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The Future of Insurance for the Modern Retail Consumer As I find myself growing older, embracing fatherhood, and trying to maintain my adventurous spirit (I’d like to think), insurance, as boring as it sounds generally, has become an interesting topic. This combined with my experience and interst in strategy, GTM, Saas and general forward technology and innovation, means that I find myself imagining an optimised product future. It's clear that our current model of separate policies for different aspects of our lives is becoming outdated. Trying to think about what’s possible with currently available technology, comprehensive insurance bundles might be a way forward: Gaps in Current Retail Insurance Offerings: 1. Fragmentation: Managing multiple policies leads to potential coverage gaps or overlaps. 2. Inflexibility: Policies often don't adapt easily to life changes. 3. Complexity: Understanding different policy terms and conditions is challenging. 4. Inconsistent Customer Experience: Quality of service can vary across different types of insurance. 5. Lack of Holistic Risk Assessment: Separate policies miss the big picture of an individual's overall risk profile. Benefits of an all encompassing bundle: 1. Simplicity and Convenience: A single, all-encompassing policy would significantly reduce administrative burden. 2. Time-Saving: Managing all insurance needs through one portal is invaluable in our fast-paced world. 3. Cost-Effectiveness: Bundling has the potential to lower overall premiums. 4. Holistic Risk Management: A comprehensive view could lead to more tailored coverage. 5. Life-Stage Adaptability: A bundled product could automatically adjust as we progress through different life stages. Key factors for Success: 1. Customer Experience (CX) and Pricing: Intuitive interface and clear value proposition. 2. Transparent Communication: Clear explanation of coverage constraints. 3. Streamlined Claims Process: A top-notch experience during claims is crucial. 4. Financial Transparency: Openness about claim-to-revenue ratio. 5. Personalization: Leveraging data analytics and AI for evolving, personalized packages. Challenges and Opportunities: Implementing comprehensive bundles isn't without hurdles. Regulatory complexities, pricing models, and sophisticated risk assessment are significant challenges. However, these also present opportunities for innovation. The Road Ahead: I see the value in a single, adaptive insurance solution. Presumably, these are areas that are being thought about. It feels like the time is ripe for the insurance industry to step up and deliver integrated, user-centric solutions that grow and adapt with us, providing seamless protection across all aspects of our lives. I can only imagine the opportunity on the commercial side. Looking forward to move into safe and secure insuretech offerings. Would be great to hear thoughts re. this topic. #InsuranceInnovation #Insuretech #CustomerExperience #FinTech #RiskManagement

Why digital transformation is over-hyped in Insurance Broking?? Digital transformation has certainly made a significant impact on the insurance industry, including insurance broking. However, the perception that digital is overhyped in insurance broking can arise from several factors: 1. Complexity of Insurance Products: Insurance products can be complex, requiring detailed explanations and personalized advice. Digital platforms, while efficient for basic transactions, might struggle to capture the nuanced needs of individual clients. 2. Human Touch: Many clients value personal relationships with brokers. This human touch helps build trust and provides reassurance, especially when discussing sensitive matters like insurance claims or tailored coverage options. Digital platforms can struggle to replicate this level of personalized service. 3. Limitations in Automation: While automation can improve efficiency, some aspects of insurance broking require human judgment and creativity. Automated systems can struggle with unique or complex cases where standard algorithms fall short. 4. Regulatory Challenges: The insurance industry in India is heavily regulated, and digital systems must comply with various laws and regulations. This can slow down digital transformation, as companies must ensure compliance with data privacy and other legal requirements. 5. Legacy Systems: Many insurance brokers rely on legacy systems, and integrating new digital technologies can be costly and time-consuming. This can hinder the full adoption of digital tools and create resistance to change. 6. Overpromising Technology: There's often a gap between the promises of technology and the actual outcomes. Insurtech startups and other digital solutions might be hyped as game-changers, but they might not always deliver the expected results, leading to skepticism. 7. Client Diversity: Insurance brokers serve a diverse range of clients, from individuals to large corporations. A one-size-fits-all digital solution might not cater to the specific needs of such a varied clientele, leading to dissatisfaction. 8. Data Security and Privacy Concerns: With the increased use of digital platforms, data security and privacy become more significant concerns. Clients might be wary of sharing sensitive information online, leading to hesitation in fully embracing digital solutions. While digital technology has tremendous potential to improve efficiency and customer service in insurance broking, these factors suggest that it's not a panacea. The human element, coupled with the industry's inherent complexities and regulatory requirements, ensures that traditional broking practices still hold significant value. Digital should be viewed as a tool to complement, rather than replace, the core human aspects of insurance broking.

