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The Netherlands Insurance Landscape in a Nutshell

‘What more could people want’ in a nation that already ranks highest in terms of press and economic freedom, human development, quality of life, and happiness? On another note, insurance companies and the government must have been doing something right — over 99.8% of the Dutch population is insured!  This might portray the Netherlands as […]

Customer Journey is the New Product

Even when the customer has successfully added items to cart, it all means zilch until the purchase is complete. The average cart abandonment rate for all sectors worldwide was 75.6% last year. Simply put three out of every four digital customers leave websites without completing the purchase.  At the customer acquisition phase, you’ve to compete […]

Raising the Bar: Key Takeaways from Salesforce ‘Connected Customer’ Conference

Living up to the Customer is the nouveau and delicate challenge surrounding digital enterprises today. The holisitic shift in focus has parlayed the reaps of experimentation around ‘customer loyalty’ a decade ago, into a new hymn praising the ‘extraordinary experiences’ that businesses can now deliver to their customers. Moreover, 84% of customers say the experience […]

Can Distributed Ledgers Accelerate Insurance Workflows?

The years 2018-19 are the banner years for the US$ 5.17 trillion global insurance sector. However double-booking, counterfeiting, and premium diversions through unlicensed brokers still throb insurance companies. And one of the prime reasons for such unethical activities is the lack of tight coupling between stakeholders. A simple solution to these challenges is distributed ledgers- a […]

Why automate insurance agent onboarding?

Globally, over 90 percent of agents leave their organization to pursue opportunities outside the insurance industry. Thus making the agents onboarding process a continual recurrence for the insurance companies. Organizations, as well as agents, crave for easy onboarding instead of long trails of paperwork. Simplifying documentation and data entry right from the beginning can be a […]

FlowMagic — The Visual AI Platform for Insurer Workflows

For any operational effort across large organizations, a significant amount of time and resources are spent manually inputting data into downstream systems. These processes more specifically affect insurance practices that are deeply reliant on back-office processes. The bulk of the insurance workforce is condensed into operations and support functions (e.g. policy issuance and servicing). Here, […]

Scope of Phygital in Insurance

The Indian insurance market is undergoing a rapid change. The focus on digital cannot be limited to customer acquisition since customer engagement is the key. However, some customer segments depend on traditional insurance channels of interaction.  Problems With Traditional Insurance With customers split into different segments, insurers require hybrid methods to satisfy the needs of […]

AI can help bridge customer gaps for microinsurers

Microinsurance targets low-income households and individuals with little savings. Low premium, low caps, and low coverage limits are the characteristics of microinsurance plans. These are designed for risk-proofing the assets otherwise not served by traditional insurance schemes. Because microinsurance comprises of low-premium models, it demands lower operational cost. This article covers insights on how AI […]

Does Microinsurance work for India’s poor?

Microinsurance schemes target the betterment of the low-income segment whose daily income is less than ₹250 per person. The term “micro” refers to the small financial transactions generated by insurance policies. Since the introduction of the Microinsurance Regulation of 2005, 15 companies have registered more than 23 products with IRDA (Insurance Regulatory and Development Authority […]

Consumer-Centric Design in Insurance

Insurance instinctively feels old. It’s as though, the fast-moving parts of the digital age can’t seem to permeate its an archaic blueprint. Sure enough, it looks and feels that way too. One look at the spasm of choices to avail insurance online will leave you feeling dull and permanently bored. Consumers often don’t buy insurance, […]

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