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New Insurtech Tool from American Claims Management Screens for Subrogation Opportunities

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New Insurtech Tool from American Claims Management Screens for Subrogation Opportunities

American Claims Management, a national third-party claims administrator, has launched an insurtech tool to screen for subrogation opportunities often hidden inside claims files. The new tool, called SubroNet, uses artificial intelligence to find clues in claims adjusters’ notes and other documentation.

“Subrogration is a useful business and financial practice to manage claims costs, but often it is relegated or ignored in the process of adjusting and settling claims,” says Dhara Patel, ACM president. “The SubroNet proprietary tool automates the process of identifying subrogation opportunities, so claims adjusters and management can streamline the process of using subrogation.”

SubroNet is available to carrier clients and self-insured clients of American Claims Management, which is active in workers’ compensation, auto, general liability, professional liability, property, and earthquake lines of business. It is believed to be the first insurtech tool of its kind, according to Patel.

Subrogation is used across numerous lines of insurance to seek remuneration from outside parties that are responsible for all or part of an insured loss that leads to a claim. Successful subrogation cases can result insignificant loss-cost savings for carriers and self-insured entities. But subrogation is used sporadically and sometimes ineffectively across companies and even within companies.

“We saw the chance to develop a more sophisticated approach to data to find subrogation opportunities that wouldn’t otherwise be identified,” adds Patel. “Nearly every book of business has a wealth of hidden subrogation potential that may not be obvious to the naked eye of even the most experienced adjuster.”

SubroNet incorporates natural language processing coupled with a machine-learning algorithm. American Claims Management used the language processing element to identify a set of keywords common to successful subrogation cases. The new insurtech tool works by taking those keywords and comparing hem with a loss description from an adjuster or a customer service representative. The subrogation tool then grades each subrogation opportunity as low, medium or high.

“So much information that adjusters collect is just sitting, unused,  in free-form text on their tablet computers,” says Patel. “By using SubroNet to analyze that data, this insurtech approach can create a fairer, more efficient claims process — and prove to make hidden-value impact on loss ratio.”

Learn more about American Claims Management at https://acmclaims.com/.

PG&E Testing Artificial Intelligence That Could Expand Wildfire Detection Capabilities

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PG&E Testing Artificial Intelligence That Could Expand Wildfire Detection Capabilities

During extremely dry, hot, and windy weather, being able to differentiate wildfire smoke from fog and other false indicators is invaluable to analysts in Pacific Gas and Electric Company’s (PG&E) Wildfire Safety Operations Center and fire agencies. For this reason PG&E is testing artificial intelligence (AI) and machine-learning capabilities in the growing network of high-definition cameras across Northern and Central California to see how it can enhance fire-watch and response capabilities.

In 2021, PG&E, in collaboration with ALERTWildfire, has installed 138 new HD cameras across High Fire-Threat Districts, in accordance with its 2021 Wildfire Mitigation Plan. Of those 138 cameras, 46 of them are included in the new AI testing program in partnership with Alchera and ALERTWildfire. A similar pilot was conducted with Pano through participation in EPRI’s 2021 Incubatenergy Labs Challenge. PG&E began installing HD cameras in 2018, as part of its Community Wildfire Safety Program. As of October 31, 487 cameras are now in operation.

“Even with the two significant rainstorms in October and November, we are still in a historic drought and California, along with other western states, continue to experience an increase in wildfire risk and a longer wildfire season. We are using every new tool and technology at our disposal to improve situational awareness and intelligence to help mitigate and prevent wildfires, including this new AI capability,” said Sumeet Singh, PG&E Chief Risk Officer. “Every bit of data and intelligence that comes to us could potentially save a life.”

The pilot program is already demonstrating the AI’s potential to reduce fire size expansion. On August 4, 2021, PG&E’s Howell Mountain 1 camera located in Placer County and equipped with Alchera’s AI software, spotted smoke one minute before the actual fire dispatch and several minutes sooner than the manual movement of the camera. That smoke ended up becoming the River Fire. This is one example of many noted during both pilots confirming the value of early fire detection technology.

