Why an Independent Insurance Agency?

Whether you are in the market for homeowners, renters, auto, commercial, property, workers comp, life, umbrella, or any other insurance, you want the most tailored plan at the cheapest quote. As a layman though, it all seems so puzzling. Besides the complicated insurance jargon, it certainly is difficult for you to assess your needs accurately – let alone find the precise insurance source to get you the right policy at the right price.

What you need is a specialist – someone who really comprehends all the ins and outs of the insurance world – someone who will gladly take the time to review your individual situation along with any existing coverage that you may have. Moreover, you need a trusted source that will be able to configure every aspect of customized protection to your benefit.

To whom do you turn to for matters as important as protecting assets, property, business and the like? Ask anyone in the know about the industry and they will steer you to an independent agency that has rights to do direct dealings with many of the leading insurance companies. As opposed to a dependent agency or a single company representing itself, the independent agency has no ulterior motive in directing you to one insurance company over the other. Partnered with an extensive network of underwriters, this type of agency searches its set of connections to come up with what works best for you. Equipped with a list of all sorts of policies there is no reason to settle on anything but the optimum.

The Independent Agent – piecing the puzzle pieces together for the customer

An experienced independent agency has your best interest in mind as it
– Emphasizes the client’s needs above all else

– Clarifies any questions about the differing policies

– Goes to great length to locate tailored coverage with a pleasing quote

Finding the agency that looks out for the customer the way you want it also requires some research, however. This is because not all independent agencies are alike in excellence. Though any insurer may claim to harbor a close connection with any given strong insurance company, there are variances to the type of bond they enjoy. In order to gain from dealing with a truly winning broker, the customer must link itself with an establishment that has superior access to the indemnity that matches requirements. In addition, it’s imperative to find an agency that is all-rounded – from before the sale, during the sale and after the sale – willing to act as your staunch advocate even when there is a claim.

Before sitting down with an insurer, make sure you are sitting down with someone with the capability, and strong ethics that will indeed make you into a satisfied policyholder!

Prime Insurance of Lakewood / Deal, NJ and Brooklyn / Upstate NY is a 3-generation agency that has been authorized to deal directly with more than 40 of the leading companies. Devoted to servicing customers to the fullest, Prime provides all forms of nationwide coverage, including NJ cheap auto, low quote commercial umbrella, flood, renters, homeowners, bonds, workers comp, life insurance and so on. We welcome you to see what we’re all about. Visit us at https://www.primeins.com/; email us at PRIME@primeins.com or call us at 732-886-5751 and HAVE A PRIME DAY™!

Why Telematics Is a Major Disruptor in Insurance?

The vehicle telematics system and User-Based Insurance (UBI) are key trends in the auto insurance industry and expect a disruptive change in the near future.

Digital technology is transforming the insurance marketplace enormously and the insurers are investing significant attention to meet the customer expectations by adopting vehicle telematics system. The customer vehicle integrated with the telematics system helps to calculate insurance premiums which is dependent on the distance covered by the vehicle, the speed the driver maintains while driving, and also the overall driving habits of customers as this information can be read and stored by the telematics app and made accessible to not only the insurers but also all stakeholders.

Vehicle telematics is recalibrating the auto insurance industry expectations and opening new ways to reach out to the clients. The rise of vehicle telematics not only changing the policyholders’ demands, but also disrupting the way it should be supplied. Many insurers are offering more personalized insurance policies to each and every individual.

Telematics as a major disruptor

The digitization process that telematics has brought in recently has made the total insurance industry to stand up and take notice and eventually catch-up with this change. Recent research studies have revealed that vehicle telematics is playing a prominent role to disrupt the auto insurance industry for positive business outcomes. In this way, Big Data is playing a vital role in helping insurers to solve various challenges such as data mining, handling, warehouse data, building data path for user applications and among many others by adopting extensive and varied data structure, which are made easily accessible to vehicle telematics system with the influence of cloud computing. The access control of the vehicle, real-time updates of traffic congestion and weather forecasts and many other vehicle telematics options are remotely accessed with the help of cloud computing, for both customers and insurers. The big data and cloud computing technologies are the mainstream of vehicle telematics system and hence are attracting new customers towards insurance policies by providing convenience and comfort in service.

Over the years, the auto insurance companies have successfully reduced the gap between insurers and customers. The vehicle telematics-enabled usage-based insurance is gaining momentum to meet the customer satisfaction with a flexible pricing model over the traditional pricing model and as a result policyholders can pay the insurance rates based on their driving behavior. It is an ultimate transformation that is giving customers complete control over their insurance premiums. To help policyholders for their driving risks, User-Based Insurance (UBI) model encourages individuals to drive safe and lower the risk of accidents happening through live feedback even as they can save money by improving their driving skills.

