in everything from our phones to our cars. However, this convenience comes with a hidden risk that continues to be overlooked: the potential for fires and explosions.
How do you avoid another boom bust cycle?
The current swath of downgrades exposes the limitations of legacy underwriting systems. Insurers must move with urgency. VeracityID offers the technological foundation insurers need to enhance risk selection, streamline operations, and protect their profitability in challenging times.
Sudden & Accidental – or Is It?
Even a straightforward claim can be hiding something. Better underwriting, smarter data, and inexpensive, tech-driven customer self-inspection if we want to avoid funding repairs for neglected problems.
The Case of the Mystery Addition and Surprise Damage Claim
The ripple effect of not knowing enough about a risk, especially when it changes, leaves carriers underpriced and unprepared for losses.
The best risk data for underwriting is customer interaction data
McKinsey argues that external data plays a pivotal role in enhancing the effectiveness of artificial intelligence within Property and Casualty (P&C) Insurance underwriting. While this holds merit, our empirical observations in P&C Personal lines suggest that customer behavior at the point of sale (POS) and during endorsements often offers superior insights into customers' true intentions and attractiveness.
Watch Out for Wolves Amongst the Sheep: Both Good & Bad Risks Are Shopping
Costs are shooting up, customers are getting sticker shock, and they're starting to shop around. Carriers need to get proactive about spotting both the bad and the good – avoiding the worst and keeping profitable customers for the long haul.
Superior risk selection lets Progressive grow consistently
P&C Specialist has a wonderful animation that illustrates how much better Progressive's market share performance has been than other top ten players over the last decade.
Homeowners carriers must use technology to personalize consumer experience and manage risk
The homeowners insurance landscape is witnessing a generational divide. While technology-savvy younger buyers demand data-driven, hyper-personalized experiences, a significant portion of the existing clientele holds a preference for traditional methods of coverage. As this transition unfolds, a successful underwriting strategy necessitates adaptability, catering to the needs of both segments while modernizing established practices.
Decoding Allstate CEO Tom Wilson’s Statements on Insurance Challenges
Allstate CEO Tom Wilson was recently quoted in the Wall Street Journal saying, “There will be insurance deserts,” he said. “There are […]
