consumers

Random Thoughts: Data Sharing

New study, new data, so I thought I’d revisit a topic I explored before, about the willingness of consumers to share data to improve either their premium paid, their convenience, or their risk/safety. In general, the willingness has increased: All questions show a slight uptick except for the for the first house sensor one – […]

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Random Thoughts: Wearables

Last week a few people on Twitter pointed me toward Mark Breading’s INN PoV on the risks and rewards of wearables for insurers; I thought I’d add a few comments. [1] The rewards for insurers are most obvious in the B2E area, i.e in the support of underwriting and adjustment. Thinking one step ahead, this […]

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Another Sneak Peek at Retention Factors

After giving a first peek last week, let’s take a look at the switching behavior and some factors that might cause or not cause it. For the past three surveys, we’ve been asking “How often did you switch your insurer in the past two years?” [1] Per country these numbers vary quite a bit, see […]

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Remember to be human

I recently attended the 2014 Social Media Conference for Financial Services hosted by LOMA and LIMRA. One of the main themes that came across from many of the speakers was the need to remember the human interaction on social media. Speaker after speaker emphasized one of the most important aspects of social media-interactions with people. Oftentimes, […]

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Claims and the moment-of-truth experience

I have spent a large part of my working career in the insurance industry as a captive agent for a large multi-national insurance carrier. The experience that I have had within the industry has eased my transition as a consultant to help bring clients’ perspective and understanding from a sales, process, and operations flow. I […]

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On the road to insurance 2020

We are just a few days away from the publication of our next IBM Institute for Business Value insurance study (first preview here). New studies often prompt me to look back at previous publications, to see how inferences we drew about the future of the insurance industry held up. For our study Insurance 2020: Innovating […]

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Behavioral Analytics… Predicting how I knew you would say that…

Usage based insurance programs are on the rise; from how a driver behaves behind a wheel to how often or where that person does their driving. Once collected the behavioral information is analyzed and being used to drive greater precision into risk categorization and pricing. The term ‘telematics’ has come to represent this popular model […]

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