The insurance industry is experiencing change on multiple fronts at a rate that has not been witnessed for at least a generation.The rising cost of claims and the complexity of managing claims is one of the pressing challenges insurance companies are facing.Regulations and compliance is increasing, reduced cost of entry for new market players is […]
A very critical, yet mundane activity that happens in Insurance industry is quote management. Customers request an insurance agency to provide quote that has best possible coverage and low premium that would meet their requirements. What really happens is in most agencies, the CSR reviews each individual quote, manually enter the information into an excel
There are approximately 40,000 independent insurance agencies in USA. Increased competition is hurting the margins. Technology is a competitive advantage for independent agencies to attract and retain business. Smart technologies like AI, ML can make a huge difference to the functioning and productivity of an agency. Consider “quote generation”, a key activity in the insurance
