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Getting it right: Why is claims satisfaction so high? | Insurance Blog

Getting it right: Why is claims satisfaction so high? | Insurance Blog

Insurance
[ad_1] IAn insurance claim comes at a difficult time in a customer's lifemaking it an often negative experience. At least, that's what you might assume. That's why I was surprised by my latest research report, Why artificial intelligence in insurance claims and underwritingAnd the Speed ​​of settlement drives claims satisfaction in insurance Overall, our survey found that 70% of policyholders said they were either satisfied or very satisfied with the way the insurance company or insurance agent handled their claim. Click/tap to view larger image. As for the claims, that's too high. And our survey isn't the only data point that shows this. a 2021 JD Power survey focused on auto insurance It showed a record level of customer satisfaction with claims, reaching 880 on a 1,000-po...
Venture Capital Investors & Startup Founders

Venture Capital Investors & Startup Founders

Insurance
[ad_1] Startups at every stage of their growth cycle are defined by two important factors: their capacity for handling risk and their ability to attract funding. Risk-taking is an essential part of the growth and innovation that startups need to succeed. Without adequate investment, however, no amount of risk-taking is enough to take a startup to the next level.  Startup investments, especially in the form of VC funding, are often seen as mitigating risk. After all, many founders and entrepreneurs seek to build relationships with VCs because doing so gives them access to the capital they need to grow their business. For many startups, the ideal investor will act as a strategic partner with the kind of experience, expertise, and connections that can prove invaluable to new and smaller co...
Best Practices for Carriers, Agencies, and MGAs/MGUs

Best Practices for Carriers, Agencies, and MGAs/MGUs

Insurance
[ad_1] This post is part of a series sponsored by AgentSync. As our pumpkin spice latte approaches, we can almost smell the advent of a very busy time of year for carriers, agencies, and MGAs/MGUs. Yes, you guessed it, we're talking about the Medicare open enrollment season - from October 15 to December 7. If you're a carrier, agency, or MGA/MGU and trying to deal with the amount of work you need to do before, during, and after the Medicare open season, don't be afraid. We're here to walk you through some best practices to ensure the season runs smoothly for you, your producers, and your customers. Why is open Medicare so important? The Medicare open season is an opportunity for Medicare beneficiaries to join the Medicare Advantage plan best suited to their needs. Important to...
Investment Law Group Employs Risk Transfer

Investment Law Group Employs Risk Transfer

Insurance
[ad_1] Who is the Investment Law Group? The Investment Law Group From Davis Gillett Mottern & Sims LLC is a small law firm focused on delivering value to investment managers and entrepreneurs. The firm leverages the extensive experience of its partners as lawyers, investors and business owners to provide actionable insights to its clients. The Investment Law Group was founded in 2002 and is headquartered in Atlanta, Georgia. The firm provides expertise in forming and operating hedge funds and other private fund structures, and works with investment managers across a range of liquid and illiquid strategies. Partners at Investment Law Group also advise entrepreneurs and business owners through posts specifically designed to assist companies as they develop and grow. In working with ...
Prime cyber insurance for growth by optimising caps, capacity and capital | Insurance Blog

Prime cyber insurance for growth by optimising caps, capacity and capital | Insurance Blog

Insurance
[ad_1] To develop the next generation of e-insurance - as a widely available and affordable mass-market product - carriers will need to solve long-standing structural issues first. We have identified three levers to achieve this: reduce of Individual Risks by Strengthening Cyber ​​Security The appropriate size Exposure, especially to cyber disasters sought Access to capital for electronic underwriters We've covered the first of them - mitigating risks by strengthening cybersecurity - previously. Today we move from individual risk to portfolio risk, and explore the other two leverages: equity exposure and the expansion of underwriting capital. At the moment, the Internet can take a very large toll, both through corrupt borders and catastrophic events that surround sev...
15 Cannabis Blogs You Need to Follow

15 Cannabis Blogs You Need to Follow

Insurance
[ad_1] Back when the term “420” was known only to a few cannabis enthusiasts, cannabis blogs were a jumble of product reviews, hazy musings, and pessimistic speculation that kind of seemed to make sense at the time. Today, with legal medical marijuana in 37 states and legal recreational cannabis in 19 states (and the number) cannabis blogs number in the hundreds, with everyone from the High Times to the New York Times weighing in on the state of the cannabis industry. Given that the cannabis market research company BDSA expects cannabis sales In the US to exceed $24 billion in 2021 (up 38% from 2020), the explosion in legitimate and mainstream news and information makes sense. These codes are a far cry from the logical (and grammatical) musings that were challenged at the time prior...
Medicare Open Enrollment Season: The Big Picture

Medicare Open Enrollment Season: The Big Picture

Insurance
[ad_1] This post is part of a series sponsored by AgentSync. It's almost that time of year again. No, we're not talking about the scary season or the holiday season or even ski season. Believe it or not, we're talking about something even more exciting: Medicare open enrollment season! Before you draw your attention to our great nerd for open enrollment in Medicare, remember: In 2021, there were approximately 63 million people enrolled in Medicare. That's a lot of people. And if you are an insurance producer, agency, carrier, or MGA/MGU responsible for enrolling even a portion of those Medicare beneficiaries, the open enrollment season is an opportunity to help put elderly and disabled Americans into the insurance plan best suited to meet their needs. So, if you ask us, this...
How employee sentiment impacts new working models | Insurance Blog

How employee sentiment impacts new working models | Insurance Blog

Insurance
[ad_1] My first post in this series analyzed the data to show how different business functions (human resources, operations, technology, and sales) view business models differently—and how leaders should consider this when deciding on work-from-home or in-office policies. In this blog, I want to focus again on those four groups, but look at employee feelings and how this can affect employee response to new business models. I will also compare the insurance industry to banking and capital markets, where applicable. Employee support influences business model decisions Part of our back-to-work research involved asking whether employees feel generally supported by their employer in the insurance industry. Across all four categories, the majority said they felt "very well ...
The Future of Medicare Advantage and Supplement Insurance Producers

The Future of Medicare Advantage and Supplement Insurance Producers

Insurance
[ad_1] This post is part of a series sponsored by AgentSync. Medicare faces many challenges in the coming years, as regulatory trends, federal funding, and increasing age play a role in the future of the program and its subsidiaries. However, with digital adoption starting sporadic and beginning with Medicare recipients, early rumors that they were going to replace digital producers have faded. In general, the industry understands that there will continue to be a human component in these human actions, but the question arises, what will this role be? With host Dominic DeSico, CEO of Benefit, David Doyle, CEO of Easy Health, CEO of AgentSync and co-founder Neji Sabharwal on June 8, 2022, at the Medicarians session, "Producer Role: The Next Ten Years." Application data only shows...
Retrenching: Startups During a Recession

Retrenching: Startups During a Recession

Insurance
[ad_1] On July 28th, the Commerce Department announced that the US economy had registered a second consecutive quarter of negative growth, meeting the technical definition of a recession. Since then, politicians and economists alike have been debating whether the country is in a full recession or not. Technical definitions aside, the truth is that it feels as if the country has been in an economic downturn for a while now. There is no shortage of reasons why it feels that way. Inflation is up 9.1% year-over-year, the largest increase in 40 years. To combat this rampant inflation, the Fed has increased interest rates at the steepest rate since the 1980s. The markets just experienced the worst first half in over 50 years. It’s no wonder then that only 13% of Americans consider economic co...