The expert staff in the company’s Wildfire Safety Operations Center (WSOC), outside agencies and first responders use the fire-watch cameras to monitor, detect, assess for threats, and respond to wildfires. The AI test programs include PG&E determining a way to get the new data to the right people quickly and effectively. The quicker the data is received, the more rapidly first responders and PG&E can confirm fires and move the right resources to the right place.

“The software analyzes the video feed and if it thinks it sees smoke, we receive an alert via email and text, telling us it just detected smoke. Our analysts then pinpoint where the smoke is coming from and determine if it’s a car fire, dumpster fire, or even a vegetation fire. Based on the location, we can assess for threat to the public or PG&E facilities,” said Eric Sutphin, Supervisor at PG&E’s WSOC who’s in charge of the camera installations. “The AI filters out a significant number of false positives, for example, ruling out dust, fog or haze.”

Sutphin explained that the recent installation of the AI test software with its machine-learning capabilities means the WSOC team is getting smarter over time with more experience and more data gathered.

“We know the cameras are doing well at spotting wisps of smoke from long distances. We plan to assess our initial implementation, continue to gather the data, and develop a plan for using this leading-edge technology on a more expanded basis,” he said.

The cameras provide 360-degree views with pan, tilt and zoom capabilities and can be viewed by anyone through the ALERTWildfire Network at www.alertwildfire.org. By the end of 2022, the company plans to have approximately 600 cameras installed, providing an ability to see in real-time more than 90% of the high fire-risk areas it serves.

Learn more about Pacific Gas and Electric Company (PG&E) at https://www.pge.com/.

New “2022 Wealth & Wellness Index” Shows Many Americans Less Confident in Their Finances and the Economy Entering Third Year of the Pandemic

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New “2022 Wealth & Wellness Index” Shows Many Americans Less Confident in Their Finances and the Economy Entering Third Year of the Pandemic

As we embark on the third year of the COVID-19 pandemic, the U.S. economy is making a remarkable comeback after enduring a tumultuous two years. Roughly 80% of the jobs lost to the pandemic have been regained, unemployment rates have normalized and today’s jobseekers have the upper hand.

Yet, Americans’ views of their financial health are languishing, and many consumers don’t feel confident about their current financial situation or the economy. According to a new annual 2022 Wealth & Wellness Index released today from retirement services provider Empower Retirement and affiliate hybrid wealth manager Personal Capital, only 34% of American consumers surveyed say they are “very financially healthy,” a 14% drop versus when asked in March of 2021 (48%). The survey, conducted by the Harris Poll, finds economic confidence among respondents also remains relatively low at 40%, down 2% from one year prior and down 12% from the start of the pandemic.

“It’s a fact of life that forces in the economy are going to impact how confident people feel about their finances,” said Empower President and CEO Edmund F. Murphy III. “Periods like this represent opportunities for savers to become even more engaged in their finances and seek the advice they need to help reassure them in their financial plan or put them on a path to help drive renewed confidence.”

So, what’s causing many Americans to feel less confident in their finances and in the economy right now, despite positive indications at a macroeconomic level?

“It’s a complicated picture to describe what’s happening to the economy,” says Chief Investment Officer at Personal Capital, Craig Birk. “The labor market is strong and retail growth is ticking upwards, but we’re also dealing with recent market volatility and record high inflation. It’s unsettling for many.”

Despite this relatively recent decline in confidence, American consumers surveyed in the 2022 Wealth & Wellness Index report feeling optimistic about their longer-term financial futures. According to the study’s key indicators of financial wellness, many are feeling hopeful and optimistic (40%) about their path towards optimizing their financial health.

Americans are also prioritizing financial goals in 2022. When asked what their top new year’s resolution is, paying off personal debt (37%) and saving for retirement (36%) now surpass traditionally common goals like exercising more (33%) and losing weight (28%).

“The fact that paying off debt is a higher priority than exercising shows many people want to improve their financial health, and it’s clear that financial confidence is intrinsically linked to overall health and wellness,” says Personal Capital’s Chief Marketing Officer, James Burton. “Americans are seeking financial advice, and we don’t see this boom in financial planning changing anytime soon. In the past year, we’ve seen an 88% increase in net new client assets, excluding market gains, and we are fully prepared to meet the growing demand this year.”

