Not every insurance technology implementation succeeds from a revenue generation and business process optimization standpoint. There are a few insurers out there who are still using systems that limit their business growth potential.
The great economist Joseph Schumpeter coined the term and the concept creative destruction, which is the idea that business is in a constant state of innovation and change, and companies that can’t adapt and change will lose customers, market share and ultimately go out of business. With the ever-increasing dominance of companies like Google and Amazon, could the traditional sale of insurance fall prey to this phenomenon too?
Like many other insurers, you may have found that compensating producers involves unnecessary expenditures, time-consuming error corrections, convoluted spreadsheets and difficulties designing and communicating incentives. With our longstanding expertise in insurance distribution, we’ve been addressing these and other common challenges for more than 23 years. We recommend certain critical best practices that help you leverage compensation management technology to improve efficiencies and increase revenue.
In many respects, the property-casualty industry is slow moving when it comes to new technology. However, the industry is on the front line of societal and business change and must develop and launch products that meet specific needs in the marketplace.
When working adults turn 65, they have a lot of options about their health coverage. According to the Kaiser Family Foundation, currently about 25 percent of Medicare enrollees have opted for Medicare Part C, also known as the Medicare Advantage (MA) plan.
Right. The “cloud” or cloud computing, a term that means different things to many people but retain the same basic concept: my data, in the sky. For insurers, this could simply translate to less investment in hardware, increased scalability, and reductions of IT maintenance costs. But wait, there is more!
Cloud technology has the potential to become the “great equalizer” within the insurance industry. Small and mid-size companies are able to compete in a significantly larger arena with this type of enterprise system.
The VUE Software team had a great experience at the IASA 2013 Annual Conference and Business Show held at the Gaylord Resort and Convention Center in Washington, DC. Our drink token sponsorship was a big hit, with nearly 500 attendees…