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Value-Added Services: The Key to Customer Loyalty for P&C Carriers

October 17, 2018

In a rapidly changing industry, some property and casualty insurers are pulling ahead of their competitors by focusing on customer satisfaction and retention.

“The insurance industry as we know it is at the edge of a new business environment,” says Michael Costonis  <https://newsroom.accenture.com/news/insurers-that-transform-their-businesses-and-operating-models-could-see-us-375-billion-in-new-revenue-growth-accenture-analysis-finds.htm>, head of Accenture’s global insurance practice. “Breaking away from the pack and capturing new revenue opportunities requires a shift in business mindset – a shift from product-focused to customer-focused” he adds.

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Why Process Matters When Implementing New Technology in Insurance Field Offices

October 10, 2018

The insurance industry is undergoing its own technological revolution — not just in the tools used but also in who, where and how those tools are used, says Alexander Koles  <http://finteknews.com/the-technological-revolution-in-insurance/>, founder and CEO of Evolve Capital Partners.

Currently, 75 percent of insurance executives predict that within five years their internal and freelance workforces will blend together thanks to technologies that make it possible for workers to complete tasks from anywhere, says Cindy De Armond  <https://insuranceblog.accenture.com/in-the-insurance-technology-revolution-its-now-power-to-the-people>, Accenture P&C Practice Lead for North America.

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How P&C Carriers Can Stay Flexible in a Rapidly Changing World

October 03, 2018

Nimble, flexible, agile. They’re all demands placed on every company today, and their pervasive pressure has turned them into corporate buzzwords. Yet many property and casualty insurers are left to wonder: What does increased agility look like, and how does it improve our bottom line?

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How Insurtech Helps Build Customer Trust in an Age of Uncertainty

September 26, 2018

The insurance industry was built on mutual trust. Insurance companies trusted their insureds to give truthful accounts of losses and the events that caused them, and insureds in turn trusted their insurance company to pay what was owed under the terms of the insurance contract.

The ability to gather and parse massive amounts of data, however, has changed the way insurance companies and their customers regard the trust relationship, Wilds Ross  <https://www.forbes.com/sites/kpmg/2017/05/10/insurers-pursue-trust-amidst-flood-of-new-customer-data/#1ab36c835f08> at KPMG says. Available data can now help insurance companies create personalized coverage for each customer, but it can also raise doubts in customers’ minds as to how that information is protected and used.

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Is Your P&C Insurance Marketing Team Ready for Voice Search?

September 19, 2018

Who do property and casualty insurance customers turn to when they need help?

In the past, answers have included insurance agents, customer helplines and company websites. Today, however, customers are increasingly likely to consult Alexa, Siri or Cortana.

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Will Technology Kill the Auto Insurance Industry?

September 12, 2018

The auto insurance industry has been experimenting with technology and tools that are completely changing the way we think about cars.

Self-driving vehicles, ride-sharing and vehicles that include their own insurance in the sticker price are all recent innovations — innovations whose long-term effects are not yet known.

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Digital Distribution: A Guide for P&C Professionals Who Don’t Know Where to Start

September 05, 2018

Property and casualty insurers aren’t shying away from digital distribution. “[F]our out of five insurers either have, or are planning to set up, wholly digital sales processes in which humans are involved only when customers need advice,” Accenture global insurance industry senior managing director John Cusano  <https://www.accenture.com/us-en/insight-insurance-distribution-survey> reports.

But taking digital distribution from concept to reality still poses major challenges for many P&C insurers.

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Build Stability: How to Use Digital Tools for Better Customer Retention

August 29, 2018

Customer loyalty and retention are essential for stability in a rapidly changing world — and the world for property and casualty insurers is undergoing bigger changes than most.

Steadily decreasing auto insurance numbers, pitted against rising property insurance claims from extreme weather events, are leading to a state of uncertainty in which the bulwark of customer loyalty matters more than ever.

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Drone-Based Damage Assessment: Is the Technology Worth the Investment?

August 22, 2018

Drones with onboard cameras have captivated national attention both as toys and as a potential privacy or security risk.

Property and casualty insurance companies, however, have found another use for the devices: as a means to assess damage while limiting the risk to humans who might otherwise be forced to enter dangerous areas.

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Marshalling Your Digital Resources for Direct-to-Consumer Sales

August 15, 2018

As direct-to-consumer sales proliferate in the digital age, insurance companies face both a challenge and an opportunity.

The challenge is to stay relevant. The opportunity is that P&C carriers can utilize new channels to make sales. As marketer Amanda Walgrove  <https://contently.com/strategist/2016/05/11/insurance-companies-took-content-marketing-storm/> points out, digital channels represent an opportunity for insurance carriers to impact an industry that needs creativity to reach customers.

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