Insurance Companies, Meet Startups: Five Keys to a Successful Partnership

Partnering with or investing in startups has helped established insurers reach out to younger consumers and explore new offerings and technologies to strengthen their business. However, it’s not always a perfect match. Because insurance companies typically are risk-averse, there can be roadblocks along the way, and while the concept of established companies partnering with startups makes sense, there’s a lot that happens between the 30,000-foot level and the ground level that can threaten success.


>
Read More

Why Insurance Companies and Startups Go Together Like Peanut Butter and Jelly

Insurance typically is a very risk-averse industry, but the next generation of consumers is shaking up the market. Many millennials are getting married or having children later, pushing insurance purchasing events further into the future, with some eschewing products like life insurance altogether. They also want insurance offerings to be online and mobile. Established insurers now have to be more nimble and look for new opportunities, and partnering with or investing in startups is a great way to do it. Startups are the jelly to established firms’ peanut butter, layering on the freshness and versatility.


>
Read More

How Asset Managers Can Address Breakdowns in the Analytics Value Chain

According to a recent study by Ignites Research, less that 20% of asset managers’ analytics teams’ time is spent on analytics, and only 63% of firms can turn the resulting analyses into opportunities or wins. Compared to other industries, asset managers are behind the curve in using analytics for sales and marketing enablement, but similar issues have persisted in other, more analytically mature sales organizations. Sales teams and marketers at asset management companies use investment analytic teams to support their decision-making, so when the sales and marketing analytics they receive don’t deliver the value they expect from other analytics teams, they’re less likely to tolerate it.


>
Read More

Stem the Tide: How Financial Services Firms Can Predict and Prevent Churn

For financial services firms, acquiring new customers is more costly than retaining them. Therefore, retaining existing customers is one of the biggest challenges. Customer churn is everywhere. In unsecured lending, customers cancel credit cards or personal loans, or there’s silent attrition in the form of a slow decrease in customer card spend. In secured lending, mortgages face churn in the form of a loan transfer to other lenders, partial or full payment of loans and loan closure. Customers also can close their bank accounts, resulting in the loss of potentially cheap sources of funds, or they cancel their life or general insurance policies, resulting in the loss of potential future premiums.


>
Read More

What Insurance Agents Do (and Don’t) Have in Common With Taxi Drivers

Ever try to hail a cab in New York on a rainy day (especially before ride-sharing apps came along)? It’s nearly impossible because taxi drivers—whose payouts are 100% fare-based—achieved their income target sooner in the day because of high demand. Research demonstrates that drivers will work the least on rainy days and the most on nice days when fares are hard to find.


>
Read More