Corporate Insight recently attended the fifth annual InsurTechNY Conference in Manhattan, an event packed with brilliant attendees striving to solve some of the most difficult insurance conundrums with cutting edge technology. The first quarter of 2024 is already in the books and insurers are still facing down many of the same challenges—inflation, rising car thefts, more powerful severe convective storms—that resulted in a tough 2023. It was therefore uplifting to attend an event focused on solutions and learn about actionable steps that have already been taken in the personal lines, life ins ..read more

Complete the form below to access our webinar recording and slide presentation on cost estimator tools in the U.S. healthcare space. We explore best practices from three recent reports examining cost estimation from the perspective of plan users, pharmacies and health systems. With increasing legal pressure for price transparency, cost estimator tools are more important than ever. Firms can use these tools to cultivate user trust, increase member engagement and enhance their digital experiences. Pulling from three healthcare reports, as well as proprietary consumer survey data, this webinar ..read more

Asset management firms can learn from out-of-industry examples of account aggregation to increase client engagement Account aggregation tools, particularly those that allow users to add external accounts, are an increasingly popular offering across the financial services industry. These aggregation features allow users to gain a holistic picture of their financial wellness. While fund issuers typically allow investors to link external accounts as only a funding source for investments, our recent Asset Management Monitor – Investor External Account Connection report (subscription required) reve ..read more

Healthcare firms communicate with affected users about security after third-party hacks Change Healthcare, a company that provides tools and technologies to healthcare facilities and insurance plans owned by UnitedHealth Group through its Optum unit, experienced a ransomware attack that widely affected the digital healthcare landscape this February. The attack made numerous headlines, with major news outlets such as Bloomberg and CNBC reporting on it. “It is definitely the worst [hack] to ever hit the healthcare sector in the US . . . It’s one that has an immediate and deleterious impact on p ..read more

In the past year, annuity firms have addressed rising digital expectations through a vast number of minor adjustments, updates and complete overhauls, particularly on the public and account owner sites. While firms have fine-tuned their desktop site experiences, our research has found two notable digital trends among annuity issuers: Revamps to site main navigation and parity between desktop and mobile site experiences. Below, we’ll take a closer look at these two annuity trends. Navigation gets an overhaul One of the biggest digital trends this past year for annuity firms: several issuers upg ..read more

A new article from American Banker explores gen AI in the banking space, with quotes from CI’s James McGovern and Julianna Sansevero: The uptick in virtual assistant adoption across the industry, according to James McGovern, vice president of research and consulting at Corporate Insight, can be attributed to bank marketing efforts, improved in-app capabilities — including getting more questions answered inside the virtual assistant interface instead of having to go to the mobile app or website — and, more recently, to interest in generative AI tools . . . “There were much more rudimentary too ..read more

Although live-video shopping has struggled to take off in the U.S.—with Facebook and Instagram exiting the market—various firms are still jumping on the trend. Firms continue to look for innovations in payment and purchasing, from in-app payments and easier splitting between friends, to new shopping rewards and alternative credit-building options. Live video shopping offers more new opportunities for customer engagement and payment, as firms try to replicate the touch points of traditional in-person retail. CI’s tracks and follows the digital experience from a variety of firms across financial ..read more

Corporate Insight President Mike Ellison wrote a column for CMSWire on gamification and the customer experience: The trend according to data (more on that in a bit) is clear: gamification is not just a fleeting buzzword but a foundational element in building a compelling customer experience. Its ability to drive engagement, foster loyalty and encourage positive behavior change is particularly pertinent as businesses strive to stand out in crowded marketplaces. For customer experience leaders, the adoption of gamification signifies a move toward more interactive and rewarding consume ..read more

Earlier this year, the P&C Insurance team published our annual Mobile App Pace of Change report (subscription required), in which we analyzed the type, number and significance of mobile app updates performed by insurers in 2023. This year, carriers shifted focus away from self-service tasks—the number one area of change in 2022—to prioritize the improvement of claims capabilities and resources in mobile apps. Additionally, several insurers broke the mold of traditional insurance apps, shifting away from a focus on policy information to instead highlight exclusive value-adding tools and ser ..read more

Join us March 26 for a free webinar on healthcare cost estimators. The webinar will cover best practices for these tools from three recent CI reports examining the topic. Below is a preview of the webinar content: Healthcare cost estimation is a sore spot for many Americans. With health spending in the United States projected to grow by 5% between 2023 and 2024, the need for transparency and predictability in healthcare expenses has never been greater. There have been many policy-based attempts to grapple with increased medical costs, including imposing federal price transparency requirements ..read more