The insurance industry has often faced a challenging public image. (But it doesn't have to be this way.) With empathy at its core, insurance can tell a different story. When paired with world-class technology, empathy transforms the insurance industry—creating a better experience for customers and businesses. At its core, empathy means recognizing the human side of every interaction and understanding the unique circumstances of each individual—whether an insured, claimant, or agent. Empathy requires responding thoughtfully to each person's needs and designing processes prioritizing their well-being, even when faced with internal mandates. Technology plays a crucial role in supporting this empathetic approach in today's landscape. By leveraging innovations like AI, automation, and data analytics, insurers can respond faster, more accurately, and more precisely. For example: → AI-driven chatbots can assist customers with complex queries, providing helpful and empathetic responses. → Automated claims processes reduce wait times and provide real-time updates, keeping customers informed and reassured. → Data analytics helps insurers anticipate customer needs and offer personalized solutions. When empathy and technology work in harmony, the result is a more responsive, efficient, and customer-centric industry. The outcome is improved customer satisfaction and a more substantial, trusted industry reputation. By focusing on empathy and leveraging technology, the insurance industry can: → Build stronger relationships → Drive long-term success → Enhance its reputation At the end of the day, the insurance industry is an important player in the structure of our economy. But it’s crucial to remember this economy is made up of people and helps people manage their risk. When risk is not managed correctly, it can cause great harm, highlighting the industry’s role in fostering stability and resilience. As we enter the new year, it’s an opportunity for industries to redefine their values and priorities. For the insurance industry, this is a moment to embrace empathy and innovation to transform its public image. In 2025, the insurance industry can redefine customer experience by committing to empathy-driven practices and harnessing the power of advanced technology. This intersection of empathy and technology offers a unique opportunity to rebuild trust and deliver better outcomes for all. Special thanks to my colleague, Tom King, who strongly advocates for empathy and emphasizes how it should be a foundational element in the insurance industry's operations. His insights continue to inspire a more human-centric approach within the field. Let’s make 2025 the year the insurance industry embraces its human side. Whether you’re an industry professional, a customer, or a stakeholder, your role in fostering empathy can make a lasting difference. #Technology #AI #Insurance #Empathy #Customer Salesforce

HOW DIGITAL SOLUTIONS ARE TRANSFORMING THE INSURANCE BROKERAGE INDUSTRY IN AFRICA As the African insurance market expands, digital transformation is no longer a nicety, but a necessity. Vitse-Broker Ultimate 365 is paving the way. The insurance brokerage industry in Africa is rapidly embracing digital transformation to meet increasing demands for efficiency, customer-centric services, and regulatory compliance. Traditional methods are insufficient for managing modern insurance complexities. The African insurance sector is prime for transformation. Digital solutions optimize workflows, save time, and reduce costly errors. For African brokers, adopting digital tools isn't just about efficiency; it's about future-proofing their businesses. With increased regulatory demands and heightened competition, a comprehensive digital solution like Vitse-Broker Ultimate 365 can help brokers stay compliant, accessible, and competitive in a growing global market. Vitse-Broker Ultimate 365 is a comprehensive platform that combines CRM capabilities, data analytics, automation, and compliance support. This platform streamlines routine tasks, enhances client relationships, provides actionable insights, and ensures regulatory compliance. By harnessing the power of Vitse-Broker Ultimate 365, insurance brokers can make informed, data-driven decisions that enhance their services, target new markets, and increase client satisfaction. Digital transformation represents a strategic shift toward operational resilience, customer-centricity, and innovation in the insurance brokerage industry. Brokers embracing digital transformation will enhance operational efficiency, deliver better services, and strengthen their market presence. As the African insurance sector continues to grow, brokers who adopt a digital-first approach will find themselves better positioned to meet client needs and navigate a complex regulatory environment. We have witnessed significant traction with Vitse-Broker Ultimate 365, having onboarded over 8 brokerage companies in the last 3 months. This milestone demonstrates the industry's readiness for digital transformation and our solution's effectiveness in driving meaningful impact and growth. At Vitse Technologies, we are proud to be part of Africa's digital transformation journey in the insurance sector. Vitse-Broker Ultimate 365 empowers brokers to operate more efficiently, comply seamlessly, and grow sustainably. As we continue to innovate, our mission is clear: to support insurance brokers across Africa with digital solutions that drive meaningful impact and growth. Connect with our Product Managers, Adetutu Adewuyi, CSM and Fareedah Alaka, CSPO, to learn more about Vitse-Broker Ultimate 365 and how our technology can support your growth in the insurance industry.

