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    How swift and accurate data helps insurers and homeowners

    10/04/2018

    A study by LexisNexis Risk Solutions has shown that home insurers could be working to improve the customer experience through better use of data.

    Out of the 1,500 homeowners who were asked, 68 per cent believed that when applying for insurance it is acceptable to leave out or manipulate information to keep premiums low. Nearly two thirds (61 per cent) were worried that they might accidentally leave something out of their application, while 25 per cent said that claims should be covered even when the information originally provided was not entirely accurate.

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    Why insurers must be insurtech entrepreneurs

    06/04/2018

    A report by IBM highlights why insurers must collaborate with insurtech providers. The report, Friend or foe? Insurtechs and the global insurance industry, draws on the views of 1,200 insurers, insurtech businesses and venture capitalists.

    Focusing on a digital future

    With insurtech now as established and accepted as fintech, 81 per cent of “outperforming” insurance businesses are said to be either investing in or already working with insurtech businesses. The report identified the following as key areas of focus:

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    Creating the best customer experience with insurtech

    27/03/2018

    ACORD, the global standards-setting body for the insurance and related financial industries,  explored the importance of customer experiences in a symposium in London on March 8 which was co-sponsored by RDT.

    Discussing the findings of its ‘Best Digital Customer Experience’ study of UK personal lines, ACORD focused on 1,200 carriers, brokers and aggregators and the services they provide to insurance shoppers. The study highlighted top performers and strategies for building successful digital businesses and strengthening customer relationships.

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    Personalisation through data enrichment can create a positive experience for insurance customers

    28/02/2018

    The relationship between insurers and their customers is not always a happy one. Buying cover is a mundane necessity rather than a willing investment, and it’s never easy to cultivate a meaningful relationship when the touch points are limited to the initial purchase, renewals, or when making a claim.

    It doesn’t help when some insurers resort to the cynical practice of dual pricing; i.e. exploiting loyal customers with price hikes while attracting new customers with big discounts. Instead of pursuing smash-and-grab profits, insurers should be building revenue by maximising, rather than undermining, customer loyalty.

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