Next Generation Insurance: Leading from the front.

Insurance companies had typically abdicated their customer ownership role to agents who would be able to reach the customer face to face and drive the sales & service processes. But insurers are increasingly asserting their primary role nowadays with customers willing (and desiring in many situations) to work directly with their insurance companies.

Continue reading "Customer who? Insurers regaining abdicated role..." »

Posted by George Ignatius at 06:32 PM | Permalink | Comments (2) | TrackBacks (0)

For coverage of my home and 2 cars, I have been with the same insurance company / agent for the last 6-7 years. My insurance agent (Agent A) is a business like person whom I have spoken to only the phone. She was referred to by my friend who told me that she can get me the best deal for car insurance. On the phone, she comes across non sense but very efficient and quickly helps me complete the transactions. She has called me to prompt me if I forgot a payment, ensured that I had all the possible discounts and been very responsive to any phone requests. Every once in a while, I have compared rates (mostly online) in response to a TV ad and found the alternatives to be far costlier than what I currently pay for the same coverage.

Continue reading "Tale of two captive agents" »

Posted by Srikanth Srinivasan at 11:30 AM | Permalink | Comments (2) | TrackBacks (0)

Generation Z (say born after 1990) has grown up with internet. When they were very young, they demanded the computer playing games to be online & are getting increasingly networked, when they have come to age of sharing, they invented ITunes, when they have come to live in the ‘world of friends’, they invented Face book, YouTube. And now they are for the first time entering the workforce in increasing numbers. That means for the first time this generation will have more money (their own money!!) to play with than ever before. If they could bring about this change in the world order without the money, I wonder what they would with money power (I hate to see them get distracted/corrupted with money!)  Would we see a gradual shift of buying & service expectation patterns that will shake up the Insurance Industry. Now this group when they get the money, the first indulgence, one would expect, will be a car (especially in US!) and there you have, their need for Car Insurance. I guess the first time they buy a car, they will continue to be with the Insurance cover their parents have & may end up buying with the same agent. A natural expectation, but I guess servicing requests will see a dramatic shift and they will not go along the line their parents are used to.  I guess in next 2-3 years, we could very easily see the demand for online service channels far more than what many carriers are ready for.

Continue reading "When Generation Z starts buying insurance" »

Posted by Umashankar Kotturu at 05:03 AM | Permalink | Comments (1) | TrackBacks (0)

For a few years, developing and launching new products have been a high priority in insurance companies. The Pension Protection Act (PPA) of 2006 opened the door for product innovation and design creativity by allowing the introduction of tax-advantaged combination annuity-LTC insurance products, starting in 2010. This in conjunction with the estimated $ 9 trillion baby boomer market driven by the unfunded life span presented a significant opportunity for Financial Services companies.

Continue reading "Product offerings targeted at the retiring boomers – Still a priority?" »

Posted by Srikanth Srinivasan at 08:59 AM | Permalink | Comments (2) | TrackBacks (0)