For more information on the 2022 Wealth & Wellness Index, see an overview of the results here.

About Empower

Headquartered in metro Denver, Empower administers approximately $1.1 trillion in assets1 for more than 12.6 million retirement plan participants and is the nation’s second-largest retirement plan recordkeeper by total participants.2 Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, mid-size and large corporate 401(k) clients; nonprofit 403 (b) entities; private-label recordkeeping clients; and IRA customers. Personal Capital, a subsidiary of Empower, is an industry-leading hybrid wealth manager.

For more information please visit empower.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.

About Personal Capital, an Empower Company

Personal Capital is a remote-delivery, industry-leading digital wealth management company that helps people transform their financial lives through technology and advisory services. The company’s state-of-the-art tools and technology provide consumers with a holistic financial picture and are used by over 3.1 million people to track $1.3 trillion in account assets (as of 11/30/21). Its wealth management advisors provide expert guidance, and customized strategies, based on a personal understanding of an investor’s financial picture and goals. For more information, please visit www.personalcapital.com or connect with us on Facebook, Twitter or LinkedIn.

Advisory services are offered for a fee by Personal Capital Advisors Corporation, a wholly owned subsidiary of Personal Capital Corporation. Personal Capital Advisors Corporation is a registered investment advisor with the Securities and Exchange Commission (“SEC”). SEC registration does not imply a certain level of skill or training. Investing involves risk. Past performance is not a guarantee or indicative of future returns. The value of your investment will fluctuate, and you may gain or lose money.

1 Pension & Investments 2020 Defined Contribution Survey Ranking as of April 2021.

2 As of Sept. 30, 2021. Information refers to the business of Great-West Life & Annuity Insurance Company and its subsidiaries, including Great-West Life & Annuity Insurance Company of New York and GWFS Equities, Inc. GWLA’s consolidated total assets under administration (AUA) were $1.125B. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. GWLA’s statutory assets total $76.1B and liabilities total $73.1B. GWLANY statutory assets total $4.2B and liabilities total $3.3B.

Securities offered and/or distributed by GWFS Equities, Inc., Member FINRA/SIPC. GWFS is an affiliate of Empower Retirement, LLC; Great-West Funds, Inc.; and registered investment adviser, Advised Assets Group, LLC. Investing involves risk, including possible loss of principal. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.

New Year, Same Volatility: Most Americans Expect a Recession in the Near Future

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New Year, Same Volatility: Most Americans Expect a Recession in the Near Future

Key findings snapshot:

  • 77% of Americans expect the market will remain volatile this year
  • 59% expect a market correction in 2022
  • 66% of Americans say it’s important to have some retirement savings in a financial product that protects it from market loss

Despite the start of a new year, a majority of Americans remain worried about market volatility, with over three-quarters saying they expect the market to be very volatile in 2022. These findings from the 2021 Q4 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America (Allianz Life), underscore the lingering worries around a number of health and economic risks that Americans are facing every day.

Amid rising case numbers from the Omicron variant, 67% say they are worried that new COVID variants will cause another recession. And as inflation hits 40-year highs, 74% say they are concerned about their purchasing power over the next six months. Another 64% say their income is not keeping up with expenses, and the same amount worry their income will not keep pace with tax increases.

“There are a lot of risks being amplified as we kick off 2022, and nearly eight in 10 (77%) expect the market will remain volatile this year,” said Kelly LaVigne, vice president of Consumer Insights, Allianz Life. “Further, 59% say they expect a market correction in 2022, which hopefully means people are starting to think about steps to take now to protect themselves if that happens.”

Today’s risks affecting tomorrow’s retirement plans

While many are struggling to navigate these challenges in the short term, 57% say risks from market volatility will have a major impact on their plans to retire in the next few years. And with added pressure from increased uncertainty, 61% say they are worried their current financial strategy won’t provide the lifestyle they’d like to have in retirement.

“With all these different factors looming, it’s a critical time for people who are approaching retirement age to think about how to mitigate these risks and adjust their retirement strategies,” said LaVigne.

