Insurance
5 Pressures Facing Auto Insurance Companies (+ How to Deal with Them)
Reading time: 5 minutes
The cost of claims across insurance sectors have been dropping over the past few years, with automation and technology reducing the cost of claims as much as 30%. At the same time though, there’s a host of pressures on auto insurance companies to change their premium pricing model to stay competitive with the market. What’s...
Insurance
Insurers, Are You Using Salesforce to See More ROI on Agents?
Reading time: 3 minutes
It takes a significant amount of time, effort, and resources to secure and onboard an agent before they sell anything. Many carriers have had experiences in which an agent sells one opportunity and then never sells another product. How does a company avoid this loss of ROI? And how can a carrier take an agent...
Insurance
Insurance Industry Trends 2023: The Impact of Inflation and Interest Rates
Reading time: 5 minutes
The insurance sector is not for the faint of heart. The massive insurance landscape is a fast-changing world of ebbs and flows, and the industry is continually influenced by trends that are beyond its control but that organizations need to overcome in order to succeed. Here we’ll dive into some of those insurance trends around...
Insurance
Understanding Underwriting in a New Era of Workers’ Comp
Reading time: 4 minutes
Workers’ compensation is the most highly regulated line of insurance, especially when it comes to underwriting policies. The pandemic exposed many outdated regulations, such as requiring paper documents that are physically signed or using checks instead of electronic banking or debit cards. Another challenge of the pandemic was rethinking the definition of workers’ compensation. It...
Insurance
How Digital Experiences are Transforming Workers’ Compensation
Reading time: 6 minutes
Insurers can expect accelerated premium growth in the coming year. While other insurance sectors, such as cyber insurance, have seen rates soar by 25.5% due to ransomware attacks and breaches of remote work locations, only workers’ compensation showed a rate decrease, down an average of 1.74%. This is likely due to U.S. unemployment remaining higher...
Insurance
8 Steps to Build a Strong Carrier-Broker Relationship
Reading time: 5 minutes
As more and more organizations now consider keeping remote or hybrid workforces, they are facing a whole new set of workers’ compensation challenges. Insurers must now consider the safety of a company’s remote work locations in the insurance and underwriting process. They are looking at details such as if employers are accurately reporting the state...
Insurance
How Insurance Companies Leverage Salesforce for Agency Management
Reading time: 4 minutes
The relationship between an insurance carrier and their agents is a critical one. A primary objective for a carrier is to make doing business as easy as possible for agents so they will either start or continue to do business with the carrier. This is especially the case with non-captive agents because they have a...
Insurance
Drive Digital Transformation with Salesforce Insurance Policy Administration
Reading time: 4 minutes
The pandemic has been a huge disruption in everyone’s life, so it should come as no surprise that the pandemic was a massive disruptor in the insurance industry. Agents could not hold face-to-face meetings with prospective policyholders, and the days of paper trails to collect information were over. A shift to digital was inevitable, given...
Insurance
Rebuilding SIF’s Quoting Process for Efficiency and Visibility
Reading time: 3 minutes
SIF, Idaho Workers’ Compensation, has been the reliable and stable source of workers’ compensation for Idaho since 1917. But processes hadn’t changed to keep up with the transforming marketplace. Requesting a quote was initiated with a form, an option that was very time-consuming and offered agency staff no visibility into where applications were in the...
Insurance
Insurtech Challenges and Solutions Uncovered at ITC Vegas 2022
Reading time: 3 minutes
ITC Vegas is the world’s largest insurtech event. Over three days in September, insurance leaders, tech entrepreneurs, investors, and more convened in Las Vegas to showcase new innovations, learn how to increase productivity and reduce costs, and share ways to enrich policyholders’ lives. Silverline’s insurance team attended ITC Vegas and had the opportunity to interact...
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