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

Why the Insurance Industry is Ripe for Fintech Disruption

Posted by Parker Beauchamp on Mar 30, 2016

The insurance industry experiences a 40% turnover rate yearly due to customer dissatisfaction. Sixty-seven percent of consumers would buy coverage from a non-insurer, in addition to 23% who said they would buy from online service providers (i.e. Google or Amazon). It’s time for the insurance industry to step up its game.

How can insurers give customers what they really want?

By using superior technology to create better service.

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Topics: Insurance News & Trends

How to Assume Management of a Parent’s Assets

Posted by Parker Beauchamp on Mar 23, 2016

Both biological and criminal factors can take your parents out of the driver’s seat when it comes to their hard-earned assets.

Personal finances are now managed largely online, and the elderly are the most targeted group for cyber crimes. According to moneymanagement.org, one in ten Americans over the age of 60 has fallen victim to financial fraud.

If your parents are over the age of 64, they have an 11.11% chance of being diagnosed with Alzheimer’s disease, which increases to 32% if they’re over 85. Don’t wait until your parent is incapable of managing his or her assets due to failing health.

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Topics: Personal Insurance

4 Companies That Will Make You Rethink Insurance

Posted by Parker Beauchamp on Mar 17, 2016

Insurance in the U.S. alone is a $1 trillion industry. But those dollars are not happy ones. $400 billion in premiums turns over annually. Customers don’t just dislike their insurer; they dislike all insurers. Nearly two-thirds would consider purchasing insurance from non-insurers. 

Insurers should pay attention: their businesses are under threat from companies (even non-insurers) that deliver better price, service and accessibility. Here are four examples of companies that are experimenting with ways to do that. They offer traditional insurers both a cautionary tale and a model for change.

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Topics: Insurance News & Trends

For Entrepreneurs: How to Protect Your Intellectual Property

Posted by Parker Beauchamp on Mar 08, 2016

In a digitally connected world, ideas are easy to share, distribute and, unfortunately, even steal.

By definition, an entrepreneur is a person who “runs a small business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.”

When the success of your business depends on the unique brand, ideas and assets you develop, the need to protect your ideas is essential. Without adequate protection and due diligence, you leave the fate of your business venture and profitability up to chance.

Ensuring your financial success and a competitive edge starts with protecting your intellectual property (IP).

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Topics: Business Insurance

3 Unexpected Ways Predictive Modeling Has Transformed Insurance

Posted by Parker Beauchamp on Mar 02, 2016

Using data to predict risk in insurance is no longer limited to assessing a client’s age and credit score.

Today, insurers use sophisticated predictive tools to comb through data, find variables and deliver answers regarding a customer’s level of risk.

According to Insurance Journal, insurance companies are investigating thousands of predictors. Examples include an individual’s purchasing behaviors, such as whether or not they pay bills on time, or the characteristics of an area in which a risk is located. But, it doesn’t stop there.

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Topics: Personal Insurance, Insurance News & Trends