Firm-insurance-market-expected-to-last-into-next-year

Firm-insurance-market-expected-to-last-into-next-year

 

Welcome to iLeads Insurance Market Minute, where we bring you the latest, most relevant news regarding the insurance market. Last week you were reading Six Insurtech Solutions All Insurance Brokers Need. This week we’re bringing you:

 

Top 10 P/C Insurance Market Conduct Issues*

 

Top-10-PC-Insurance-Market-Conduct-Issues

The U.S. insurance industry’s top compliance shortcomings relate to claims handling noncompliance, including timeliness, required disclosures, payments and grievance and appeal processes—as well as underwriting, rating and insurance producer and sales issues.

That’s according to a review by Wolters Kluwer Compliance Solutions of U.S. insurers’ market conduct actions. The annual review uses public data from 2020 and examines U.S. property and casualty, life, and health insurers’ market conduct actions, including exams and other enforcement actions.

Now in its 17th year, the Top 10 market conduct actions review offers a compliance checklist of operational areas for insurers.

“While technology has helped to streamline and automate some processes, our annual Top 10 market conduct action findings continue to show the ongoing challenges that insurers face in managing their regulatory requirements,” said Steven Meirink, executive vice president and general manager for the Compliance Solutions business. “However, a robust compliance program management approach that includes a strong risk and controls framework can be key to helping improve insurer success rates in market conduct compliance.”

The following are listings of the top compliance issues determined in market conduct actions across the U.S. by state insurance regulators. These issues are primarily found in insurers’ claims, underwriting, and sales processes.

  1. Failure to acknowledge, pay, investigate or deny claims within specified timeframes
  2. Failure to issue correct payments and/or compliant denial notices
  3. Using unapproved/unfiled rates and rules or misapplying rating factors
  4. Failure to process total loss claims properly
  5. Failure to cancel, non-renew, or decline policies in accordance with requirements
  6. Failure to adhere to producer appointment, termination, records, reporting and/or licensing requirements
  7. Failure to provide required compliant notices and disclosures in claims processing

Find out more in-depth here.

 

Top 15 insurtech companies in the US*

 

 

Top-15-insurtech-companies-in-the-US

Amid the emergence of insurtech, traditional insurance companies remain the frontrunners due to regulations and the capital required for an insurance license. However, these companies are often benefiting from partnering with insurtech start-ups, as this allows them to tackle newer business models such as microinsurance and on-demand insurance.

Insurtech companies manage many niche segments of the market, ranging from those operating as aggregators & distributors, API developers, healthtech, IoT, and online first insurance providers. According to MEDICI, here are the 15 start-ups to keep an eye on:

=1. Oscar
Total funding*: $1.6 billion
Oscar uses technology, data, and design to offer health insurance products to individuals, families, and small businesses. The company aims to redesign health insurance by taking a customer-centric approach. It uses data to build proactive models to optimize the patient-doctor relationship and provide suitable health plans.

=1. Bright Health
Total funding: $1.6 billion
Bright Health is a diversified consumer-focused health insurtech start-up that provides a broad range of benefits and services to consumers and care providers in local markets throughout the US. Its individual, family, and Medicare advantage plans are available in 99 markets across 14 states.

3. Clover Health
Total funding: $1.3 billion
Clover Health is a data-driven health insurance start-up striving to improve the overall state of healthcare in the US. The company uses patient-centered analytics and has a care management team to identify potential risks a member may face and directly provide preventive care. Its data team helps healthcare professionals in the field intervene directly into patients’ wellness to help them avoid acute health episodes.

Find out more in-depth here.

 

Firm insurance market expected to last into next year*

 

Firm-insurance-market-expected-to-last-into-next-year

The last 18 months haven’t been easy, and we’ve all experienced rapid changes unlike anything the world has ever seen. We’ve had to re-evaluate how we live, work, communicate and serve others.

The insurance industry is no exception.

Every day clients expect more and more from their insurance agents and brokers. Since you may not have been able to meet with clients face to face recently, the digital tools in your tech stack are more essential than ever. Zywave is the leader in insurtech solutions that will help you as a broker or agent boost productivity, enhance communications, and better serve clients – no matter your location. Here’s how you can leverage these tools for your success.

Evaluate your current insurtech solutions
Take a moment and consider how your business solutions work together. Is there overlap? Are you still using different programs or workflows that don’t make sense anymore? Is there a gap in your insurtech that you haven’t addressed?

During the course of my career, I’ve had the opportunity to work with hundreds of agencies. And through these conversations, I’ve identified six core insurtech solutions that the most successful agencies and brokerages are leveraging in today’s insurance marketplace.

These areas are key in shaping your company’s strategy and long-term success—and having them all working together to support your team is critical.

AMS: Account Management System
Every company has a system for recording clients and keeping track of their activities, invoicing, billing, products they sign up for, and any support your employees handle. Compiling all of this data in a centralized location, an account management system (AMS) enables better organization and operational efficiencies, freeing up time for your staff to focus on more strategic or revenue-generating activities.

CRM: Customer Relationship Management System
The AMS is where your account managers and office staff live all day. On the other hand, your sellers and producers live in a customer relationship management system (CRM). It’s all about top-of-the-funnel activities and the accounts you’re trying to win. CRMs are vital to the success of your business because this is the centralized location housing vital sales activities. A few names you may recognize in this area are Salesforce and Microsoft Dynamics.

Find out more in-depth here.

 

Finding highly affordable leads to keep sales coming in

At iLeads, we have many great solutions for insurance agents at a low cost. If you’d like to see how we can help you bring in consistent sales for a great price, give us a call at (877) 245-3237!

We’re free and are taking phone-calls from 7AM to 5PM PST, Monday through Friday.

You can also schedule a call here.

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