Currently, one-third say that putting some money into a financial product that provides a guaranteed stream of income in retirement is the most important step in having a secure retirement – the highest it’s been since the start of 2019. Gen Xers expressed the most interest in a product that offers guaranteed income (39% compared with Millennials at 33% and boomers at 30%). At the same time, 66% of Americans say it’s important to have some retirement savings in a financial product that protects it from market loss.

*Allianz Life conducted an online survey, the 2021 Q4 Allianz Life Quarterly Market Perceptions Study, in December 2021 with a nationally representative sample of 1,004 respondents age 18+.

Annuity guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

Annuities are issued by Allianz Life Insurance Company of North America.

BH Guard Now Offering Commercial Package Coverage in Seven States Including Indiana and North Carolina

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BH Guard Now Offering Commercial Package Coverage in Seven States Including Indiana and North Carolina

Berkshire Hathaway GUARD Insurance Companies recently announced it expanded the list of states where the insurer offers its Commercial Package Policy to include Indiana and North Carolina.

The product includes Commercial Property featuring limits up to $120 million per location (higher limits considered), with an enhanced causes of loss form, including built-in equipment breakdown, crime coverages as well as broad inland marine coverages; General Liability with aggregate limits up to $6 million; and Commercial Umbrella for added protection.

“We take a customized approach to expanding the limits and scope of traditional property and casualty insurance.”

“The past two years have been a challenging time for businesses nationwide. When we expand our product offerings in a state as we’ve recently done in Indiana and North Carolina, our goal is to supply our network of independent agents with the means to enable them to grow. We do that by offering agents and their insureds a comprehensive, convenient way to accommodate all their insurance needs through our Commercial and Personal lines product suite,” said Sy Foguel, Berkshire Hathaway GUARD CEO. “Our CPP product complements our other lines and offers the necessary protections for larger insureds.”

“What sets our Commercial Package apart, among other things, is how we enhance our base coverages with a wide range of add-ons, limit options and access to both proprietary and industry-specific endorsements,” says Lyle Hitt, Chief Insurance Officer. “We take a customized approach to expanding the limits and scope of traditional property and casualty insurance.”

Berkshire Hathaway GUARD’s Commercial Package product is designed to address the insurance needs of larger, more complex operations with multiple exposures. Initial target markets include light-to-medium manufacturing, wholesalers and distributors, large offices/habitational buildings, truck stops/travel plazas, resort hotels, and country clubs/golf courses.

Discounts may be available when seeking quotes for two or more additional applicable lines, like Worker’s Compensation or Commercial Auto.

Learn more about Berkshire Hathaway GUARD Insurance Companies at https://www.guard.com/.

 

EMC Wins Two Awards from Technology Association of Iowa

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EMC Wins Two Awards from Technology Association of Iowa

EMC Insurance Companies was recognized as the winner of two technology awards at the Technology Association of Iowa’s Prometheus Awards on Nov. 4, 2021: Large Technology Company of the Year and Best Technology Company Culture.

This was the 16th annual Prometheus Awards, which unite Iowa innovators and leaders from technology, business, education and government, to celebrate the year’s most momentous achievements.

“Building a positive and productive technology culture takes hard work, and I truly couldn’t be prouder of our team,” said EMC Senior Vice President – Chief Information Officer Joe Riesberg. “This group has bought into the process and embodies trust, accountability and courage. Winning these awards is a milestone moment.”

The Prometheus Awards are presented by the Technology Association of Iowa, a statewide, member- based organization that unites Iowa’s technology community by connecting leaders, developing talent, driving public policy, and fostering diversity and inclusion.

Learn more about the Technology Association of Iowa at https://www.technologyiowa.org/.

Learn more about EMC Insurance Companies at https://www.emcins.com/.

U.S. Property and Casualty Insurers See Solid Performance in First Half of 2021

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U.S. Property and Casualty Insurers See Solid Performance in First Half of 2021

Private property/casualty insurers in the United States posted strong net income growth in the first half of 2021 as the country continued to recover from the economic disruption caused by the COVID-19 pandemic, according to a report from Verisk, a leading global data analytics provider, and the American Property Casualty Insurance Association (APCIA).

