A recent report by Celent on “Handling the Crisis: Update on Q1 Insurance Industry Expectations and Strategies” once again reiterates the strong role technology is perceived to play in the insurance industry.
A recent article in Insurance Networking News pointed to the need for data quality and accessibility in the insurance industry. While the article was focused on the implications for risk management, the need for clean, accessible data is also paramount to effective compensation management.
How often do we see a flying car? If “never” is your answer you are correct – but only for the next year or so. Terrafugia, founded by MIT-trained aeronautical engineers and MBAs, has developed a revolutionary new dual-purpose vehicle- The Transition® Roadable Aircraft.
In the current economic scenario, insurers are acutely aware of the need for greater customer satisfaction and higher retention rates. Insurers realize that improved customer loyalty helps reduce overall costs and gain more value.
The current economic severity continues to be a challenge to all. Analysts across industries are coming up with their own assessments, from The New Normal, to those who predict an upturn any day now.
With challenges such as difficulty in recruiting qualified representatives, retaining agent mindshare and aggressive competition for talent in the insurance market, insurance organizations of all types must turn their attention to establishing better processes and controls on the management of their sales channel.
Is it time for insurers to consider innovative plans to cover fatal vehicular tragedies during certain days of the year? As I scanned through this article on Forbes.com about the most dangerous holidays for drivers, I immediately began to consider the insurance implications.
Compensation difficulties are evident across insurance segments. Many health carriers are suffering due to compensation calculation systems based solely on paying commissions as a percentage of premiums. Many life insurance carriers struggle to motivate agents due to a method of paying a single commission for a single policy, missing opportunities for bonuses based on retention.