Benefits 101: Health Insurance Definitions Every Employee Needs to Know

Consultants Mind

Here’s a breakdown of the most common terms found on a health insurance policy. Premium is the amount you and/or your employer pay each month towards an insurance policy. This enables the employer to pay February’s insurance bill at the beginning of February and allows the employee to have coverage for the entire month, even if the employee quits on February 1. A deductible is how much you pay before insurance kicks in to cover any remaining expenses.

Health Economics Part II – Insurance

Tom Spencer

In this post, I will go beyond a general interpretation of demand and give you an in-depth overview of a specific and expensive issue: the rising cost of public liability insurance. Ultimately, no one benefits from the high cost of public liability insurance.

New Technologies in the Insurance Landscape (Part 3 – Cloud)

Tom Spencer

For this reason, any reticence the insurance industry showed early on has been replaced with a holistic embrace of trusted cloud platforms. Cloud in the Insurance Sector. Insurance Media / Internet big data Cloud insurance

Future Workplace Insurance 2025

Cheryl Cran

Many industries including insurance are adapting quickly to the many changes impacting the future workplace insurance 2025. AI, automation, robotics, changing worker attitudes are quickly impacting the future of insurance. The post Future Workplace Insurance 2025 appeared first on NextMapping. Blog future of insurance future of work future of work expert future of work trends future ready leaders future ready teams future workplace 2025 lead change

New Technologies in the Insurance Landscape (Part 1 – Artificial Intelligence)

Tom Spencer

Digital disruption is touching every aspect of the consumer market, including the insurance industry. Traditionally, the insurance industry has lagged behind other sectors in the shift into digital technologies, its business model proving to be remarkably resilient.

New Technologies in the Insurance Landscape (Part 2 – Blockchain)

Tom Spencer

Insurance industry observers, for their part, believe that the innovative distributed ledger could introduce a variety of improvements and efficiencies to the insurance landscape, and have the following four applications: Fraud detection. Peer-to-peer insurance.

How to win in insurance: Climbing the power curve

McKinsey

A small group of winners captures much of the economic profit in the insurance industry. New research quantifies just how far ahead the leaders are—and what other insurers can do to catch up.

2019 global insurance trends and forecasts

McKinsey

Our 2019 analysis of McKinsey’s Global Insurance Pools database offers a detailed look at global insurance trends, with analysis by region and line of business. Insights on Financial Services

Using Cartoons to Get Attention in Emails

The More Clients Blog

Here’s the opening of an email to executives in the Insurance Industry interested in increasing sales: We’ve all seen this opera a thousand times: Yes, insurance salespeople have been the victim of vicious stereotypes.

Should Your Independent Contractors Have Cyber Insurance?

MBO Partners

Cyber insurance helps protect your company from costly data breaches not covered by general or professional liability insurance. Learn the benefits of cyber insurance, what it protects, and why you should consider it if your company engages independent contractors

Tackling the IoT opportunity for commercial lines insurance

McKinsey

Insurance carriers that capture the opportunities of IoT stand to boost revenues and reduce claims expenses. The Internet of Things connects the world in truly exciting ways. Insights on Financial Services

Life insurance: Ready for the digital spotlight

McKinsey

Life insurers have been latecomers to the digital era. That will have to change. Our Insights

The Insurance Industry Needs an Intervention

Strategy+Business

Before attempting to execute new strategies, insurance companies need to reevaluate every dimension of their operating model. Here are some recommendations

Generating Value While Transforming Insurers’ Legacy Technology

BCG

For insurers that are considering a digital transformation of their business, technology is at the heart of the endeavor. Forward-looking insurers first need to alter their approach. See “Building a Digital Technology Foundation in Insurance,” BCG article, August 2016.).

Life insurance product innovation: What insurers can learn from leading tech and consumer companies

McKinsey

Insurers can develop a competitive advantage by looking to how leading technology and consumer-product companies accelerate product development and improve product innovation. Insights on Financial Services

Digital ecosystems for insurers: Opportunities through the Internet of Things

McKinsey

This environment brings opportunities for insurers: to develop new products, open new distribution channels, and extend their role to include prediction, prevention, and assistance. The Internet of Things has entered customers’ everyday lives around the globe and transformed business models across industries. Insights on Financial Services

Who Will Insure Self-Driving Cars?

Strategy+Business

The first sector to be disrupted by connected-car technologies could be auto insurance. The overall safety improvements ushered in by self-driving technology will affect the insurance business long before fully autonomous vehicles reach the mainstream.