As the U.S. economy recovers from the pandemic, insurers’ net income rose to $37.5 billion in the first half of the year, up from $24.3 billion in the first half of 2020. The annualized rate of return on average policyholders’ surplus, a key measure of overall profitability, jumped to 7.9% in the first half of 2021, up from 5.8% in the first half of 2020. The industry’s combined ratio, a measure of underwriting profitability, also improved to 96.7%.

Reflecting an uptick in overall economic activity, insurers wrote $24.4 billion more in premiums during the first half of this year ($348.4 billion) than in the comparable period in 2020 ($324 billion). Earned premiums grew 5.3% to $329.1 billion for the first half of 2021. Renewal pricing for standard commercial lines – general liability, commercial auto, and commercial property – rose 6.7% in the first half of 2021, compared to 7% in 2020 and 5.1% in 2019, according to Verisk’s ISO MarketWatch® solution.

More economic activity may also have resulted in more insurance claims, as commuters returned to roads, businesses resumed operations, and material and labor costs rose. Incurred  losses and loss adjustment expenses (LLAE) rose 6.9% in the first half of 2021 to $229 billion, significantly higher than the 0.8% increase in the first half of 2020. Catastrophe LLAE contributed $28.9 billion to total LLAE (up from $24.7 billion in the first half of 2020), while non-catastrophe LLAE grew 5.6% to $200.1 billion.

“Net written premiums increased 7.5% in the first half of 2021 (10.3% in Q2) as insurers experienced similar increases in losses and loss adjustment expenses (LLAE) from ongoing record wildfires, floods and freezes, a spike in ransomware attacks, worsening inflation, and spiraling litigation costs,” said Robert Gordon, APCIA senior vice president, policy, research and international. “While insurers benefited from a positive swing in net realized capital gains, the industry faces ongoing headwinds from climate change, significant deterioration in auto claims severity, growing cyber liability exposure, and emerging losses from the impacts of long-haul COVID. As the pandemic appears to unwind, the industry has been bolstering its balance sheet to protect consumers against increasing natural and man-made catastrophic exposures.”

The effects of the COVID-19 pandemic prompted rebates to auto insurance policyholders and $4.4 billion in policyholder dividends in 2020. Though still slightly above the historical average, the $1.6 billion in dividends issued through the first half of 2021 was closer to pre-pandemic dividend levels.

Insurers’ income also benefited from $9.2 billion of realized capital gains, a $10.6 billion swing from the losses realized in first-half 2020.

“We clearly see the imprint of the pandemic on the industry’s performance through the first half of 2021,” observed Neil Spector, president of ISO at Verisk. “Economic activity that was suppressed for much of the first half of 2020 has sprung back, bringing its own set of challenges. Rising material costs and acute labor and supply chain shortages in many sectors create a powerful need for accurate, continuously updated sources of underwriting data to help insurers manage a dynamic risk environment.”

Growth in second quarter fuels first-half performance

Insurers posted $17.5 billion in net income for the second quarter of 2021, a strong improvement from the $6.4 billion in the year-ago quarter. The income increase was also reflected in annualized rate of return on average surplus, which climbed to 7.3% from 3.2% a year earlier. While improved, the rate of return didn’t quite reach the 7.6% achieved in the second quarter of 2019 or the 9% hit in the second quarter of 2018. The industry’s combined ratio also improved during the quarter to 97.2% from 100.2% in the second quarter of 2020.

View the full report from Verisk and APCIA.

Annual U.S. Home Trends Report Reveals Catastrophic Weather Events Continue To Drive Losses for Home Insurance Industry

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Annual U.S. Home Trends Report Reveals Catastrophic Weather Events Continue To Drive Losses for Home Insurance Industry

LexisNexis® Risk Solutions released its sixth annual LexisNexis Home Trends Report, revealing that increasing extreme weather events are leading to more weather-related loss costs for U.S. homeowners and insurers. The 2021 LexisNexis Home Trends Report provides the trended by-peril home insurance data and location-based insights that insurance carriers may need to make informed risk assessments and underwriting decisions.

