Tag Archives: Kelly

Danger Lurking in Wrongful Convictions

A great concern today is the impact of damages associated with wrongful conviction claims.

Last month, two local entities in Illinois were sued by a wrongfully convicted young woman. After spending nearly 10 years in prison, then being released due to an advancement in science/knowledge of shaken baby syndrome, Jennifer Del Prete could be one of the most sympathetic claimants imaginable. She could potentially collect $20 million. In this case, two local villages have exposure, both belonging to a single “cooperative purchasing program.”

It is estimated that one inmate per week is released due to new evidence related to scientific advancements, and the legal recovery averages $10 million per inmate. DNA evidence and renewed scrutiny of court cases by legal think tanks is driving the push toward reconsideration of these cases. In the Del Prete case, new medical evidence was overwhelming, and a Northwestern University investigative journalism center found exculpatory evidence suppressed by the prosecution.

See also: How Underwriting Is Being Transformed  

This is more food for thought regarding underwriting, overall exposure to wrongful conviction, available limits (per member and reinsurance pool aggregate) and the potential impact on current immunity or tort caps. The trend toward justice for wrongful convictions will continue to gain strength as science and technology advance. These advancements will be embraced by justice advocates like the Medill Justice Project at Northwestern University.

The Case for Personalization

The relationship between the insured and the insurance company isn’t just business — it’s also personal. It’s important for insurance companies to be there when customers need them the most, but, over the past decade, “there” has been redefined, and too many insurance companies haven’t adjusted.

See also: 5 Personal Traits of Great Leaders  

Consumers today communicate on a variety of platforms, including: online, mobile, email and social media. Insurance company leaders who want to gain a competitive advantage must monitor shifting communication patterns and adjust their outreach strategies so they can be where their customers are.

Insurance companies need data — both large and small. Big data has become an increasingly central component of modern business operations across all sectors, including the insurance industry. But insurance company leaders who want to implement a visionary approach and build a closer relationship with customers should think beyond the typical use cases, such as using big data to detect fraud. They need to consider “small data,” too — such as using social media and SMS contact information to build relationships.

That’s a tall order for insurance companies, which typically don’t have that type of contact information in customer files and often struggle to maintain accurate phone numbers and addresses because many insurers only interact with customers when it’s time to process a claim or add a family member to a policy. But to truly modernize their approach to customer service, and make it more immediate and personal, insurance companies have to bridge the information gap, clean up existing data and secure the additional contact information they’ll need to reach customers where they are.

Insurers will also need to ask customers about their communication preferences and obtain consent for future contact early in the customer journey and relationship lifecycle — or as soon as possible for their existing customer base. Insurers can analyze the communication channels available to customers and ask customers which platforms they prefer, then abide by the customers’ stated preferences. In this way, insurers are implicitly demonstrating that they respect their customers.

See also: Personal Effectiveness – The Continuing Challenge  

But following this strategy is much more than just a sign of respect or a signal that the company is tech-savvy. It opens up possibilities for relationship-building through technology. For example by using a secure, compliant platform that integrates data from multiple sources — and automates messaging via voice, text or email — insurance companies can engage in proactive communication, such as sending out alerts when a weather event threatens a customer’s area. And by integrating data from connected home products, like sensors in smoke detectors and appliances that connect to the Internet of Things (IoT), insurers can communicate with customers and their preferred providers to alert them of issues, as they arise, reducing property damage.

A personalized approach like this not only reduces risk for both insurer and insured, it builds trust. As insurers create new lines of communication with customers, insurers can become an important part of the customer’s support network — truly looking out for the customer.

The technology to make it happen exists today. All it takes to put data to work for a higher purpose is the vision to change the way the company communicates and make it more immediate and human. Because with insurance, it’s not just business — it’s personal.

How to Win the ‘Micro-Moment’

The P&C insurers that will win in our increasingly data-driven market are the companies that embrace the possibilities of technology and are able to own the “micro-moment”: Companies that reach consumers when they are making decisions and forming preferences will be ahead of the curve.

Communication technology now makes it possible for insurers to reach out to customers using automated voice, text, social media, email and other platforms. For example, when catastrophe looms, such as a major weather event, insurance companies have a great opportunity to protect policyholders and minimize losses by contacting customers.

This is not only good for the bottom line, because it avoids losses; it’s a great way to deliver an exceptional customer experience, which confers a competitive advantage. Insurance company executives instinctively see the value of using personalized communication to build loyalty and strengthen relationships. But not all companies are fully ready to take advantage of the possibilities of a closer connection with customers.

See Also: Data Science: Methods Matter

Executives worry about the quality and accuracy of the data they have on hand. That’s because many insurance companies only contact customers when processing a claim or following up on a late payment. Some use these opportunities to update their customer data, but since records verification only happens around transactions, a sizable portion of the company’s customer information is always outdated, and that can stymie efforts to own the micro-moment.

Take the connected catastrophe scenario, for example — because much of the customer base is always connected and has higher expectations around personalized communication than ever before, it makes sense to conduct customer outreach when a catastrophe is likely. By reaching out to customers, companies can contribute to customer safety, reduce losses and strengthen relationships.

A P&C company, with an insured population in the path of a hurricane or wildfire, might reach out via automated voice message, text, social media (e.g., Facebook or Twitter) or email to alert customers of the danger, provide advice on documenting insured property and inform customers on how to file claims once the event is over. The P&C company might also identify the location of mobile service centers.

The message this type of initiative sends to customers is unmistakable: The company is looking out for the customer and stands ready to assist during a tough time. And with modern communication technology, companies can implement a system capable of managing affordably customer outreach across multiple platforms, using automation to handle most of the workload.

