2016 in posts
Here’s a look at some of our most popular, thought provoking, and controversial posts from the last year. If you missed any highlights, now is your chance to make sure you’re up to speed before tackling the new year with gusto.
It’s a common theme in life insurance thought leadership that incumbents need to take a more innovative approach to marketing its products and brands. Forward-thinking insurers are tackling this challenge, coming up with impressive strategies to engage consumers in new ways. In this blog post, we wanted to share some of our favourite approaches from global insurers.
We asked insurers about the future, new market entrants and and insurtech, here's what they said.
Insurance is becoming increasingly commoditized, and the result is a price war. In the eye of the consumer, cheaper is now better. This type of competition is bad news for insurance companies, who can’t sustain a bidding war for long.
Price aggregator sites have been cropping up in a huge variety of industries from electronics to travel. The trend can be tracked alongside the rapid increase in consumers’ desire for more information and immediate access to products.
If you haven’t heard of Net Promoter Score, then you probably don't work for a tech company. In this age of agile digital startups and powerful data giants a few methodologies have emerged as staples. There are some things that any self respecting startup founder goes to bed thinking about, and some of those things should be keeping insurers awake too. Arguably the most important is Net Promoter Score.
At a recent event hosted by Shifting Gears, a key topic illustrated by the speakers Richard Beauchamp, Charles Hett and Klaas Stijnen was the importance of pricing not just in product development, but as an essential business strategy. In this increasingly challenged industry, pricing is a key tool insurers have to make a difference to their revenue and bottom line, and according to Richard, “most companies leave significant amounts of money on the table."
It’s no secret that actuaries do a reasonable amount of coding throughout their working life; most of which is used to setup and maintain actuarial models for a range of tasks eg. valuation, regulation, strategy and pricing. But actuaries aren’t software developers. They should take the opportunity to learn a thing or two from one.