Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: InsureTech Connect keynote, millennials should buy life insurance now, manage claims with analytics.
InsurTech Connect keynote all about the business
Excerpted from InsureTechConnect: Insurance Industry Needs to Understand What Business It’s In, by Jim Sams for Insurance Journal: People who buy gasoline generally don’t care for the product or enjoy the experience of pumping gas: They just want to drive. Chris Colborne opened with that analogy during a keynote presentation Tuesday at the InsureTech Connect conference. He said that the insurance industry should be in its heyday with rising perils such as global warming and cyber risks, but the industry needs to understand what business it’s in.
Now is the time for millennials to buy life insurance
Millennials may be the most at-risk generation when it comes to life insurance, according to one employee benefits solutions company. Burdened with student loan debt and other financial challenges, this generation is experiencing a lot of stress about finances. But, this is the best time for them to purchase a life insurance policy as premiums may be lower based on age and overall health. Read more in Millennials Most At-Risk When It comes to Life Insurance.
Speaking of life insurance
September is Life Insurance Awareness Month, and even though the month is coming to a close, it’s important to continue to promote awareness about the benefits of life insurance. According to the 2019 Insurance Barometer study, most people understand the need for life insurance. But only 57% actually have coverage. Which leads to the question: why are so many uninsured, or underinsured? The Conway Daily Sun covers the myths and truths about life insurance in September is Life Insurance Awareness Month.
Manage claim outcomes with analytics
Excerpted from Chris Tidball’s Property Casualty 360 article, Using analytics to drive claim outcomes: In insurance terms, think of it as leveraging analytics to control leakage. How can carriers leverage analytics to drive better outcomes? This could range from measuring internal metrics, such as disposition, to claim settlement metrics, such as average bodily injury (BI) paids. However, there are many other facets that are worth examining across the claims lifecycle.
Four steps for insurers to avoid privacy conflicts
With carriers preoccupied with cybersecurity rules to protect customer data, as well as compliance with a growing number of regulations designed to give people more control over the collection and use of their personal information, it’s no wonder most insurers take a defensive approach if privacy concerns are raised. But what if, as Sam J. Friedman asks in his Property Casualty 360 article, Time for insurers to be smarter about privacy, “insurers went on offense for a change?” Might they be able to engage more proactively, constructively, and transparently with customers on this touchy subject? In his article, Sam highlights four things insurers should be doing to avoid privacy conflicts.