In the US, Insurance companies are implementing different approaches in User-Based Insurance model and the simplest, auto insurance policies are trending in the auto insurance market, such as Pay As You Drive (PAYD) is one among them. Rather than paying a fixed annual premium charge, PAYD ensures premiums are calculated based on the number of miles/kilometers driven by the policyholder with the help of vehicle telematics system.

United States is considering the UBI model as their grid. The spate of recent successes has confirmed immense response of policyholders towards this new approach. Even in many European countries, insurers moved to the next level of Pay-How-You-Drive (PHYD) right after the huge success of Pay-As-You-Drive (PAYD) model.

The Pay How You Drive (PHYD) monitors the driver behavior and driving style, the premium charges are reduced accordingly with improvements in driver behavior.The UBI has a great potential gateway to digitally enhance customers, as a result, PHYD has created a remarkable platform for auto insurance policies, but a number of insurers have started looking beyond the Pay How You Drive (PHYD)model for better user experience, as a development Manage How You Drive (MHYD) considered as the next move of UBI. Manage How You Drive (MHYD) offers a discount to safe drivers and also intimates the policyholders about driving performance through monthly feedback depending on their driving score.

Vehicle telematics benefits:

• Experienced drivers often pay unreasonably high premium charges which can be reduced easily.
• Encourages policyholders to drive safely and reduce the risk of accidents.

• If the policyholder drives very often then he/she will get fewer premium charges.

• Continuous monitoring of the driver helps to improve the driving behavior.

• It’s very easy to track vehicle health and fuel consumption of the vehicle.

The vehicle telematics system and User-Based Insurance system is imparting a major disruptive change in the auto insurance industry with innovative insurance policy models for customer convenience. However, insurers are implementing different strategies to improve the marketing and sales process of UBI model to maintain the balance in insurance policies, perhaps the priority is also given to the risk management and price calculation from the customers’ stand point. The disruptive vehicle telematics system can trigger the process of auto insurance policies and can be sustained without any major change in the insurance company structure, business model, and strategy. The vehicle telematics system is known for its conservative posture and disruption is never really easy for such systems, especially in the auto insurance industry. But the year 2016 can be a year of continuing transformation of vehicle telematics system, in which the insurance companies who remain as innovators will be those who are willing to engage in significant rethinking.

Prime’s telematics system, Xemplar, enables fast and efficient two-way communication between insurers and customers. Xemplar’s mobile app-based system saves you money on hardware and infrastructure costs while also accommodating any mobile device or tablet, reaching drivers anytime and anywhere, and providing your business with critical information in real-time. Contact us now, and in less than 24 hours you will have the best technology solution for auto insurers. for more information visit us http://www.xemplartelematics.com/

Why Telematics Is a Major Disruptor in Insurance?

The vehicle telematics system and User-Based Insurance (UBI) are key trends in the auto insurance industry and expect a disruptive change in the near future.

Digital technology is transforming the insurance marketplace enormously and the insurers are investing significant attention to meet the customer expectations by adopting vehicle telematics system. The customer vehicle integrated with the telematics system helps to calculate insurance premiums which is dependent on the distance covered by the vehicle, the speed the driver maintains while driving, and also the overall driving habits of customers as this information can be read and stored by the telematics app and made accessible to not only the insurers but also all stakeholders.

Vehicle telematics is recalibrating the auto insurance industry expectations and opening new ways to reach out to the clients. The rise of vehicle telematics not only changing the policyholders’ demands, but also disrupting the way it should be supplied. Many insurers are offering more personalized insurance policies to each and every individual.

Telematics as a major disruptor

The digitization process that telematics has brought in recently has made the total insurance industry to stand up and take notice and eventually catch-up with this change. Recent research studies have revealed that vehicle telematics is playing a prominent role to disrupt the auto insurance industry for positive business outcomes. In this way, Big Data is playing a vital role in helping insurers to solve various challenges such as data mining, handling, warehouse data, building data path for user applications and among many others by adopting extensive and varied data structure, which are made easily accessible to vehicle telematics system with the influence of cloud computing. The access control of the vehicle, real-time updates of traffic congestion and weather forecasts and many other vehicle telematics options are remotely accessed with the help of cloud computing, for both customers and insurers. The big data and cloud computing technologies are the mainstream of vehicle telematics system and hence are attracting new customers towards insurance policies by providing convenience and comfort in service.

