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How Chatbots Make Insurance Customer Service a 24/7 Operation

March 06, 2019

As an industry, the insurance world remains a leader in advancing artificial intelligence.

In 2017, insurance companies invested an average of $124 million per company in AI. This translates to $54 million more than the average for all other industries, says VentureBeat’s Kelsey Down.

Chatbots are a form of AI that allow insurance companies to remain available to customers at all times — even when human staff members are occupied with other tasks or are out of the office, says Silky Sinha at DZone. As the technology improves, it may even be able to replace certain human members of the customer service team, creating a world in which customers have 24/7 access to insurance experts.

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To Win the Retention Game, Focus on the Value of Good Customer Service

February 27, 2019

In an insurance industry battling rising costs and losses, the struggle to attract and maintain customers is real.

Fortunately, studies show that existing customers value good service and meaningful relationships even more than low rates. This means that in order to maintain the customer relationships they already have, insurers must focus on customer experience and engagement.

Here’s why customers leave after a closed deal, and what you can do to forge stronger, more profitable long-term relationships.

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Why P&C Insurance Needs More Personalized Customer Messaging

February 20, 2019

Property and casualty insurers are struggling with increasing claims and at the same time customers are dropping their coverage. Meanwhile, customer satisfaction with insurance purchases is at an all-time low, say PropertyCasualty360 writers Tom Super and Colleen Cairns.

According to Super and Cairns, one reason for rampant customer dissatisfaction is that customers no longer see the total value proposition the insurance company poses. They feel lost in the shuffle and as if they will never see a return on the money they pay for coverage.

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Building Customer Relationships: How Insurance Companies Will Survive Rising Costs

February 13, 2019

Retaining insurance customers is no longer about simply offering the best possible price. Instead, P&C insurers must focus on selling their customers on the total value of the insurance relationship.

Loyalty is a critical element of company-customer relationships in a wide range of industries, including insurance.

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Blockchain in the Insurance Industry: Seizing Opportunities and Thwarting Risk

February 06, 2019

Forty-six percent of insurers expect to begin using blockchain within the next two years, and 84 percent say the technology will change the way they do business, says Jim Struntz at Accenture Insurance.

It’s clear that blockchain offers a number of exciting possibilities for P&C insurers, but its implementation comes with both risks and challenges. Here’s where blockchain stands today — plus how to understand the inherent risks and opportunities of using this exciting technology in insurance.

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Smart Home Devices: How Can P&C Insurers Respond to Security Risks?

January 30, 2019

Smart devices have become a popular topic in the P&C insurance world. Tools like smart thermostats, smoke detectors and water sensors offer the potential to halt property damage before it starts, protecting insurance customers from injury, property loss or both. Yet these devices come with risks.

Smart devices often represent the most vulnerable point on any given network, exposing customers and insurers alike to potential risks. Insurance companies that understand these risks are better poised to protect both customers and themselves.

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Predicting the Future of Insurtech: What Today’s Advancements Mean for 2025

January 23, 2019

Insurtech came into its own in 2018. We saw insurtech startups successfully funded or acquired, and established insurtech companies beginning to actually compete with legacy insurers.

These insurtech trends will have a profound impact on the industry as 2019 unfolds. By 2025, insurtech will be everywhere — and many of the old habits of the insurance industry will likely be replaced by technological tools that offer better results, lower costs and happier customers.

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New Year, New Frontier: 19 Insurance Innovators to Follow in 2019

January 16, 2019

From mobile apps to machine learning, innovation in the insurance industry is moving faster than ever. Industry innovators are exploring the new frontier of insurance through smart investments, creative problem solving and new product and service development.

To stay on top of the latest wisdom in the P&C insurance industry, put these 19 insurance innovators on your follow list in 2019.

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A Year of Innovation: Don’t Miss These 2019 Insurtech Conferences

January 09, 2019

It’s the beginning of the year and time to start planning events travel. 2019 promises numerous opportunities to learn, explore and share at insurtech conferences.

From industry favorites to innovative new faces, here are the insurtech conferences no P&C insurer should miss in 2019.

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Smart Homes: Are P&C Providers Ready for The Privacy and Security Challenges?

January 03, 2019

Smart home devices offer unparalleled opportunities to prevent or mitigate damage, but they also pose a minefield of risks.

On one hand, smart home devices could revolutionize risk assessment and prevention in P&C insurance because they can monitor building operations and send early warnings. Yet insurers must also be prepared for the privacy and security concerns these devices raise.

Here’s what insurers need to know about the current state of smart home devices — and how, as a means to prevent loss, they can offer great hope to insurance companies.

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