Tag: insurance industry

Insurance industry legal costs exploding as US juries increasingly side with plaintiffs

Nordstrom
Insurance industry legal costs - american dollars

Insurers from around the world are expected to face legal expenses topping $200 billion. United states jury payouts are sending global insurance industry legal costs skyward. Insurer execs face a rising fear from the size and frequency of awards jurors are requiring the firms to pay out to plaintiffs. Payouts insurance companies must pay to lawsuit plaintiffs are starting to pose a threat to the industry. The trend is being called “social inflation” as juries demand more frequent and generous payouts that insurers must cover for cases ranging from tainted…

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Meet META – an Insurtech Start-Up Disrupting Post Sales Experience in Insurance Industry with Their Super App Services

Media24
Insurance news release

META is a new age insurtech start-up, which claims to be the “real friend indeed,” for both customers as well as insurance providers, by adding new dimensions to the post sales engagement. For customers, who often struggle with insurance management, it acts as an insurance wallet & has bundled numerous value added services around the same eco-system of auto, health and life. META makes it convenient for the customers to manage multiple insurances from the same app. For Insurance providers it acts as the necessary bridge for them to stay…

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Nationwide announces the launch of a new digital insurance platform

Nordstrom
Digital insurance platform - Woman using smartphone and laptop

The insurer has made the move in order to respond to a rising trend of consumer digital expectations. Nationwide has announced the launch of a new digital insurance platform. This has been a long awaited move by the company, which is responding to the growing need for digital options from a new generation of consumers. The new digital platform is called Spire, and it will officially launch before this year is complete. The Fortune 100 giant, based in Columbus, Ohio intends to make its digital insurance platform available to its…

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Allstate Takes the 2020 Military Friendly Employers List Crown

Julie Campbell
Military Friendly Employers - man and woman, veteran returning home

The insurance company has been recognized for being the best employer for veterans. Allstate has earned the respected and highly coveted recognition as the top company on the 2020 Military Friendly Employers list. Allstate is the firm recognized for its military and veterans programs to hire, develop and retain. The insurance company took the top spot among Military Friendly Employers in the $5 billion in revenue category. It took that crown for its military and veterans programs. Those programs are focused on hiring, developing and retaining veterans as well as…

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Insurance technology is driving the industry’s evolution

Julie Campbell
Insurance Technology and InsurTech

Various types of tech are changing insurers’ approach to appealing to prospective and existing customers. Insurance technology, also known as InsurTech, is pushing the industry in a fresh and targeted direction for all stakeholders. This tech is a vital component to appealing to a younger generation of consumers. Insurance technology deal values are up by 32 percent year over year as insurers and investors push to upgrade the industry and improve its profitability, said a recent Property Casualty 360 report. The report cited data and conclusions from the recent Global…

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Allstate insurance agents push back against insurer call center plans

Marc
Allstate insurance agents - Call Center

The insurer’s sales force views this move as an expensive burden despite promised benefits. Allstate insurance agents have been expressing their discontent with the insurer’s decision to create customer call centers. The agents say it is an expensive burden but the insurer calls it an improvement in efficiency. Tom Wilson, Allstate CEO, explained that the insurance company is currently shifting service tasks from its agents into a centralized system. This is “because we can do it cheaper, better, faster.” This level of discontent among Allstate insurance agents is a rare…

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Hurricane Preparedness Week encourages homeowners to check their insurance

Logan B.
Hurricane Preparedness Week - big waves from hurricane

The industry is reminding property owners to review their coverage and update if necessary. The insurance industry used this week, Hurricane Preparedness Week, to remind homeowners that storm season is on its way. This makes the week the perfect opportunity to go over insurance policies and make changes to prepare properties for what could potentially be an active year. The insurance industry has released lists of helpful instructions to keep customers properly covered. Hurricane Preparedness Week arrives just before the official season begins. That way, homeowners have time to look…

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