Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: life insurance and Instagram, online policy shopping, and improving customer responsiveness.
Are you Instagram creeping?
Excerpted from Nathan Heller’s article, Why the Life-Insurance Industry Wants to Creep on Your Instagram, for The New Yorker: Insurance programs are broadly the targets of faked injuries, arson, and in-house theft, all of which merit the attentive investigation of policy-holders. So it is disappointing to think that such careful inquiries might be turned to customers’ endeavors at the gym. The image of an insurance-office stooge glancing back and forth between one’s health records and an Instagram shot of a cigarette snuck at a Christmas party is enough to make even a reasonable person live-blog a juice cleanse.
Trends on online insurance shopping
A new survey from Chubb, “Winning the New Client Journey,” finds that more than half of consumers (53%) have shopped online for homeowners insurance in the past 12 months, and 61% are likely to do so in the future. According to Chubb, this trend in researching and shopping online underscores an enormous opportunity for agents and brokers to more effectively help their clients choose the right coverage to meet very specific needs. Read the press release on PR Newswire.
Improve your customer responsiveness
Excerpted from How carriers can improve customer responsiveness by Bill Higbee for PropertyCasualty360.com: Lack of responsiveness is a primary business problem today. Insurance companies have learned that phone calls and email have lost their effectiveness due to spam and overuse, making it a challenge to reach and hear back from customers. The impact ranges from insurance agents trying to retain existing customers to delays for claims adjusters trying to make contact or gather documentation. Phone tag and delays have become the norm at a cost of depreciating customer experience and a loss of customers.
Keeping up with young agents
According to Insurance Journal’s 2018 Young Agents Survey, young insurance agents want more diversity, better career growth options, and for their companies to use faster and better technology. Most of all, today’s young agents want to see more young professionals like themselves in the independent agency system and in leadership roles. Read Andrea Wells’ InsuranceJournal.com article, What Young Insurance Agents Earn, Think and Say.
Protecting assets from earthquake losses
February is Earthquake Awareness Month, though the threat of seismic events occur year-round. According to the Federal Emergency Management Agency, earthquake losses in the United States total about $4.4 billion annually, with nearly 85% of that damage expected to occur in California, Oregon and Washington. In her article for PropertyCasualty360.com, Danielle Ling covers 5 ways to protect your assets from earthquake losses, according to Beecher Carlson/Brown & Brown, Inc.