Over the years, the auto insurance companies have successfully reduced the gap between insurers and customers. The vehicle telematics-enabled usage-based insurance is gaining momentum to meet the customer satisfaction with a flexible pricing model over the traditional pricing model and as a result policyholders can pay the insurance rates based on their driving behavior. It is an ultimate transformation that is giving customers complete control over their insurance premiums. To help policyholders for their driving risks, User-Based Insurance (UBI) model encourages individuals to drive safe and lower the risk of accidents happening through live feedback even as they can save money by improving their driving skills.

In the US, Insurance companies are implementing different approaches in User-Based Insurance model and the simplest, auto insurance policies are trending in the auto insurance market, such as Pay As You Drive (PAYD) is one among them. Rather than paying a fixed annual premium charge, PAYD ensures premiums are calculated based on the number of miles/kilometers driven by the policyholder with the help of vehicle telematics system.

United States is considering the UBI model as their grid. The spate of recent successes has confirmed immense response of policyholders towards this new approach. Even in many European countries, insurers moved to the next level of Pay-How-You-Drive (PHYD) right after the huge success of Pay-As-You-Drive (PAYD) model.

The Pay How You Drive (PHYD) monitors the driver behavior and driving style, the premium charges are reduced accordingly with improvements in driver behavior.The UBI has a great potential gateway to digitally enhance customers, as a result, PHYD has created a remarkable platform for auto insurance policies, but a number of insurers have started looking beyond the Pay How You Drive (PHYD)model for better user experience, as a development Manage How You Drive (MHYD) considered as the next move of UBI. Manage How You Drive (MHYD) offers a discount to safe drivers and also intimates the policyholders about driving performance through monthly feedback depending on their driving score.

Vehicle telematics benefits:

• Experienced drivers often pay unreasonably high premium charges which can be reduced easily.
• Encourages policyholders to drive safely and reduce the risk of accidents.

• If the policyholder drives very often then he/she will get fewer premium charges.

• Continuous monitoring of the driver helps to improve the driving behavior.

• It’s very easy to track vehicle health and fuel consumption of the vehicle.

The vehicle telematics system and User-Based Insurance system is imparting a major disruptive change in the auto insurance industry with innovative insurance policy models for customer convenience. However, insurers are implementing different strategies to improve the marketing and sales process of UBI model to maintain the balance in insurance policies, perhaps the priority is also given to the risk management and price calculation from the customers’ stand point. The disruptive vehicle telematics system can trigger the process of auto insurance policies and can be sustained without any major change in the insurance company structure, business model, and strategy. The vehicle telematics system is known for its conservative posture and disruption is never really easy for such systems, especially in the auto insurance industry. But the year 2016 can be a year of continuing transformation of vehicle telematics system, in which the insurance companies who remain as innovators will be those who are willing to engage in significant rethinking.

Prime’s telematics system, Xemplar, enables fast and efficient two-way communication between insurers and customers. Xemplar’s mobile app-based system saves you money on hardware and infrastructure costs while also accommodating any mobile device or tablet, reaching drivers anytime and anywhere, and providing your business with critical information in real-time. Contact us now, and in less than 24 hours you will have the best technology solution for auto insurers. for more information visit us http://www.xemplartelematics.com/

5 Reasons Why Big Data Is The Smart Way Ahead For Insurance Distribution

The ever-changing challenges that the insurance industry faces, has made it imperative for insurers to leverage the powers of data and analytics. The valuable insights derived from analyzing data propel insurance companies to find a solution to business problems. Analyzing structured data related to policyholders, and unstructured data from different sources, including social media, aid insurers to analyze the risks involved in insuring an individual who has opted for an insurance policy. This is also necessary for deciding the premium to be charged.

In addition, Big Data and analytics have also profoundly affected customer insights, claims management, and risk management. Here are five ways Big Data has transformed the insurance industry:

1. Standing out in the crowd – The competition prevalent in the insurance industry makes it important for every insurance company to define and prove its efficiency over its competitors. This can be ensured offering their products at a lesser price, without compromising on impeccable customer-service. Big Data and analytics help insurers to simplify the business processes, and meet changing regulatory requirements.

2. Streamlining business processes – Big Data helps the insurers offer policy recommendations that not only suit the interest of customers, but also serve the best interests of the company. This is possible only through data analysis.

3. Get valuable insights on customers – As customer needs and preferences frequently change, it poses a constant challenge for insurance companies to keep a track of it constantly. Big Data aids insurers in understanding and predicting customer behavior, effective in customer acquisition and retention. This makes it possible for insurance companies to develop products to suit the ever-changing tastes of their customers and ensure smart insurance distribution.

