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Your center for insurance and risk management tips, news and trends.

Why Augmented Reality is Making the Insurance Industry’s Head Spin

Posted by Jim Wrynn and Wendy Shapss on Nov 29, 2016

Editor's Note: This guest post was originally published on FTI Journal

You see them on the street, in malls, in parks, in playgrounds, and sometimes—trampling on your front lawn.

They’re Pokémon GO players—people of all ages engaging in a fantastical scavenger hunt like the world has never seen. Armed with smartphones in hand and Google maps of their surroundings in lieu of treasure maps, they’re hunting after virtual creatures from Nintendo’s legendary Pokémon franchise that appear on their screens. The magnitude of the global phenomenon is staggering. Since launching on July 7, the game has been downloaded an estimated 100 million times in 72 countries and has generated $268 million in revenue.

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Topics: Insurance News & Trends

Why INGUARD Was the First Insurance Company to Accept Bitcoin (And Why the Answer Might Surprise You)

Posted by Parker Beauchamp on Nov 17, 2016

This post originally appeared on The Huffington Post

When was the last time you actually felt good doing business with your insurance company? If you’re a U.S. consumer, chances are your answer is, “Not recently.” Forty percent of insurance premiums turn over annually—and two-thirds of consumers would buy insurance online if they could. (And even then, they’re barely satisfied with insurer websites.)

Technology adoption is one major cause of this situation. Put simply, most insurance companies don’t invest correctly in new technology that actually improves their operations. Sure, they’ll debut flashy new apps and slick online quoting tools. But how many times have you encountered insurance tech that made your life easier? The industry loves to invest in buzzworthy new platforms or tools, but often fails to fundamentally improve the customer experience with these technology investments. 

At INGUARD, we believe the industry’s technology usage needs to change. Technology adoption should always create more value for consumers. It should remove friction from the buying process and enable a better user experience. And its effectiveness should be measured by customer satisfaction, not how much PR or marketing copy a new system generates. 

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Nonprofit Insurance Made Simple for LifeStream Services [Case Study]

Posted by Ruth DeGroot on Nov 07, 2016

Nonprofits are critical to our society, and so is the role of protecting these organizations from the risks and exposures inherent to their operations. This is one of the many reasons why Ken Adkins, President and CEO at LifeStream Services, selected INGUARD as a trusted partner for its nonprofit insurance and risk management needs since 2007.

Below we discuss why LifeStream initially chose to work with INGUARD, and how our team of nonprofit insurance and risk management experts has helped the nonprofit identify and protect against its unique risks over the years.

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Topics: Business Insurance

3 Ways to Build a Truly Customer-Centric Insurance Experience Using Technology

Posted by Parker Beauchamp on Oct 26, 2016

When life gives you lemons, make lemonade. That’s the idea behind the aptly named Lemonade, a next-generation insurance startup. The company, which opened for business in New York in September 2016, aims to turn the sour insurance purchase and claims process into a “delightful” experience for consumers through smart technology and design.

It’s too early to tell if the company’s ambitions will become reality, but one thing is certain: competitors to traditional insurance, like Lemonade, are thriving because the industry desperately needs to reinvent the consumer experience with technology. For instance, Lemonade is partly revolutionary because it allows users to buy renters coverage instantly from any mobile device, functionality shockingly absent from the insurance process in 2016.

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Topics: Personal Insurance, Insurance News & Trends

What Is Cyber Insurance and Why Should Businesses Care?

Posted by Parker Beauchamp on Oct 19, 2016

Cyber insurance is a broad term used in different ways by insurers to describe coverage for a range of information security issues. Even if you’re not tech-savvy, it’s important to have some type of dedicated cyber insurance policy or add-on coverage for your business. These policies can protect you against first and third-party costs that result from data breaches, cyber attacks and other information security issues.

This isn’t only a concern for huge corporations and major commercial outfits. No business is too small to escape the notice of hackers and malicious parties. In fact, 60% of all online attacks in 2014 were made against small and midsized businesses, reports The New York Times. That’s because small and medium businesses often don’t have the resources to protect against sophisticated cyber attacks that steal customer data, disrupt ecommerce activity and hold passwords or logins hostage.

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Topics: Business Insurance