InsurTech - Friend or Foe?
Over the past few years, we have heard the rumblings of disruption from InsurTech startups. Some have already become mainstream names in our industry like CoverHound, Lemonade and Insurify. Others such as Indio, Kodiak, and Bold Penguin may not be common names to the independent agent, but will have an impact and potentially change the insurance industry. These companies have become known to us as Disruptors.
We think of disruptors in other industries such as Uber in Transportation, Expedia in Travel, and the iPod in Music. All of them have had a major impact on their respective industries in regards to customer service and distribution. Now we face an ever-changing environment within the insurance industry. As mobile consumers want a better way to obtain a quote, secure a policy, process a claim and meet their every changing needs.
Insurance agents need to understand how InsurTech companies are leveraging access to data to improve operations in service, sales and yes even claims. Over the past five years, billions of dollars have been invested to hundreds of companies to obtain these goals. Venture Capital firms continue to fund InsurTech firms in 2020. With a strong infusion of cash, InsurTech startups are now releasing products/solutions that are having an impact on the insurance distribution system.
Mobile and The Independent Agent
Gain a better understanding of what your agency needs to know when using
mobile technology. This presentation will discuss data security issues, producer and staff
efficiency, customer implications, and other related topics. He will also discuss how to
protect your mobile device and manage information between your device and your
Six Trends That Will Have an Impact on The Future of Insurance
With the increasing move towards automation in our society, the field of insurance is wide-open for new and electrifying changes. In this exciting session, you will learn about six major trends that will impact the insurance industry in the near future. Understand the impact of artificial intelligence and augmented reality on improving operations and the customer experience. How will The Internet of Things (IoT) help with risk mitigation and risk management for the consumer market? Within the business world, learn about the new focus on RiskTech will assist businesses in risk mitigation. As more regulation is passed concerning the protection of consumer data, understand the requirements on agencies to protect consumer data and the importance of CyberSecurity. Learn the value of data analytics on determining trends, increasing profits, and enhancing the overall customer experience. Enhancing customer experience is now driving towards easier access of data input and faster processing to meet the needs of today’s consumer.
Managing Your Data to Improve Results!
In this session, we will cover the key data points you need to manage in order to improve efficiencies and increase profits within your agency. Today, data comes in multiple facets from websites, management systems, phone systems, rating systems and other sources. You will learn to recognize these key data elements and understand how to use this data to make better decisions that will lead to more profits.
Cyber exposure continues to be a big topic in our industry. Understand the facts behind cyber exposure and why your clients need cyber liability. This presentation will explain state data breach laws, federal laws and first and third party exposures during this informative presentation. This session will also cover ways to protect your data and what your agency needs to do in case of a data breach.
Why Your Business Needs A Written Security Plan (WISP)
Understand the state, federal and industry regulations that require agencies to develop a written information security plan (WISP). During this session we will review current regulations and discuss the process for developing your agency WISP. Part of each WISP should cover the physical, technical, and administrative safeguards of your agency. Each of these will be reviewed to educate you on what your agency will need to include in your WISP to protect Personal Identifiable Information. Specific topics will include risk assessments, action plans, incident response plans, third-party agreements, staff training along with other informational areas.