Insurance IT Spending Market Growth and Global Industry Status by 2033 https://lnkd.in/dQSJhr4U Insurance IT Spending Market size is expected to be worth around USD 1,105.6 Billion by 2033, from USD 403 Billion in 2023, growing at a CAGR of 10.6% during the forecast period from 2024 to 2033. The Insurance IT Spending Market encompasses the investments made by insurance companies in information technology to improve operations, customer service, risk management, and overall efficiency. This includes spending on hardware, software, services, and telecommunications. Insurance IT spending is critical for modernizing legacy systems, enhancing digital capabilities, and improving data analytics. This investment supports various functions such as underwriting, claims processing, policy administration, and customer engagement. Key Trends Increased Focus on Digital Transformation: Insurance companies are investing heavily in digital technologies to enhance customer experience and streamline operations. Adoption of AI and Machine Learning: Growing use of AI and machine learning for risk assessment, fraud detection, and customer service automation. Cloud Migration: Accelerated shift towards cloud computing for cost savings, scalability, and agility. Cybersecurity Investments: Heightened focus on cybersecurity measures to protect against data breaches and cyber threats. Regulatory Compliance: Continued investments to meet evolving regulatory requirements and ensure compliance. Personalization: Use of data analytics to provide personalized insurance products and services. Market Drivers Customer Expectations: Rising customer demand for digital and mobile-friendly services. Competitive Pressure: Need to stay competitive by adopting advanced technologies. Operational Efficiency: Drive to reduce operational costs and improve efficiency through automation and technology. Risk Management: Enhanced risk management through data analytics and predictive modeling. Regulatory Compliance: Ensuring compliance with stringent regulatory requirements. Cyber Threats: Increasing cybersecurity threats necessitating robust security measures. Get Free Exclusive PDF Sample Copy of This Research Report https://lnkd.in/dqgUknDY Market Segmentations: Global Insurance IT Spending Market: By Company Accenture CSC Fiserv Guidewire Software Oracle Andesa Cognizant EXL Service FIS Genpact Majesco Microsoft Pegasystems SAP StoneRiver Global Insurance IT Spending Market: By Type Software Spending Hardware Spending IT Services Spending Global Insurance IT Spending Market: By Application Accident and Health Life and Annuity Reinsurance Commercial Property/Casualty Personal Property/Casualty Enterprise Utilities Others Click Here, To Buy Premium Repor

