Insurance Distribution Modernization, THE SEQUEL

In 2013, VUE Software released a White Paper called Distribution Modernization, which has taken root to become the guiding theme throughout the insurance industry. Distribution Modernization challenged the status quo and made a compelling case for the broad insurance industry—Life & Annuities, Property & Casualty, and Health—to make distribution the first link in their value... Read more » by Ravi Pendyala2018

State Departments Of Insurance Sometimes Dont See The Big Picture

If ever you have worked in the insurance industry, you know it is one of the most highly regulated industries in the United States. Those who work in insurance compliance, specifically licensing, have seen the environment change over the years from paper submission to electronic submission, including onboarding new producers. Yet even in a paperless... Read more » by Sravan Kumar2017

SaaS+PaaS = SPaaS

Can a Hybrid Model Give Carriers Competitive Advantage? In the SPaaS model, carriers would have the needed server capacity and could control the environment and access to it. They wouldn’t be sharing it with any other insurers, and it would make integration's easier because it would all be in the same ecosystem. So one benefit... Read more » by Irfan Shaik2017

How Insurers Can Save Money While Maintaining Compliance with State Departments of Insurance

Compliance has always been paramount for insurers. Licensing departments are not revenue generating: they spend money but they don’t get back anything in return. However, if you consider that without the licensing department ensuring that producers are appropriately licensed and appointed, and have completed product training (if indicated)—and in many cases, managing the contracting process—... Read more » by Karen Machamer2017

CRM Might be the Swiss Army Knife of Sales Technology but Flexibility Comes at a Price

An analyst with a large technology analytical services company commented they were receiving inquiries from insurance companies about Customer Relationship Management (CRM) systems. When asked specifically what they were looking for in a new CRM system, they commented they wanted to manage their agents and overall distribution. After exchanging information as to why they felt... Read more » by John Sarich2017

NEXT GENERATION PRODUCER ONBOARDING : Improve Insurer – Producer Relationships

The term Onboarding means different things to different people. For a background-check vendor, onboarding can mean collecting demographic information on their client’s potential employees; for a human-resource professional, it means recruiting new staff; and for some insurers, it involves collecting information, verifying, contracting appointing, verifying product training, and setting up the producer in various administrative... Read more » by Ravi Pendyala2016

Compliance is the Engine of Change for Insurance

In the 1930s, very little regulation existed, resulting in suspect business practices, charlatans engaged in underwriting and claims, and there were woeful financial controls. With each state overseeing its own regulation, there was little uniformity or oversight, and insurance companies grew to control the markets. The main theme of the Supreme Court ruling was that... Read more » by Sravan Kumar2016

The SUITE Life

TECHNOLOGY is one area of business and the economy that regularly delivers products and services at continually lower costs to the buyer. Recall the old joke about the comparison of technology to automobiles which went something like this: “If automotive technology had kept pace with Silicon Valley, motorists would buy a V-32 engine that goes... Read more » by Ravi Pendyala2015

The Adoption of Blockchain Technology and the Future of Insurance

The concept of Blockchain is interchangeable with cryptocurrency, but this is not the complete picture. Although Blockchain enables the concept of peer-to-peer electronic cash systems, it is important to distinguish between Blockchain and cryptocurrency. The Bitcoin and cryptocurrency aspect of Blockchain allows distributed ledger technologies to be applied to enterprise systems, public databases, and emerging... Read more » by John Sarich2019

The Evolution of Insurance Compensation Will Shape the Future of Insurance

When the average person thinks of insurance, they have an effective preconceived idea as to how to shop and purchase a policy, have coverage, or get administrative questions answered, and what to do in the event of a claim. But it wasn’t always that easy to navigate the insurance-buying process. From a historical perspective, the... Read more » by Ravi Pendyala2018