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As we reflect on the past year and express gratitude to our customers and partners, it’s clear that 2023 has been a pivotal year for our business and the insurance industry more broadly. Insurance has collectively seen $30B+ in net underwriting losses, 15 consecutive months of year-over-year double digit premium increases (the longest stretch since the mid-1980s), and a huge spike in consumers shopping, all of which have presented challenges and opportunities, setting the stage for what promises to be an interesting year ahead. We expect many of these trends to continue into 2024... ForMotiv LexisNexis Risk Solutions Adam Pichon Verisk Maroun S. Mourad https://lnkd.in/efdErcHT #insurance #autoinsurance #homeinsurance #insurancefraud #underwriting #insuretech #lifeinsurance

A recent article from Insurance Times highlights a growing concern in the industry: many claims experiences are eroding consumer trust. According to Greg Holmes, customers are increasingly facing poor communication, long processing times, and unmet expectations, leading to frustration and distrust. For the insurance industry, rebuilding trust is critical. Streamlining claims processes and improving transparency are essential steps to enhance customer experience and loyalty. As the industry moves forward, we must prioritize consumer satisfaction and ensure that every interaction builds confidence. https://lnkd.in/eQVcKc8n

Transforming engagement in the insurance industry, as discussed in the article, is crucial. By adopting customer-first strategies and using advanced technology, insurers can strengthen relationships and enhance satisfaction. I believe this proactive approach will not only foster customer loyalty but also spur innovation, making the industry more responsive to changing consumer needs and market trends. #insurance #customerexperience #engagement

𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐏𝐫𝐞𝐟𝐞𝐫𝐞𝐧𝐜𝐞𝐬: 𝐀 360𝐅 𝐏𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞 In the insurance sector, the pursuit of peace of mind is closely intertwined with diverse individual preferences and priorities. This landscape is a mosaic of needs, encompassing budget considerations and a desire for seamless experiences. For some consumers, affordability and efficiency are paramount. These cost-conscious individuals seek out aggregators for quick solutions at competitive rates. Conversely, there is a segment that prioritizes simplicity and convenience. AppleCare+ exemplifies this approach, setting a high standard for customer-centric insurance offerings. At 360F, we lead the way in understanding these nuanced preferences. Utilizing advanced AI-driven customer profiling, we decode the intricate tapestry of consumer desires and tailor solutions accordingly. Whether delivering cost-effective options or seamlessly integrating value-added propositions, our objective is clear: to provide bespoke peace of mind. Join us in exploring the dynamic landscape of insurance, where personalization is essential and customer experience is paramount. https://lnkd.in/gw9CJ5T7 #Insurtech #FinancialServices #RiskManagement #InsuranceInnovation #TechInInsurance #CustomerCentric #AIinInsurance #FutureOfInsurance #InsuranceSolutions #PersonalizedInsurance #InsuranceTrends #PolicyholderExperience #InsuranceCoverag #InsuranceProtection Michael Gerber, Anirudh Somani, FIA, MQF, Abbie Oliver, Brad Fancher, Tony Cañas, CPCU, MBA, AU, ARM, ARe, AIC, AIS, Kim Beach, Dustyne Bryant, MBA, CIC, CISR , Regina Wiedmann, Clemens Philippi, Benjamin Ang - Insurance Industry Speaker and Advocate, Andrew Yeo

With the evolving digital expectations of policyholders & agents, #insurance orgs must prioritize the ultimate #customerexperience. Check out InvoiceCloud’s Kyle Evancoe in Digital Insurance for more on how to not only streamline & personalize #CX, but to anticipate customer needs. https://ow.ly/Cfka50StZBv

How did GEICO, Progressive Insurance, and Allstate fare on J.D. Power's U.S. Auto #Insurance customer satisfaction rankings? Not as well as State Farm and other mutual #insurance companies? 👉 https://lnkd.in/enSDusA8 And none of them is at the top of the heap for usage-based #insurance UBI satisfaction. Nationwide sprinted to the lead for customers using #telematics-based #insurance programs. Carrier Management provides region-by-region comparisons of the overall scores and the ranking for #UBI satisfaction from the latest J.D. Power report. 👉 Bonus content: Find out why UBI scores look higher in the related article, "Why J.D. Power Auto Insurance Satisfaction Scores Are Lower in 2024" https://lnkd.in/ehAKN2rm

#ConsumerDuty is reshaping the #Insurance market, demanding good outcomes and fair value for customers. We provide vital data on complaints, claims, customer experience, and underwriting performance that meets many of the FCA’s requirements and helps to protect firms from facing regulatory action. How is your organisation adapting to this new market landscape? Comment below to share your experience or click on the link to find out more. #Regulation 

We've just released the latest edition of the #Insurance Sentiment Index, offering insight into consumer #sentiment towards 15 insurers here in the UK. We tracked 300,000 public online mentions across major UK insurance brands and discovered that 72% of #consumer support complaints were linked to turnaround time, driven by call centre experiences. How could you improve your customer experience? Take a look at our new report to find out more. #inclusiveinsurance #Transformation @DataEQ https://pwc.to/3Uwh43m 

Introducing our latest report: RISK & REWARD: THE 2024 INSURANCE INSIDER As we navigate through 2024, we're dedicated to keeping you informed and equipped to safeguard your most prized possessions. By staying ahead of the curve, we aim to help you control insurance costs not just for today but for future generations to come. Inside you'll find insights into enhancing customer experience, regional trends, a deep dive into why home premiums are increasing, E&S statistics, how to protect affluent passions and investments, an abundance of risk mitigation strategies, and more. Dive in and secure your peace of mind. https://lnkd.in/et-988aQ #InsuranceIndustry #2024Trends #RiskAndReward

With the growing frequency of severe storms, the insurance industry must enhance its catastrophe readiness and response. AI offers solutions by automating processes, such as digital first notice of loss (FNOL) with SMS capabilities, AI-powered record verification, fraud detection, and claims triaging. By expediting claims approval for certain criteria, insurers can ensure prompt assistance to claimants while optimizing resources for more complex cases. https://lnkd.in/grJe4bDj