Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: new digital solutions for life insurance, COVID-19 impacts on insurance market.
New digital solutions for purchasing life insurance
LexisNexis® Risk Solutions and iPipeline recently announced the integration of several LexisNexis data solutions into iPipeline’s SSG Digital® platform for the iGO® e-App and Resonant® New Business and Underwriting products, providing even more ways to improve the experience of purchasing life insurance. This new integration will provide an end-to-end integrated solution that helps improve data accuracy and minimizes identity risks. And, for both consumers and producers, the application, decisioning, and delivery process becomes even faster and more efficient. Read the press release for more information.
Coronavirus impacts on insurance market
Excerpted from U.S. P&C insurers face ‘limited exposures’ from coronavirus, by Heather Turner for Property Casualty 360: COVID-19, the now-declared pandemic by the World Health Organization, has infected more than 118,000 people across 114 countries and has caused significant disruptions across the global insurance industry. While the virus will undoubtedly impact the health and life insurance markets, the U.S. property & casualty (P&C) sector may emerge relatively unscathed once the pandemic subsides, says recent rating agencies’ analyses.
Encourage home policy check-ups.
2019 marked the fifth year in a row that the U.S. experienced 10 or more weather disasters costing more than one billion dollars in damages. As the seasons change from winter’s ice and snow to tornadoes in the warmer spring weather, it’s a good time to work with your homeowners to give their home policies a check-up. Sarah O’Brien, in her CNBC Personal Finance article, There are some good reasons to check your homeowners insurance heading into spring, provides tips for consumers on revisiting their policies.
Technology will transform commercial lines this year
Excerpted from Mike Furlong’s Property Casualty 360 article, 2020 is the year technology will transform the commercial lines experience: Commercial lines represent a growing insurance segment where agencies have the opportunity to specialize and differentiate their business. At the same time, every business is different and complex, making the application and renewal process inherently inefficient for both agents and their clients. As we enter a new year and decade, the broken and hampered down manual commercial lines process is on the verge of being transformed for years to come as a result of advancements in technology and automation.
Panic shopping for life insurance
Excerpted from Consumers Panic Shopping for Life Insurance in the Face of Coronavirus, but Amy Danise for Forbes: The panic shopping for coronavirus planning doesn’t end with food, water and toilet paper. Some consumers are also panic shopping for life insurance. In the face of widespread fears about infections and quarantines, many Americans are getting their financial houses in order. While the traditional life insurance application process can take several weeks to complete, life insurance consumers now have options for speedy applications.