Tag Archives: infographic

Distracted Driving — an Infographic

Distracted driving is having a tremendous impact on insurance rates.

Distracted driving is the leading cause of accidents

Increasing technology has seen the development of user-friendly mobile devices that have been the leading agents of distractions when it comes to driving. Distracted drivers have always existed. However, their number drastically increased with the invention of new applications for smartphones. Distracted driving has been found to be an increasing problem especially among the youth.

More accidents equate to higher policy premiums

Studies show that a distracted driver is 23 times more likely to cause an accident while using a cell phone. The Boston Globe reports that policy providers in Massachusetts received approval to raise rates by as much as 5% in 2017.

See also: Distracted Driving: a Job for Insurtech?  

Insurance costs rise drastically

Many campaigns have been launched countrywide in a bid to sensitize drivers on how to keep their mind on the road and hands on the wheel. However, overconfidence and lack of focus has seen more drivers lose their lives due to distracted driving — 52% of road accidents had significant phone distraction before the accident, according to Cambridge Mobile Telematics.

Everyone should take part in curbing distractions while driving to help moderate insurance rates. Strict actions should be taken on those violating traffic rules. It is also important to report any road or accident-related cases to a car accident attorney.

How to Secure Your Next College Grad

The college labor market is looking better than ever. It is important to make sure you are staying competitive when it come to recruiting college grads. They are an important group for employers to target when hiring new employees. In this infographic, we will answer some key questions for recruiting college grads such as, where do college grads look for jobs, and what actions can you take to recruit top grads.  Follow the trends and time-tested methods listed here to find the newest top talent for your company.

Graduation

The Future of Insurance [Infographic]

With the Internet playing an increasingly important role in business operations across all sectors, companies now realize they need to adapt to the digital sphere to maximize their earning potential and customer reach. Research shows that businesses that embrace digital adoption see a five times greater impact on growth than those who resist going digital.

In comparison with others, the insurance industry has been quite slow in using digital channels as a core part of business operations. 79% of insurers say they are still learning about digital, while more than half of insurance companies do not have operating models that can incorporate digital. This is extraordinary in an era where online operation is not a bonus but a prerequisite to become an industry leader.

More than half of the world’s population spends time online every single day, indicating that customers want to be able to interact with companies through digital channels. A business that gets its digital operations right will deliver on customer expectations and retain those customers, who, in turn, will speak in a positive light about the brand. This word-of-mouth marketing is highly likely to result in more customers. It’s high time that insurers realize this and take action to allow for their customers to interact with them online.

The infographic below, which was created by Top Quote, outlines the digital challenges faced by the insurance industry and what insurers can do to address these challenges.

Going-Digital-The-Future-of-Insurance-Infographic

auto insurance industry

$60 Billion Elephant in the Room

Research has found that one in four car crashes is caused by phone-related distracted driving. However, a recent LifeSaver study of agents suggests this figure to be a vast understatement. More than 60% of agents responded that half or more of all claims are now related to distracted driving.

It’s downright scary to think about the injuries, property damage and loss of life that results from distracted driving.

If our survey bears out on a national scale, the full cost could be north of $60 billion a year. And, of course, this cost is passed on to drivers in the form of increased premiums. In fact, we’re already seeing some major insurers (GEICOAllstate and Zurich) publicly conceding that they are feeling the pain from this fast-growing epidemic.

Assuming the annual cost to insurance companies ranges from $30 billion (if one in four accidents stems from phone-related distracted driving) to $60 billion (using the numbers from our research), a mere 10% reduction in distracted driving accidents would save insurance carriers and their customers several billion dollars annually, in addition to saving lives and drastically reducing injuries.

The infographic below highlights the cost of distracted driving to the insurance industry. It also offers some insight into the minds of insurance agents receiving these claims, as well as the habits of today’s distracted drivers. Take a look and let us know your thoughts in the comments below.

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