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

4 Skills for Insurance Professionals to Adopt in 2017

Posted by Parker Beauchamp on Feb 28, 2017

Quality talent is the glue that holds any business together. The insurance industry is no different. People are at the heart of insurance: both the consumers looking to mitigate risk and the professionals who serve them. But the way in which insurance pros need to serve customers has changed thanks to industry evolutions.

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Topics: Insurance News & Trends

What Blockchain and Bitcoin Mean for the Insurance Industry

Posted by Parker Beauchamp on Jan 25, 2017

You may have heard the terms “blockchain” or “Bitcoin” used in tech circles over the past few years. These concepts, along with powerful use cases, are changing how we think about currency, transactions and contracts. In the process, they’re also changing how we think about the insurance industry.

These changes will have an impact on insurance carriers and agents, as well as how insurance is bought and sold. That means understanding blockchain and Bitcoin is important if you’re looking to win in the modern insurance industry. This post has you covered. It provides definitions of blockchain and Bitcoin, then breaks down why this information is important to insurance industry professionals.

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Topics: Insurance News & Trends

Insurance Companies Were Once Designed to Be Consumer Champions—How Far We’ve Fallen

Posted by Parker Beauchamp on Jan 11, 2017

This post originally appeared on The Huffington Post

It’s easy to forget, but once upon a time insurance was designed to provide major value to consumers, without the hassle experienced in today’s average insurance transaction. 

In ancient times, various forms of basic insurance occurred to protect sea voyages that lost or were forced to throw cargo overboard. Then, insurance was a compact between two or more parties for mutual gain.

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Topics: Insurance News & 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

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