At a recent conference, the following near-term goals were shared by a major carrier leading the charge to transform small business insurance at the point of quote. Generate renewals automatically with 3rd party data validation 85% of BOP submissions will not require human intervention Deliver … [Read more...] about Micro Business Commercial
Did you ever groan at your computer for taking more than 2 seconds to load a document, delete a voicemail that goes on for more than 20 seconds, or get annoyed when a text isn't answered in 2 minutes? If so, then you may be suffering from technology-induced impatience. We have lost the ability to … [Read more...] about Impatience is a Virtue
Fifteen years and a lot has changed... or has it? In 2003 it took “15 minutes to save on car insurance.” We challenged this with our newest technology and share the results below. While that ad campaign has been running for nearly 16 years, the rest of the world has moved along to expect the … [Read more...] about The Slogan That’s Old Enough to Drive
Insurance plays the long game. This is an industry that plans for the hundred year storm, an event that statistically has a 1% chance of occurring in any given year. If the model is right, 99% of the time that event doesn't happen, but when it does, they are ready for the claims. This means they … [Read more...] about The Long Game
I read a terrific article by Caribou Honig, Chairman and Co-Founder of Insuretech Connect, where he referred to APIs as a “business strategy masquerading as a technology strategy.”[1] We at Fenris couldn’t agree more. Up until now, insurance was not a data-driven industry. That sounds … [Read more...] about Mise en Plase
The only thing that could make your first work trip with your CEO any more nerve-racking, is when she has to back out a week before, and leaves you to mingle with strangers in a city you don’t know. At the Global Insurance Accelerator in Des Moines, Iowa last week, I listened to a wonderful open … [Read more...] about Leaving on a Jet Plane
We’ve been seeing a lot more companies take up the simplification dialogue. Fenris has a “50 to 5” mandate to create easy, fast, accurate quoting, and deploy that under our clients’ brand. The Chairman of Chubb has thrown down the gauntlet to challenge the rest of the industry - in 18 months they … [Read more...] about Making the Insurance Writing Process Simpler
Trend 1: Insurance Good, Fast, and Cheap Back in the day, one insurer trained the entire driving public to spend no more than 15 minutes on finding and binding an auto insurance policy. This pushed all large carriers to create on-line solutions and find ways to trim the quoting process to suit … [Read more...] about Two Trends in the Quest to Grow the Book of Business
