Comments for Connections

Comment on Market and Agent Performance Toolset for Insurance Companies by Amit Bhagat

Amit Bhagat — Sat, 23 Oct 2010 20:35:17 +0000

Hi ,This tool seems to be fantastic to calculate Agent performance & help Insurance companies to find right agent. Please can you explain that in what form will be the output or agent performance will be displayed. Is there any extension to agent performance model as which agent will leave the company after specific years?

Comment on The 3 S’s of Social Media in Insurance – Sense-Share-Serve by Bryan Tseng

Bryan Tseng — Thu, 07 Oct 2010 22:46:59 +0000

While the article is strictly focused on social media, I think the framework presented (“Sense, Share, Serve”) really touches on a broader issue – how can insurers more effectively use web and mobile technology to increase their customer impact.
Sense: Although the anecdote of using social network to help with claim adjudication is interesting, the true values of social networks lie in their ability to allow insurers to predict customers’ needs. And allow insurers to offer the right products at the right time. For instance, if someone updated their Facebook status about having just purchased a new home, that information can be used to tell insurers to send out information on a homeowner policy. Or if someone tweeted about a newborn, that’s a signal for insurers to offer some life insurance products.
Share: A powerful way to build brand equity is to showcase that you are not just another money-hungry corporation. Firms that champion social issues often are better positioned to charge a premium for their services or products. Take American Express as an example, their “Member’s Project” campaign not only has generated positive PR, but also made their customers feel more empowered, and thus more likely to remain with the company.
Serve: With wireless networks becoming faster and more reliable, mobile technology is going to be a key front for insurers to tackle. Insurers who are able to provide more services (such as allowing customer monitor their auto repairs) will come out ahead and be perceived as more customer centric; which can be directly translated into higher customer satisfaction. Imagine your car broke down. You open up the mobile application from your insurer, not only does it map and provide contact information to the closest repair shops within your vicinity, but it also gives you an idea on how much each shop will charge and allows you to see reviews from prior customers. Wouldn’t that put a smile on your face?

Comment on Micro-insurance: An untapped opportunity in emerging markets by Microinsurance is an Untapped Market in Emerging Economies | Claude Penland – Webmaster & Actuary

Fri, 24 Sep 2010 06:12:36 +0000

[...] can offer insurers the potential to contribute significantly to their top and bottom lines. This article includes perspectives on micro-insurance based on Diamond’s experience in emerging markets like [...]

Comment on Behavioral Finance in Retirement Planning – Part 1: Are you on the ‘bandwagon’ yet? by Ted McLyman

Ted McLyman — Sat, 14 Aug 2010 01:57:32 +0000

I am the CEO of Apexx Behavioral Financial Group. We are a full service financial advisor firm located in Augusta, GA. We formed the practice in April 2010 with the intent of “reinventing” the FA model through the application of behavioral economics/finance. We are testing and implementing a number of behavioral methods and techniques in our practice. I am very interested in sharing ideas and concepts.

Comment on Driving Traffic to your Site: From ‘Build it they will come’ to ‘ Go wherever your customers are’ by Anand S. Rao

Anand S. Rao — Wed, 04 Aug 2010 13:20:06 +0000

Thanks for your feedback Terry. You raise a good question on why carriers don’t service this need. I think there are two reasons (a) From the carrier viewpoint they most often see their customers as agents and prefer to reach end consumers through agents; and (b) From the consumer viewpoint, consumers don’t trust the messaging of carriers because carriers have been predominantly ‘product pushers’ and have rarely been a consumer advocate.

Comment on Driving Traffic to your Site: From ‘Build it they will come’ to ‘ Go wherever your customers are’ by Terry Golesworthy

Terry Golesworthy — Mon, 02 Aug 2010 21:36:39 +0000

Given that ‘solution/problem’ searches are so much more popular that brand ones, why do you think aggregators service this need so much more than carriers. Major brands are largely (but not entirely) missing for ‘life insurance quote’ and similar terms. Is the consumer looking for something that carriers are hesitant to provide i.e. the cost. You reference the agent process, is the agent being sidelined by some, not all consumers, that prefer to self-research, collecting comparitive quiotes abd using social networking to get referrals?

Comment on The 3 S’s of Social Media in Insurance – Sense-Share-Serve by Risk + 2.0: The week in links 7/23/2010 « Risk + 2.0

Risk + 2.0: The week in links 7/23/2010 « Risk + 2.0 — Fri, 23 Jul 2010 12:02:07 +0000

[...] The 3 S’s of Social Media in Insurance – Sense-Share-Serve. Great advice and real world examples of using social media in the insurance industry. [...]

Comment on Driving Traffic to your Site: From ‘Build it they will come’ to ‘ Go wherever your customers are’ by technology business insurance

technology business insurance — Sat, 29 May 2010 04:58:58 +0000

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Comment on Hindering Success: Six Roadblocks to Putting Business Strategy into Action by Rob Adams

Rob Adams — Wed, 28 Apr 2010 16:55:24 +0000

Along the lines of “Market Validation” mentioned in points 2 & 3 above, I have a book “If You Build It Will They Come?” that covers all the aspects of Market Validation; how to figure out if there’s a market for your product or service before developing it. It also gives you the detail on how to apply the points in this blog post around strategy development. The book “If You Build It Will They Come?” is available at all booksellers and the more details are at http://www.drrobadams.com.

Comment on Hindering Success: Six Roadblocks to Putting Business Strategy into Action by Mike Giuffrida

Mike Giuffrida — Tue, 13 Apr 2010 11:42:33 +0000

Enjoyed the article and agree with the six reasons why organizations fail to successfully operationalize their strategies. I would add that as an overriding principle, we should all strive to use far fewer words and to take much more action.