Tom Hammond

Consumer confidence plays a significant role in economic health, but it’s a factor that many insurance companies tend to overlook.

To get on a path toward digital prominence, insurers need a strategy that ties legacy systems into future-proof distribution.

Smart devices often represent the most vulnerable point on any given network, exposing customers and insurers alike to potential risks.

Here’s why customers leave after a closed deal, and what to do to forge stronger, more profitable long-term relationships.

To continue the momentum started in 2018, insurers will need to incorporate new technologies and more customized coverage.

Here’s where blockchain stands today — plus how to see the inherent risks and opportunities of using this exciting technology in insurance.

As technology continues to embed itself within the insurance process, the line between established insurers and insurtech startups will blur.

Innovators are exploring the frontier of insurance through smart investments, creative problem solving and new products and services.

It’s tempting to think of the sharing economy as simply a new model of ownership, but that view misses the fundamental disruption.

The need for insurance agents will grow 10% faster than the overall job growth average through 2026. Digital natives must fill the gap.

As relationships have adapted to suit modern lifestyles, insurance companies are adapting to better understand and quantify risk.

The ability to gather and parse massive amounts of data has changed how insurers and their customers regard the trust relationship.

About 80% of the average P&C company’s data is dark data, or data that is difficult or impossible to find when needed.

P&C insurers have been slow to see how value-added services build loyalty, meaning many opportunities to capitalize on this strategy remain.

In a world where customers already do research and contact insurers via multiple channels, voice assistants are a natural frontier for marketing.

Because of self-driving, KPMG predicts that auto insurance will shrink 60% by 2050 and an additional 10% over the following decade.

Driverless cars are unlikely to change everything in just 10 years, or even in 20. And with 10 to 20 years, auto insurers have time to adapt.

Data and analytics offer insurers an unprecedented opportunity to understand and respond to each customer as an individual.

When data and capital were scarce, P&C insurers were highly profitable. But now data and capital are everywhere.

As technology speeds the pace of daily life and business, the product development cycle continues to represent a drag on P&C insurers.

By 2028, the insurance industry is poised to be eons ahead of where it currently stands, and insurtech will lead the way.

The sheer volume of repetitive, rule-driven work sets insurers apart from many other industries -- and creates big opportunities.

Insurers are limited by legacy systems that track only certain types of customer data — and can’t crunch available data efficiently.

As digital tools expand into workplaces, building connectivity affects workplace safety — and insurance risk — in unprecedented ways.

Currently, P&C insurers’ auto work involves insuring large numbers of small risks. The future holds a few large risks.

How will Amazon the Insurer change the ways that property and casualty customers purchase coverage? And how can insurers respond?

Automation offers numerous opportunities to improve efficiency, retain customers and reduce errors — but only when enacted thoughtfully.

Carriers have been becoming more mindful of the need to own customers, meeting all of their needs. Enter omni-channel.

Insurers are pushing insurtech partnerships to the next level, focusing on product diversity to meet the growing array of customer coverage needs.

What should insurers look for in a digital platform to ensure they can deliver the omni-channel environment consumers are demanding?

Uniting back-end systems to provide a single view of the customer is critical to revenue growth and customer retention in the digital age.

Some carriers run as many as 27 aging policy administration systems -- and data across informational silos is often inconsistent.

More than a quarter of independent agents find the effort spent on administrative tasks to be a serious threat to growth.

Insurtech disruptors have digital savvy but need to learn a lot about the industry. Leading incumbents could be the ones to teach them.

We evaluate performance based on metrics such as call handle times, quote starts or quote conversions, but the end-to-end experience is key.

Why can't insurers meet the speed and performance of a customer experience leader like Amazon? In a nutshell, siloed legacy systems.