How to Boost Sales Agents Performance? Motor Usage-based market grows 25% a year, Insurtech dives into IoT and more

A new perspective on an old-established industry. Find latest report, news and information about startups and innovations in the insurance industry, with a focus on best #insurtech initiatives and venture capital investments.

How to Boost Your Sales Reps’ Performance

Researchers from the University of Missouri studied the auto insurance industry to learn more about what drives sales success. The analysis showed that experienced reps found fewer prospective customers than novices did. But that didn’t necessarily hurt their overall performance, because they excelled at conversion. Advertising boosted both prospecting and conversion efficacy but was most beneficial among experienced reps. And the success of managerial levers to enhance both kinds of efficacy depended in part on reps’ level of experience. In this article, the researchers offer several recommendations for sales managers looking to bolster their reps’ productivity. Read more .

MUST READ STORIES

Motor Usage-based market grows 25% a year

The global market for usage-based motor insurance is growing at a compound annual rate of 25% and will reach $US167 billion ($259 billion) by 2027, analysts at The Business Research Company say. That is up from $US68 billion ($106 billion) today. Read more .

Innovating to remain competitive in an evolving insurance landscape

Explore how the insurance industry will need to evolve through innovation to remain competitive. Read more .

5 ways to simplify and reinvent your insurance enterprise

In a context of ongoing disruption, insurers are being called to reinvent themselves. In order to transform on an operational level, insurers need to move from complexity to simplicity. This alone is a daunting task. Composable architecture helps insurers to simplify this complexity at every step of the insurance value-chain, often using processes already at their disposal. Below are 5 practical composable architecture use cases. Read more .

INSURTECH REPORTS

PITCHBOOK Q2 2023 Insurtech Report : Insurtech dives into IoT

Despite a decline across deal counts and value in Q2, insurtech startups still found a bright spot in collaborating with Internet of Things makers, according to our latest Emerging Tech Research. 115 deals were tracked generating $1.2 billion in deal value within insurtech, representing 13.5% and 12.7% declines over the previous quarter, respectively. Read more .

INSURTECH VIDEO OF THE WEEK

Discovered how risk managers can get accurate assessments of rebuild costs for property and equipment at cost-effective alternatives to on-site assessments. Matthew Donahue, MD Kroll, Rozhan Mak, Product Manager Kroll and Frederick Gentile MBE, Director of Risk Engagement at WTW shared the latest news on the launch of the Property Rebuild Assessment Service for risk managers.

INSURTECH ROUNDS

Openly raises $100M for its AI-powered homeowners insurance platform

Openly is a remote-first homeowners insurance company. Its centralized platform offers comprehensive coverage, market-leading technology, and service. Read more .

European cyber insurance startup Sto?k raises $10.7 million

Sto?k focuses specifically on SMEs as small companies are quite vulnerable when it comes to cyber attacks, such as ransomware. It provides a hotline that customers can contact whenever they are facing a cyber incident. Read more .

Authentic Raises $5.5 Million Seed Round to Launch "Captive in a Box" Insurance Platform

Captive insurance provides many benefits, including creating an additional revenue stream for parent companies, tailored insurance coverage, lower insurance premiums, and more. For the last 50 years, only large corporations have mainly utilized captive insurance companies due to the cost and complexity of setting one up.? Authentic's "Captive in a Box" platform now makes it possible for any Vertical SaaS company, franchise, association, etc., to launch captive insurance programs for their members in a matter of weeks.

Read more .

INSURTECH DIGEST BACK ISSUES

Build a New Insurance Core System or Modernize the Old One?

Insurtech Digest Issue #163 is out! Top 10 largest insurance industry payouts of all time, LATAM Insurtech Journey report and more

A shift to a more selective investor base with insurance

Insurtech Digest Issue #162 is out! Top 8 Insurance technology trends, focus on life insurance, new partnership an more

Could insurers' use of aerial images violate data privacy law?

Insurtech Digest Issue #161 is out! M&A activity rebounded in Q2’23, Buyers lean on insurtech tools and?more

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Alberto