LenderDock provides real-time, insurance policy details through its magical web portal or its APIs.
LIENSure sends corrections digitally, straight from the financial source of truth and in bulk for easy processing.
ESCROWPay verifies what’s actually due before the money moves, then sends the payment and reconciliation data digitally.
NOTiFi delivers required policy, coverage, and billing notices in the formats lienholders actually use
According to the U.S. Census Bureau, the population of those aged 65 and older is projected to almost double within the next 30 years; reaching a staggering 88 million by 2050.
This rapid aging of workforces has particularly affected industries such as insurance, making it necessary for companies in this sector to implement appropriate strategies and measures that ensure their longevity.
With a looming talent crisis on the horizon, the insurance industry is facing an alarming trend in its demographics. The U.S. Bureau of Labor Statistics estimates that nearly 400,000 employees from this sector will soon retire – leaving a void where expertise and experience are desperately needed.
A pressing issue is the lack of people desiring to pursue a career in insurance:
Additionally, many millennials are delaying homeownership and car purchasing decisions, which in turn contributes to their lack of experience with insurance products. Furthermore, the industry is transforming at a rapid pace due to the inclusion of advanced technology and social media integration – something that may not be on the radar for those who have limited exposure to these matters.
Gaining insight into Millennials and the generation to come
So, how do we reverse the current trend and reach this new generation? It starts by understanding them. For example, individuals born between 1981 to 1996 are known for their affinity towards communications media, and technology. Thus, when attempting to engage with a tech-savvy fast-moving cohort such as Millennials, it is essential that insurers carefully consider adapting strategies to effectively connect with them.
Technology
The millennial generation saw the Internet boom, with post-millennials currently growing up in a world of continuous connectivity. This age group has never lived without Wi-Fi and is used to being constantly connected. To draw younger people into the insurance industry, it’s important to place an emphasis on technology developments and innovations.
Insurance carriers are now leveraging mobile apps to provide customers with various services such as filing claims, scheduling inspections, tracking the progress of their claim status, interacting directly with agents using direct messaging functions, and even submitting videos for appraisals. Insurance agents can make use of these apps too in order to give clients a more enhanced experience.
To engage the younger generation, taking advantage of digital tools like social media is a wise move. And that’s our next point to discuss…
Social media
Social media offers small businesses and insurance agents an incredible platform to establish their credibility in the industry, while also facilitating a proactive approach toward engaging prospective talent. Research from Vertafore shows that millennials are over two times more likely to be approached through social media than any other age group. With this in mind, it’s no surprise that job fairs – once a key way of sourcing new talent from college graduates – have become obsolete compared to digital recruiting methods.
Taking advantage of the digital space is a must for any business looking to engage and recruit top millennial talent. After all, most millennials are known to interact with organizations through social media, so why not use this platform as an opportunity?
Technology and social media are playing an increasingly important role in the insurance industry, not only revolutionizing how business is conducted but also aiding recruiters in their attempts to attract a new generation of workers.
We’ve heard people in mortgage servicing use verification and tracking as if they’re interchangeable, and honestly, for a lot of daily work, treating them that way doesn’t break anything.
A two-day lag between a policy change and everyone finding out about it used to be annoying, not dangerous. Someone made a call, waited, got an answer, and moved on with their day.
We’ve heard people in mortgage servicing use verification and tracking as if they’re interchangeable, and honestly, for a lot of daily work, treating them that way doesn’t break anything.
Insurance verification is a routine part of the lending and insurance process. A lender needs to know whether a policy is active. A mortgage servicer may need to confirm coverage or mortgagee information. An insurance…
In the earliest version of insurance verification, the person answering the phone actually had to know things. They pulled a physical file, checked handwriting against a ledger, and made a judgment call about whether what…
Two insurers can each have perfectly accurate, well-maintained policy databases and still fail to exchange a single piece of usable data between them.
Every single day, insurance workers face a mountain of simple questions. Are they tired of answering the same questions about policy coverage all day long? Yes, they are. When banks or lenders need to check…
A title company closing a home sale needs to confirm the seller’s policy is active before the deal can move. An auto lender needs the same thing before releasing funds on a car loan. A…
Most people who take out a mortgage never think about insurance as part of the loan itself. It feels adjacent, a separate purchase, something the lender requires but does not really participate in beyond checking…
Mortgagee corrections are a routine part of insurance servicing, but the process behind them is often anything but simple. A lender may find that the mortgagee’s name or address on a policy is out of…
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