4. Managing claims to identify fraud – The insurance industry often incurs heavy losses due to fraudulent practises, with almost $80 billion being the estimated figure for fraudulent claims. Predictive analytics helps insurance companies address the rise in such claims, analyze data from internal sources, and identify applicants with a greater propensity to resort to fraudulent practises. They can also use data mining to keep a tab on digital channels through social listening to detect fraudulent behavior.

5. Managing risk – Big Data and analytics help insurers in formulating policies, especially policies for natural catastrophes, keeping in mind policy conditions, historical data, and such other technical data. The process of insurance distribution becomes comparatively streamlined when insurance companies are able to decide on a catastrophe policy on the basis of accurate Big Data like the residential address, and other important factors, rather than merely the city or state. Big Data solutions can automatically update their pricing models for efficient insurance distribution.

The above factors perfectly highlight how Big Data and analytics serve as the root of insurance companies being balanced and its ability to keep up with the changing times.

Telematics and Big Data: Next Generation Automotive Technology

Telematics, Big Data, and Analytics are the three big important ways that are driving the auto industry forward. In this article, we will see how big data analytics, with the insights of information processing, can help transform the automotive and transportation industry globally.

The future of telematics is with big data.

Traditionally, in most automotive and transportation enterprises, specialized business processes have always been analyzed and modeled on whatever limited empirical data or contextual information was available to them. Proper data was few and far between. Or, even if the required data was available, enterprises hardly had any technological know-how with them to harness all the information necessary for their use. It was quite a difficult task to deal with such a situation where enterprises heavily relied upon conventional methods such as going through previous driving records, including taking into account people’s age and gender, locale demographics to accurately predict risk levels among its consumer base. This was something haphazard, awkward and unreliable.

Now with the advanced big data analytics, accessibility to scores of information and the science of telematics are putting the current understandings in new light, offering new conversation starters, and creating new potential outcomes that were not really possible before. “Big Data” as we know it is changing everything for the better. It is changing how the vehicles are built, how they work, how we use them and how they collaborate with everything else in this world: From vehicle-assembling to insurance underwriting, to traffic modeling to optimizing traffic routes, Big Data is changing the world of car/fleet transportation industry in a big way.

Big data analytics plays a very important role in the telematics field. The fact of the matter is that the science of telematics which involves telecommunications and vehicular technologies demonstrates how big data analytics can improve supply chain management, fleet management, increase yield and drastically reduce material costs, not to mention the quality and safety issues that never get compromised using proper big data analytics. In fact, the use of relevant data directly leads to more opportunities. It is in this context we will see how Big Data is bringing transformative elements into the various industry sectors especially in insurance, financial, automotive and transportation and other sectors and improve their business processes.

Telematics All The Way

Telematics is ushering an era of big changes. The way vehicles are insured and how they are driven or repaired are all changing for the better.

Earlier, we have seen that insurance and maintenance standards of vehicles were based on some kind of conjecture and the rough utilization of crude data that was available at hand. But with the use of telematics, a strong evidence of data is promptly accessible that can revamp entire branches of the commercial enterprises and change drivers’ driving behaviors.

Thanks to telematics, the wealth of data that can be derived from vehicles can also be made available to drivers. This is also one of the big changes that telematics promises. As far as valid data is concerned, there are simple ways people can immediately access from their connected car, and this same data can also be transmitted to the manufacturers or insurance companies for that matter. So when data is available and is accessible to users then there is going to be better understandings of their vehicles’ performance, ultimately resulting in helping drivers adopt good driving behavior. Drivers will have access to GPS-related data that will let them know their driving styles, including real-time information on fuel consumption, speed limits, hard acceleration, braking, phone distraction, etc. All this useful information can impact not only their driving performance but also can extend the longevity of their cars.

Driving Innovation and Continued Growth for Auto Insurance

To give you just one example: Consider the insurance industry. Using the great combination of telematics and big data analytics, insurance companies are able to enhance their business processes to an extent that was not possible before.

Basically, the insurance industry is based on analytics and probability. Therefore, to have a proper access to accurate and in-depth data that identifies with every customer’s lifestyle and risk always works in the best interest of the insurance industry. This is an area where telematics has been adding quite a lot of significant value propositions that matter greatly to both insurance companies and their paying clients alike.