Building a Digital Technology Foundation in Insurance

BCG

Insurers today face a host of digital to-dos if they want to stay competitive—much less gain an advantage on their peers. Most insurers need to overcome significant constraints in their current IT landscape. We recently researched the readiness of insurers to go digital.

Liquidity Insurance

MishTalk

Cash Cow Capex Thesis vs. Liquidity Insurance Thesis Nick Nelson has it correct. Much of the cash on hand is nothing but insurance against the same thing happening again. Nonetheless, the cash does provide cheap liquidity insurance against a credit crunch.

Where the life insurance industry can go from here

McKinsey

Our annual life insurance and annuities review finds that the industry is poised for growth but will need to improve its capacity for bold resource allocation and productivity improvement. Insights on Financial Services

Creating Value in Insurance M&A

BCG

This article is based on “Influencing Outcomes in a Consolidating Insurance Industry: Three Keys to Value Creation,” by Pia Tischhauser, published in January 2016 in The Geneva Association’s Insurance and Finance Newsletter. Although not quite at the stage of mania, mergers have been sweeping the global insurance industry. The half of insurance deals that failed to deliver value had fallen prey to a variety of culprits. Insurers can do better.

Make Insurance Cheap Again: Trump Promises Insurance for All

MishTalk

In an interview in the Washington Post , Trump Vows ‘Insurance for Everybody’ in Obamacare Replacement Plan. more…). Economics

CX Snapshot: Health Insurance

1 to 1

As consumers take more control of their healthcare decisions, insurance companies are catching up to other industries in how they interact with members and deliver customer experiences. So what is the state of CX among health insurance firms?

Selling insurance to your sister

Seth Godin Blog

There are people in your inner circle who trust you. Family members, close work colleagues, college alumni, dear friends–they will give you the benefit of the doubt. Think twice before turning this circle into prospects by selling them products and services. First, it doesn’t scale. You don’t have enough relatives to cash in on. But far more important, these relationships are precious. These are the people who will help you level up, who see you, who care about your future.

Insurance beyond digital: The rise of ecosystems and platforms

McKinsey

Insurance companies have the opportunity to create new sources of revenue by rethinking their traditional roles and adopting an ecosystem mind-set. Our Insights

Digital insurance in 2018: Driving real impact with digital and analytics

McKinsey

Highlights from articles this year show the progress that has been made in reinventing the insurance landscape—and suggest more disruption to come. Insights on Financial Services

Claims in the digital age: How insurers can get started

McKinsey

Attackers are transforming the competitive landscape and elevating customer expectations, so insurance companies must integrate digital technologies into their operations to keep pace. Claims should be a top priority. Insights on Financial Services

How traditional insurance carriers can disrupt through personalized marketing

McKinsey

We have adapted the framework they presented to the insurance industry. Last year, our colleagues in the Marketing and Sales Practice published a piece on personalized marketing. Insights on Financial Services

An insurance company transforms itself by putting technology first

McKinsey

The deep transformation of healthcare company Anthem presented unique challenges. Here’s how the company set up its strategy to meet them. Digital Insights

Raising returns on analytics investments in insurance

McKinsey

In an era of narrow margins and slow growth, insurers’ need to invest in analytics has never been greater. A few thoughtful initiatives can accelerate the analytics journey. Our Insights

Health Insurance Options for Independent Consultants

MBO Partners

Five health insurance options for independent consultants

Evolving insurance cost structures

McKinsey

How incumbents can adapt and save to remain competitive in the digital age. Insights on Financial Services

Insurance 101: How to Decode Business Insurance and its Value to Independent Professionals

MBO Partners

Learn the benefits of small business insurance and how to decode what the terms in your policy mean

Time for insurance companies to face digital reality

McKinsey

Regulation, product complexity, and insurers’ large balance sheets have kept digital attackers from insurers’ gates. That is changing, but in ways incumbents should embrace. They can flourish in the digital age—if they move swiftly and decisively. Our Insights

Digital Disruption in the US Small-Business Insurance Market

BCG

Insurers know that many small businesses in the US—those with up to 30 workers—will eventually buy insurance directly online. What insurers don’t appreciate is how fast this shift is likely to happen. Article Thursday, April 07, 2016.

The Insurance Industry Needs an Intervention

Strategy+Business

Before attempting to execute new strategies, insurance companies need to reevaluate every dimension of their operating model. Here are some recommendations

Automation at scale is driving transformative change across insurance

McKinsey

Machines can now match or outperform humans across a range of activities in a number of industries, including insurance. Advances in robotics, cognition, artificial intelligence, and machine learning are ushering in a new era of automation.