I started PS Advisory because I wanted to make a positive difference in the Insurance Industry. In my corporate insurance career, I saw how powerful systems and good data could transform decision-making. But I also witnessed talented people struggling with outdated systems, unable to perform at their best. It wasn’t a matter of effort — it was the technology holding them back. That’s when I knew something needed to change. Recognizing Salesforce's transformative potential to revolutionize how businesses operate and deliver exceptional service, I founded PS Advisory. I was driven by a belief in Saleforces ability to empower companies so I took a leap of faith to become part of this industry-altering change. I could not have started PS Advisory without the support of some important people at Salesforce. Individuals who believed in my potential — because, at that time, that's all it was: potential. They invited me into deals and trusted me with their customers. That was the beauty of the Salesforce ecosystem — individual Account Executives (AEs) and Solution Engineers (SEs) were empowered to make decisions like that. They had the power to cut through bureaucracy and get things done. In a way, that was the genius of the Salesforce model. Scaling PS Advisory demanded a team aligned with my vision for industry improvement. I carefully selected individuals with both the necessary skills and a deep commitment to client success. This exceptional team, comprised of Salesforce engineers, architects, analysts, and QA experts, delivers high-quality solutions. The team empowers our clients to excel by optimizing their processes, enhancing customer experiences and driving data-driven decisions. Reflecting on my initial vision for PS Advisory, it's clear that we've made a significant impact on the insurance industry. Some of our biggest successes include working with N2G and Louisiana Workers' Compensation Corporation (LWCC). In 2023, our work with N2G earned the Celent Model Insurer Award for Digital and Emerging Technologies. This award highlighted N2G's advanced platform, which offered a single multi-option quote across all business lines using modern systems. In 2024, LWCC received the Celent Model Insurer Award for Legacy and Ecosystem Transformation. This award recognized LWCC's modernization efforts, including better communication with agents, an improved broker portal and a new system that made underwriting decisions faster and more accurate. Our success extends beyond awards. It's reflected in our clients' achievements: ↳Increased efficiency ↳Improved decision-making ↳Enhanced customer satisfaction We continue to be committed to guiding our clients through the evolving insurance landscape. As AI evolves, we will prioritize responsible adoption, ensuring data security and trust are paramount. My vision for PS Advisory remains unchanged: to make a positive difference within the Insurance Industry. #PSAdvisory #Salesforce #Insurance #AI

7 Characteristics of Security Guard Companies that Successfully Manage Their Insurance Cost Like most things in life, there is no magic pill to obtain the best results. To achieve what you're looking for, results will take longer than you want. The same is true when it comes to managing your insurance cost. Shotgunning the market to various brokers at renewal is not going to yield the long-term results you want. Paying attention to the insurance 90 to 60 days before the policy renewal date is like crash dieting to lose 20 pounds and get lean 1 week before your summer vacation. After more than 2 decades of insuring the security guard industry, these are the tactics used by the most successful companies at reducing or managing their insurance cost: ➡ Actively manage and work on the insurance throughout the policy term View their broker as part of the company risk management team ➡ Work with an insurance broker that specializes in their industry ➡ Do not have a “Shop” insurance mindset but rather a manage the insurance and risk on a daily, monthly, and quarterly basis with their insurance broker ➡ Are in regular contact with their broker to discuss claims, new contracts being bid on, and possible additional insurance to properly protect their company, employees, and clients The key takeaway is that managing your insurance cost and policy is not a one-time-a-year event... At renewal. Managing the insurance throughout the policy term removes the need to “shop” the insurance at renewal. When managed properly, with a specialized agent, you no longer have to “shop” the insurance. Instead, you will market the renewal in a way that insurance underwriters will “compete” for the chance to write your insurance. In the long run, managing the insurance throughout the policy year is less overwhelming than managing it at renewal. There are no surprises, no throwing it against the wall to see what sticks.

Out with Insurance - In with Open-Sourced, Decentralised, Smart Contract Insurance Block Chains Insurance, everyone loves to hate it. It's just one of those things you can't live without right? What if an elephant walks into my house and breaks my tea cups?  What if a jumbo jet decides to emergency land on my porch? It's these very real examples that drive us to throw money into insurance. After a little digging into the insurance world you will quickly notice its a pretty simple game Extremely Simplified Example: - I am worried about X outcome  - I go to a provider and ask them to insure me in order to protect me from the risk of this happening - Insurance gives me a monthly plan - they collect monthly revenue - They invests this money and their previous reserves into a diverse portfolio of assets  - This attempts to grow the large amount of capital they are accruing. POTENTIAL OUTCOME 1 - Outcome X happens - Insurance saves your life because you wouldn't have been able to afford that hospital trip. POTENTIAL OUTCOME 2 - Outcome X never happens - Insurance celebrates (think cigars, caviar and champagne - you know, the things you buy with other people's money) - They took the risk right? So, it's simple, they get the reward. POTENTIAL OUTCOME 3 - Outcome X happens - You claim and Insurance says, "Psyche, the tire tread on your car was too low, lol, no payout" - They celebrate - They out witted you and you didn't read the fine print, they get the reward POTENTIAL OUTCOME 4 - Outcome X happens - You claim and insurance cover's some of it but your excess is high The potential outcomes go on. We need insurance. It puts a basic human fear of the unknown at ease and there are pools of capital that are willing to take the risk and get the reward. This got me thinking... What if you built an open-sourced, decentralised, smart contract insurance block chain that took the dividends and gave it back to the people who are insured on the block chain. If there aren't any claims, great! You get your money back over time.  If there are claims, great you are insured, that's epic. How this could look 1. Peer-to-peer risk pooling 2. Transparent risk assessment 3. Automated claims processing 4. Tokenised ownership 5. Decentralised governance 6. Privacy-preserving data sharing 7. Interoperability between pools Just like we're seeing with health and fitness personalisation, why shouldn't insurance be more transparent and self-governed, empowering users rather than companies? [3/100]