Catastrophic weather events, such as wildfires, hurricanes and floods, were some of the largest drivers of losses for the home insurance industry and caused 39% of claims in 2020 – the highest percentage in the last six years. Loss cost in 2020 also increased across all perils by 6% year-over-year, following the upward trend of the last six years, which will likely continue through 2021, making it increasingly challenging for carriers to price policies profitably.

LexisNexis Risk Solutions annual Home Trends Report revealed catastrophic weather caused highest losses in 6 yrs.

“With catastrophe claims driving losses and reinsurance costs higher, it’s imperative that insurers have the most recent peril-related trend data and an analytics partner who understands how by-peril trends are changing over time,” said George Hosfield, senior director of home insurance at LexisNexis Risk Solutions. “Basing underwriting and pricing decisions on accurate and up-to-date data help insurers to meet loss-ratio objectives and growth targets, as well as support a better customer experience for consumers by helping homeowners avoid escalating costs.”

Loss cost and frequency for all home perils combined rose in 2020, with certain states hit harder than others. Louisiana had the highest loss cost in the nation in 2020 as a result of wind claims from a detrimental hurricane season and 2021 has already brought a number of catastrophic weather events such as Hurricane Ida. In addition, Colorado and Nebraska ranked highest in loss cost over the period from 2015 to 2020 as a result of being located in “Hail Alley” and experiencing 7-9 days of hail each year.

The Home Trends Report also analyzed the impact of COVID-19 on the U.S. home insurance market. With more people working from home, loss cost due to theft was down significantly in 2020. Noted in the report, this is perhaps a result of increased adoption of smart home security devices. In 2020, the liability peril saw a 48% severity drop year-over-year, likely due to COVID-19 restrictions and social distancing measures, which led to court closures, limited access to legal representation and increased household isolation.

Additional key findings, by peril, from the LexisNexis Home Trends Report include:

Wind: Wind frequency, loss cost and severity all increased significantly in 2020—frequency increased by 42% this year and loss cost by 63%. 2020 marked the largest wind loss cost recorded in the last six years.

Hail: Loss cost and severity of hail claims declined in 2020, while frequency remained steady. However, catastrophe claims made up 62% of all hail claims this year and the frequency of hail catastrophe claims increased a significant 9.9% year-over-year.

Fire and Lightning: The 2020 wildfire season, the most active on record, led to increases beyond 2017 and 2018 levels in both loss cost and severity for insurers. The proportion of catastrophe losses also increased. California accounted for the most loss cost, severity and frequency of fire and lightning claims, with 37.2% of all catastrophe claims nationwide in 2020.

Non-Weather-Related Water: While the six-year trend for water claims not related to weather continued to climb, 2020 did see a decrease in loss cost compared to 2019 – likely a result of people spending more time at home and perhaps increased use of smart water leak detectors.

“This year has already been very active in terms of hurricanes and other major storms,” said Hosfield. “We expect 2021 and the coming years to continue this trend, which means it will be even more important for insurers to adopt new data to better assess roof risk at both new business and on their renewal book. Insurers need to be armed with the best roof condition information available to optimize coverage decisions.”

To download the 2021 LexisNexis Home Trends Report, click here.

Pandemic and Tax Code Change Spur Interest in Life Insurance, J.D. Power Finds

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Pandemic and Tax Code Change Spur Interest in Life Insurance, J.D. Power Finds

The adage that “life insurance is sold, not bought” may have met its match in the one-two punch of the COVID-19 pandemic and a federal tax code change that makes it possible for policyholders to build more cash value in their plans. According to the J.D. Power 2021 U.S. Individual Life Insurance Study,SM released today, an increase in customers’ awareness of their own mortality, combined with the ability to park assets in a tax-advantaged plan, is helping drive increased interest of— and customer satisfaction with— life insurance plans.

“Life insurance ownership has been declining for the past 30 years and overall customer satisfaction with life insurance has historically deteriorated consistently from the moment it is purchased,” said Robert M. Lajdziak, senior consultant of insurance intelligence at J.D. Power. “That’s all starting to change. This is a huge opportunity for insurers that get the customer engagement and education formula right. With the spotlight on the industry now shining brighter than ever, insurers that differentiate with simple touch points, close alignment with customer goals and clear communications are well-suited to seize the moment to build significant lifetime value.”