With telematics and big data analytics, insurance companies don’t have to resort to guesswork to fix premiums for their customers. It has enabled insurers to reward policyholders, who display good driving conduct and check their vehicle health stats, with lower premiums and rebate offerings by taking the guesswork out of the equation. This is nothing but a big data approach to telematics insurance.

Telematics is a positive trendsetter and has grown exponentially in recent years. The positive impact that it has over companies and consumers alike is proving to be a win-win deal for everyone. And as far as telematics is concerned Big Data would be there too, working hand in hand. Not only consumers but automotive manufacturers and service providers as well are going to get greatly benefitted from the marriage of big data and telematics. And since the relationship is really symbiotic, big data is going to be the future of telematics. Embrace big data and telematics in a big way!

Prime’s telematics system, Xemplar, enables fast and efficient two-way communication between insurers and customers. Xemplar’s mobile app-based system saves you money on hardware and infrastructure costs while also accommodating any mobile device or tablet, reaching drivers anytime and anywhere, and providing your business with critical information in real-time. Contact us now, and in less than 24 hours you will have the best technology solution for auto insurers. for more information visit us at http://www.xemplartelematics.com/

The Importance of Having Robust Insurance Coverage

While we wish for a fun-filled and smooth-sailing life with no accidents, illnesses or damages to our property, the unexpected can sometimes occur in the most unlikely of timing. These unexpected misfortunes can wreck our lives or even the lives of our family members.

While we cannot predict the future, we can still prepare for any misfortunes that might arise. One of the best way to do so is to get appropriate insurance coverage to cover you financially for any accidents or illness that fate can throw at you. You can also apply for appropriate insurance schemes for your family members.

Insurance is thus necessary as it helps to elevate your financial burden in the event an unfortunate accident were to occur. It also lifts the financial burden your family will have to bear in the absence of insurance. Insurance is thus a vital component of your financial health. The key is to select the appropriate insurance plan for your varying financial needs.

This article will touch on the key types of insurance coverage that you can seek out for your respective needs.

Life Insurance

Life insurance policies will pay out a sum of money to your beneficiaries (usually your family members) in the event of your death. This is important especially if you are a key bread-winner of your family and your family relies on your income for their daily living expenses.

Term Insurance

Term Insurance will pay out a sum of money to your beneficiaries in the event of your death, but this arrangement is enforceable for only a period (e.g. 5 years, or 10 years). Thus, term insurance is a temporary policy that can be used as supplements to your life insurance policy.

Annuities

Annuities are usually beneficial for the retired or old-aged. Annuity plans pay out a regular income (usually on a monthly basis) that the retired or old-aged can use to cover their monthly expenses. Some annuities have payouts that last until the death of the individual. A good plan to have especially if you are expected to live a longer life after retirement since the mean lifespan of individuals living in developed countries (and many developing countries) are increasing statistically every generation.

Disability Riders

Pays out a sum of money to cover your medical and hospital bills in the event of a disability (e.g. due to an accident). Disability riders are usually created as an ‘add-on’ to your life insurance policies.

Critical Illness Riders

Pays out a sum of money to cover your medical and hospital bills in the event of a critical illness. Critical illness riders are usually created as an ‘add-on’ to your life insurance policies.

Investment-Linked Plans (ILPS)

This policy is a hybrid between a life insurance plan and a mutual fund (also known as unit trust). Part of your premiums can be used to fund a life insurance plan, and part of it can be used to invest in a mutual fund of your choice. Sometimes, earnings from your mutual fund can be cashed out, or be used to purchase additional units of your life insurance policy to increase your insurance coverage.

Endowment Funds or Savings Plans

These are savings plans that usually requires you to save a sum of money every month or every year. Under this plan, your savings will benefit from interest given by the insurance company, and you will be able to cash out your savings with interests after a pre-decided duration. This is a good plan to have when you are saving for your children’s college tuition to be expensed some years from now.

Conclusion

Selecting the appropriate financial plan is essential as it provides you with coverage that are suitable to your needs and the needs of your family. It is thus vital to understand the different types of insurance products listed above before committing to an insurance plan.

About The Author

Kwan Hong delivers impactful workshops and seminars in public speaking, communication skills, career skills, leadership, personal peak performance, entrepreneurship and business development. He has synthesized knowledge from 8 Degrees and Diplomas, from over 100 certifications and from 1000 books to bring his clients the best tips, tricks and techniques for personal success.

Till date, 120,000 participants from over 100 organizations and events have benefited from his speaking engagements.

Reach out to him at http://www.TanKwanHong.com, or connect with him on LinkedIn at http://www.linkedin.com/in/tankwanhong.

Translate »
You cannot copy content of this page