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January 5, 2021

Six Things Newsletter | January 5, 2021

Summary:

In this week's Six Things, Paul Carroll predicts one of the biggest insurance themes of 2021 will be ecosystems. Plus, who will buy direct and why; telematics consumers are ready to roll; how to leverage behavioral science; and more.

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The Word of the Year Is…’Ecosystems’

Paul Carroll, Editor-in-Chief of ITL

I hesitate to make predictions about 2021. Those for 2020 didn’t work out so well for any of us, right? And 2021 is already off to a rocky start, with the pandemic still killing thousands a day (just in the U.S.), with the ever-so-promising vaccines being rolled out ham-handedly and with political dysfunction in Washington, DC, reaching fever pitch.

But I’ll still hazard a guess and say that one of the biggest, if not the biggest, themes of 2021 in insurance will be ecosystems. We may be well into the year before we see the effects. The pandemic — and perhaps the nutty politics in the U.S. — won’t release its grip for a good while yet. But ecosystems should produce key changes in two areas: how we touch customers and how we organize internal processes… continue reading >


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SIX THINGS

Big Opportunities in Insurance Ecosystems
by Stephen Applebaum

Today, insurers succeed by offering products. In the future, insurers will win by providing access to risk prevention and assistance services.

Read More

Designing a Digital Insurance Ecosystem
by Michael de Waal

Insurers should emulate Uber, which has an ecosystem of 2,200 microservices. Here are three ways ecosystems provide a competitive edge.

Read More

Who Will Buy Direct and Why?
by Karlyn Carnahan

The question for insurers is how they want to address a growing desire by small businesses to purchase online.

Read More

The Insurer’s Customer Acquisition Playbook
Sponsored by Data Axle

The question for insurers is how they want to address a growing desire by small businesses to purchase online.

Read More

Telematics Consumers Are Ready to Roll
by Teresa Scharn and Pete Frey

Telematics solutions let customers leverage their driving data’s potential to enable discounts and operational savings.

Read More

Banishing Busywork: Recruit the Robots
by Jeff Heigert

Bots help combat productivity drains that deplete resources and allow employees to focus their time on higher-priority tasks.

Read More

How to Leverage Behavioral Science
by Alex Frommeyer

Coupled with tech advances that improve risk assessment, behavioral science could be the silver bullet in a period of strain from the pandemic.

Read More

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January’s Topic: Commercial Insurance

Much of the focus on innovation has related to personal lines and that makes some sense: Policies tend to be more cookie-cutter than in commercial lines, and individuals, spoiled by online resources like Amazon, have demanded a better experience from insurers. 
But don’t sleep on commercial lines. As businesses see what’s changing in personal lines, they aren’t going to be left behind. Businesses are demanding simpler interactions and more understandable policies, as well as better prices.

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