Millennials are different than any other generation before them. They are making major decisions later in life—from choosing a career, getting married, buying a home and yes, investing in life insurance. And while they are more tech savvy than their predecessors and want to make purchasing from any device of their choosing, they still value face-to-face interaction, contrary to popular belief. Insurance and financial companies need to understand the unique dynamics of the millennial generation in order to better service and exceed expectations of this growing consumer base. They need to meet their tech-savvy expectations, while also understanding Millennials still value one-to-one attention. In fact, 48% of Millennials said they would be more likely to make a speedy financial or insurance-related decision if a person who they trusted took the time to explain the benefits and risks.
In its fifth year, the OutSystems State of Application Development Report is a comprehensive analysis of the challenges, priorities, and innovations that impact IT teams around the globe in this age of digital transformation.
This analysis is based on the responses to a survey conducted in March 2018. More than 3,500 IT professionals from over 116 countries took part. Respondents worked in all kinds of industries, and in this concise summary of the report, we focus on specific findings related to the insurance industry.
The need for digital transformation dominates business strategy today, and there are two obvious consequences for IT. First, the demand for application development (app dev) is at an all-time high. Second, speed and agility are more important than ever before.
This backdrop informed the themes we wanted to explore in this year’s survey, which set out to answer five critical questions:
- How are the app dev priorities of organizations adjusting to this digital age?
- What are the main challenges to meeting app dev goals?
- What strategies are IT teams employing to increase app dev capacity and speed?
- Are these strategies working to overcome resource constraints and reduce backlogs?
- Are new app dev practices such as low-code and citizen development making a difference?
The profitability of your underwriting decisions is based on how well you can predict potential risks and revenue. The underwriting strategies you implement affect policy approval rates, premiums, tier distribution, customer retention, loss ratios and much more. Successful strategies win you the right kinds of business from the right kinds of policy holders. Poor strategies put you at a competitive disadvantage and reduce your bottom line.
In this white paper, FICO shares strategies to optimize insurance decisioning through the use of business rules management, predictive modeling, mathematical optimization and decision analysis.
By downloading this white paper, you will:
- Gain an overview of an iterative approach to managing and optimizing underwriting strategies
- Learn how insurance industry leaders make consistent underwriting decisions in real time
- Understand how optimized strategies can be designed to improve key metrics like profit and response; allowing you to identify the best action every time
Having local expertise on each side of the water helped to address the customer’s concerns and data center requirements at each level of its decision making process. How do you go about finding the right provider for your business?
2017 Trends in Financial Services and Insurance: Customer is Priority
The FSI sector is progressing with a digital, data-driven, marketing mentality, all centered around prioritizing customer experience and taking a more personal approach.
The 2017 Digital Trends in Financial Services and Insurance compiles the information shared by over 800 FSI respondents to see what opportunities and obstacles are shaping the future of FSI.
Read this report and find out:
How data and personalization drive digital transformation
How fintech is leading the FSI chase
Tips to help future-proof your FSI business
While the Affordable Care Act (ACA) increased the number of Americans with access to health insurance, U.S. employers and employees continue to struggle with rising health care costs and changing workforce demands. Recent Aon research shows that 20% of health care consumers cite high health care costs as the major reason they have either declined health care coverage, stopped taking medications, or avoided care altogether. If the U.S. health care system is to succeed, stakeholders across the health ecosystem must influence change in each market—employer, individual, and government (Medicare, Medicaid, and Tricare).
While each part of the three-legged stool is important, this paper focuses on five strategies Aon believes will strengthen the employer-based system—a system that provides health care coverage to well over half of Americans (61%, or 177 million).
When augmenting the benefits package for your organization, it’s natural to focus on traditional perks that employees have come to
expect: PTO, health insurance, and maybe a tuition assistance credit here or there. But if you’re looking for creative and effective ways to stimulate employee engagement while also driving business results, you’ll want to consider the powerful impact of offering language-learning opportunities.
Where’s the connection? And how can you reproduce these benefits within your organization? This playbook offers a deeper look at why language learning has such a positive influence on employee engagement and business performance, as well as step-by-step instructions for implementing a language-learning program in your organization.
The generation that said don’t trust anyone over 30 is about to retire—in record numbers. Nearly 76 million baby boomers are projected to retire over the next 20 years. And with over 8,000 people turning 65 every day,1 are they, or you, ready for what’s to come?
In the fall of 2010, the firm Padilla Spear Beardsley conducted an independent survey of over 400 benefits directors across the U.S., asking their thoughts about the coming retirement boom. The survey revealed a troubling gap between what HR directors saw as needed, and available, support for their retiring employees. In fact, 80 percent of those surveyed believe their organization isn’t doing enough to prepare their employees for the transition to retirement.
For the full story, download our free white paper: Falling in the Home Stretch: Are U.S. Workers Capable of Making Sound Decisions About Their Last Major Financial Undertaking?
The world is going mobile. More than half of US adults own a smartphone, and more than 20 percent of US adults own
a mobile tablet. By 2016, this will grow to 257 million smartphones and 126 million tablets in the US, with even higher demand for tablets expected in large, developed international markets.
According to Gartner, “These devices are likely to be the most rapidly adopted consumer technologies in modern history.” While we tend to think about mobility largely as a consumer phenomenon, it is also changing how the workforce carries out business. With so much being done beyond traditional office walls, many insurance companies, financial service organizations and even government agencies are adopting mobile tablets and smartphones as productivity tools for
agents, representatives and personnel, and developing enterprise apps for these devices.
In a survey of enterprise CIOs, Morgan Stanley Research found that 21 percent of companies currently purchase tablets for employees, but 51 percent of companies expect to purchase tablets for employees between 2011 – 2012.
As the preferred device for mobile business users, tablets are lightweight and portable, and their screen size makes it possible to review entire documents and contracts on-screen with a customer. Equipping corporate and government employees to sell and service customers from a mobile tablet is convenient, efficient and enables faster decision-making and greater responsiveness.
What if you could use just one platform to detect all types of major financial crimes?
One platform to handle the analytical tasks of fraud detection, including:
- Data processing and aggregation
- Data visualization
- Statistical/mathematical/machine learning modeling
- Batch/real-time scoring
One platform that could successfully reduce complex and time-consuming fraud investigations by combining extremely different domains of knowledge including Business, Economics, Finance, and Law. A platform that can cover payments, credit card transactions, and know your customer (KYC) processes, as well as similar use cases like anti-money laundering (AML), trade surveillance, and crimes such as insurance claims fraud.