Another issue is that many P&C companies don’t make a practice of asking for permission to contact customers or recording customer communication preferences. In addition to up-to-date contact information (including landline and mobile numbers), companies need to request communication preferences, such as whether the subscriber prefers to be contacted by voice, text or tweet.

Getting P&C company databases where they need to be to conduct widespread customer outreach in a personalized manner that respects customer communication preferences will take a large-scale data scrubbing effort at most companies. It can be conducted in-house if the insurer has sufficient resources to tackle such a project, or the company can choose to hire a third-party vendor.

When P&C insurers have the clean data they need, they can contact policyholders to help keep them safe, but that’s just the beginning. With clean data and the ability to automate communications using customer preferences, companies can reach out to customers about changing coverage needs, inquire about policy lapses, address late payments and much more.

The first step in fostering closer relationships with customers via personalized communication is making sure the information on hand is clean — data that has been verified as accurate. With clean data, forward-thinking insurance company leaders can ensure that consumer demand for greater personalization is met and that their company thrives in an increasingly data-driven economy.

Find Your Voice as an Insurance Agent

“If you talk about what you believe, you will attract those who believe what you believe.” Simon Sinek.

Recent data from the Bureau of Labor Statistics estimates that there are 374,700 active insurance agents in the U.S. alone.

How can you as an agent find a way to stand out in the highly competitive arena?

It starts with finding your voice.  Microphone

When I say finding your voice, I don’t necessarily mean your tone quality, pacing or vocabulary.

I’m talking about the language you speak to yourself, BEFORE you speak it to the world.

It begins with your inner voice.

How do you speak? Not just the words, but the voice you project.

Your voice is a statement and picture of your character, your poise and your persona. It is a statement of belief, confidence and personal power.

So how do you make your voice authentically yours?

  • When you do what you believe in
  • When you do what you are passionate about
  • When you work in your chosen field
  • When you find your calling
  • When you discover something you were born to do

The Myth of Chasing Success

I love talking with motivated insurance producers. They have big goals and dreams and work with fearless energy.

I often hear about chasing success.

As the late great Jim Rohn stated, “Success is not to be pursued, it is to be attracted by the person you become.”

The point is that chasing or pursuing success is a daunting task. Where do you even start?

It starts with becoming a better you and with your passion for personal growth.

When you grow personally by working on your skills and development, you will attract others by finding your unique voice.

As your belief system, confidence and passion develop, so does your internal and external voice.

If you want to stand out and be noticed in among the crowd of 374,700 other insurance agents, start by looking within.

How to Picture the Future of Driverless

Picture this:

The year is 2025. A call comes to the police station—someone has broken into a local home. A drone is deployed to the address and arrives within five minutes. The drone feeds video to the station and to the closest autonomous (driverless) police vehicle. The drone guides the police car to the location. The officer in the car (we’ll assume he’s human, for now!) isn’t actually driving; he’s an occupant, watching the drone’s video feed. He can see the suspect fleeing, and he researches other crimes in the neighborhood along with potential suspects. The drone estimates the perp’s height and weight, and the officer can see his clothing and a possible gun in his belt. The police officer communicates with other officers in the area to coordinate the capture. As the suspect runs, his description and location is fed constantly to all nearby police vehicles, and he is surrounded within 15 minutes of the initial call.

This is far from fiction. The international consulting firm Frost and Sullivan predicts that 180,000 driverless cars will hit the U.S. market in 2020. That’s less than 1% of today’s annual new car market, but that’s just the beginning!

Just about every major car manufacturer (as well as Google, of course) is developing autonomous vehicles, and the competition is getting  more intense as the demand for collision avoidance features grows. Just as drones are spreading (if not yet regulated), driverless cars will become widely accepted. Americans love to drive, but there are too many undeniable advantages to autonomous cars.

The first one is safety. According to the U.S. Insurance Institute for Highway Safety  (IIHS), 94% of all car accidents are caused by human error. Nearly two million crashes could be avoided if human error were eliminated. That’s not to say that driverless vehicles won’t crash, but, as the technology improves, crash rates will drop like a rock. In 2025, if our roads are still packed with commuters, the occupants of many vehicles will be reading, answering emails, video conferencing and browsing the web. In other words, they’ll be working. A recent Morgan Stanley report predicted that driverless cars could add $5.6 trillion (yes, with a ‘T’) to the global economy because of the combination of a steep reduction in accidents and the dramatic increase in productivity. It is estimated that in 2035 autonomous cars will account for 25% of all cars.

Back to the police force. As driverless cars evolve, routine traffic monitoring will drop, high-speed chases will slowly decline (with drone help) and smaller police forces will focus on more serious crime. Cameras will capture everything—both from the ground and the sky. Officers will become highly trained in electronic law enforcement. Efficiency will rule!

Of course, these are just predicted outcomes. This policing panacea isn’t all roses; it will not eliminate the need for community relationships, direct contact with neighborhoods and personal contact in law enforcement. Furthermore, while vehicle collisions will fall, the cost and maintenance of autonomous cars will remain extremely expensive in the near future. Currently, it costs about $150,000 to equip a driverless car. But that cost will drop to $7,000 by 2030 and to $3,000 by 2035.

Nothing’s perfect. Every emerging concept or technology brings unexpected challenges and unintended consequences. But it appears that autonomous automobiles will emerge soon, and it’s likely that some day we’ll say they are “here to stay.”

For today, I guess I’ll have to drive myself home. What a chore.