Following are some key findings of the 2021 study:

Life insurance customer satisfaction surges: The overall customer satisfaction score for life insurance providers is 776 (on a 1,000-point scale), up 13 points from 2020 as customer interest in life insurance rises. While most customers are buying life insurance to cover final expenses and leave money to beneficiaries, 18% are using the policies to protect retirement income and 9% are using them for tax planning purposes.

Agent/adviser relationship is key to satisfaction and advocacy—but mark often missed: Five key characteristics of the agent/adviser-customer relationship drive overall satisfaction and advocacy: help customers understand the policy; understand customer goals; work as a team; make recommendations in customer’s best interest; and take actions with a long-term relationship in mind. When those criteria are met, satisfaction and brand advocacy skyrocket. However, only 34% of agents/advisers meet all those criteria today.

Website more important than ever: Insurer websites are the most frequently used communication channel for life insurance customers, with 40% now using their insurer’s website for services ranging from researching policy information to accessing their account and making payments. Overall customer satisfaction with life insurer websites climbs 24 points this year to 844.

Leveling up communications: Overall customer satisfaction increases 50 points when customers recall receiving just one communication from their life insurance provider during the past 12 months, but only 53% of customers indicate receiving such communications. Further along the proactive communication continuum, among those who receive an email communication customer satisfaction increases 81 points and among those who receive communications tailored to meet their specific needs satisfaction increases 172 points.

Study Ranking

State Farm ranks highest among individual life insurance providers with a score of 822. Nationwide (813) ranks second and Northwestern Mutual (807) ranks third.

The 2021 U.S. Individual Life Insurance Study measures the experiences of customers of the largest individual life insurance companies in the United States. The study measures overall customer satisfaction based on performance in five factors (in alphabetical order): communication; interaction; price; product offerings; and statements.

The 2021 study is based on responses from 4,625 individual life insurance customers and was fielded in June-July 2021.

For more information about the U.S. Individual Life Insurance Study, visit https://www.jdpower.com/business/healthcare/us-individual-life-insurance-study.

Pandemic and Tax Code Change Spur Interest in Life Insurance, J.D. Power Finds

Imperial PFS Introduces Quivit, a Gamechanger for the Insurance Industry

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Imperial PFS Introduces Quivit, a Gamechanger for the Insurance Industry

North America’s largest premium finance company Imperial PFS® (IPFS®) announces the launch of their much-anticipated insurtech product Quivit™.

Called a “gamechanger” by its first users, Quivit is the first insurance-specific product to merge document signing, storage and an integrated payment processing system – allowing for both paid-in-full and financed transactions. The result is a dramatically streamlined workflow, transforming a complex, high-touch process into an efficient, digitally-driven sales closer. Until Quivit, there was no way for insurance agents to quickly prepare insurance quotes and applications for their insureds within the same secure digital space.

“We listened to our clients, recognized a gap, and found a way to provide a solution,” says Herb Chirico, IPFS’s Chief Marketing Officer and Senior VP. “We worked with agents to develop a digital product that merges selling, managing account communication, and collecting payments for policies in a single step, without the need for additional software from other providers. Now, work that once took days takes only minutes – which means Quivit will help expedite sales and improve payment collection in a single step.”

User-friendly and intuitive, Quivit makes it easy to send premium finance quotes, track progress, understand the status, send alerts, obtain signatures, collect payments and close the sale. Quivit also integrates seamlessly with existing systems and processes, which means it doesn’t require replacing your current technology or agency management system (AMS).

“Quivit is going to revolutionize the insurance industry,” adds Frank Friedman, IPFS’s CEO and President. “Quivit shortens the sales cycle, so agents can close sales far faster. It’s the key to unlocking untapped revenue opportunities.”

Even its name has special significance, as Quivit™ combines the words ‘quick,’ ‘pivot’ and ‘IT.’

“Given all the things it can do, ‘Quivit’ is the perfect name,” explains Chirico. “This is a breakthrough software product that empowers the insurance industry to quickly pivot and excel in the digital revolution.”

Quivit™ is available now to select IPFS Clients and will be widely-released later this fall.

Visit ipfs.com/quivit to learn more and watch the video.

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