Guillaume Bonnissent’s Insurance Technology Diary Episode 19: Build or buy? Almost every new MGA expects to gain competitive advantage from their technology. It could be their ability to build products quickly, or adjust rating factors easily, or perhaps incorporate multiple data sources. Maybe it’s to price dynamically based on portfolio exposures, or even the ability to do all this seamlessly on a single platform. That’s up to each MGA. But should they build or buy? Several factors must be weighed into the decision. First, it’s almost certain that building costs more than buying. Because underwriting, not programming, is the expertise of (probably) all MGA founders, the building must be done by an additional partner or a contracted third-party. That’s expensive. Second, in every case the process involves a large degree of wheel reinvention. The bulk of what any underwriting platform does – 90% – is exactly the same as what any other one does. When you lift the bonnet, it’s just an engine under there. And employing a team of coders is not only wasteful, it’s pointlessly slow, since multiple iterations will be required before the system runs as smoothly as any existing engine. A third major consideration is the unique functionality that provides that elusive competitive advantage – the custom 10%. Many off-the-shelf underwriting and exposure management systems are relatively or entirely inflexible. However, some companies deliver a core, 90% product, then adjust the front-end and functionality to suit each client’s specific needs. Duplication is minimised, and the 10% delivered without compromise. A fourth factor relates to the value of the business. In short, any technology built is worthless. Because an MGA doesn’t sell its technology to competitors, it adds nothing to the valuation. When it comes time to cash in, the venture capitalists and trade investors will base their price on EBITDA. Anything that doesn’t add to earnings is worthless to them, making in-house technology investments unrecoverable. Since a flexible software house can deliver faster and very much cheaper (and better too, if it’s run by a former Chief Underwriting Officer), little point remains in spending a fortune that you'll never get back.

Embedded insurance could lead to unprecedented levels of coverage. Will democratization of insurance disrupt the very foundations of the industry? This is a question I put to Igloo co-founder and CEO Raunak Mehta who I had the pleasure of reconnecting with this past week. While a lot of insurtech has focused on distribution—and there is no doubt that the cost of traditional distribution models limit reach—the real value in applying technology to insurance lies deeper: in the packaging. Products are often too complicated, predicated on old sales and processing models, with corresponding jargon that inevitably develops over the years. It doesn't just make it difficult to buy, it makes it difficult to sell! Embedded insurance integrates coverage directly into the delivery of a non-insurance product or service. Examples include coverage included in a bill payment, or protection added to a purchase at checkout, or when getting into a ride share. Ideally embedded insurance is (mostly) invisible to the consumer. Digital is allowing for more people to be covered one ride or one bill payment at a time. It also allows risks to be underwritten at a hyper-granular scale. At this scale and correspondingly smaller and smaller price points, assurance and cover simply becomes an integrated part of a non-insurance company's product or service. Every company can be an insurance provider. Fun fact: I first met Raunak before the pandemic. He presented Igloo to me and his title slide prominently displayed "insurance for all". I knew immediately that they shared our vision at UBX of opportunity and access for all. That opportunity and access must be protected and secured! What do you think? Will embedded insurance disrupt the insurance industry?