Bruce Bentley

  Imagine insurance customers who actually enjoy meeting with their insurance broker. Customers who see insurance not as a nuisance mandate but as an integral part of their own and their customers’ success. Insurance buyers who are enthusiastic about discussing risks and coverages regularly, not just begrudgingly once a year. Customers who are eager to share data on safety and performance. Or customers who view insurance not as a cost but as a revenue builder. These insurance customers do exist. Some of them come from the sharing economy and three of them recently shared their experiences with insurance in a Lloyd’s of London webinar titled The Sharing Economy. Host Rosie Denee, Innovation and Thought Leadership manager at Lloyd’s, stressed how the pandemic has recalibrated the sharing economy of independent contractors, entrepreneurs, service providers, drivers, property owners, renters, riders and buyers and the technology platforms they love. “Companies have had to adapt to cha...

A 55% decrease in average kilometers traveled and a record unemployment rate of 15% prompted many auto insurance customers to look for new insurance coverage following the outbreak of the pandemic last year. However, buyers found an increasingly homogenized market where price was the main differentiator, according to JD Power. According to the company's US Insurance Shopping Study from 2021, insurers' efforts to differentiate themselves in the market will increasingly depend on bringing more innovative products and services to market. "The pandemic revealed a lot about insurance purchasing behavior in 2020 as there has been a significant increase in purchasing activity from customers who have been financially affected and interested in big, well-known brands and offers for lower prices," said Tom Super, Head of property and casualty insurance at JD Power. “Experience highlights the need for more sophisticated acquisition and storage tools. Ironically, even thoug...

After the pandemic forced the big banks to expand their payrolls and expand their digital banking and customer support offerings, they returned to what they know: to wield the ax. This year, six top US banks announced layoffs and branch closings as part of aggressive cost-cutting measures. Wells Fargo announced, for example, that it is laying off a quarter of its workforce in an attempt to cut expenses of up to $ 10 billion in the coming years. The opposite is the case at New Jersey's 88 state-chartered community banks, where many are thriving thanks to an explosion in home mortgage refinancing and the profits generated by running the paycheck protection program. "This gave us a great opportunity to reconnect with our customers and help them with this pandemic mayhem," said Jane E. Allerman-Rey, president of Spencer Savings Bank, which has 20 branches in northern New Jersey and over $ 3 billion has in assets. “It was a great opportunity to attract new businesses. "...

"The fact that we are claiming that people are on the business development team shows that this is essential to us," he said. “And if we could physically sit in the office, you would also see our claims handlers on the underwriting teams, as the underwriters can learn a lot from claims for damages related to previous experiences or similar clients. Some insurers are trying to hold on separate what is okay from an operational perspective, but not from a collaborative perspective. " Consistent with the fact that claims are the product of insurance, Stephenson emphasized that the best claims proposals are those that are defined before loss. Customers need to be familiar with their product beforehand, he said, saying exactly what will be delivered from the start. The difference between a gold-plated and a conventional claim is therefore communication against loss, accessibility and transparency. Continue reading: Where there are demands in customer service Clear...