Weekly Newsletter - 10.16.2024

Data Integration Revolutionizes Life Insurance Underwriting

Author

Zihan Lyu
October 16, 2024 • Estimated Reading Time: 5 minutes

Editor’s Pick 🌟

Sales is changing fast, and Hive Perform is at the forefront of this evolution. At the recent Innovate to Win: Sales Enablement Summit, industry leaders shared their two cents on what's working (and what's not) in today's sales world.

We’re bringing fresh takeaways from the summit:

◾ Perhaps the most sobering statistic shared was that only 20% of sales reps are hitting their quotas in 2024.

◾ Tom Lavery, CEO of Jiminny, noted that 60-70% of the buying process occurs without salespeople, emphasizing the importance of adapting sales approaches.

◾ Kelly Hagerty from G2 stressed the significance of buyer intent data, with over 56% of organizations having purchased AI platforms in the last quarter.

Forget the lone wolf approach. The future of sales focuses on building resilient, adaptable teams rather than individual "superhero" salespeople.

Laura Keith, CEO at Hive Perform, advocated for a human-centered design approach in sales. Her recipe? Spot real problems, test ideas, and let the data do the talking.

The summit reinforced Hive Perform's commitment to equipping sales teams with essential tools and insights for success in this evolving sales landscape.

Industry News ✍️

Nigel Walsh of Google Cloud leads the insurance industry's digital transformation, emphasizing AI and cloud technology to overcome legacy system challenges. By enhancing data accessibility and automating processes, insurers can improve efficiency and customer engagement, ultimately reshaping the industry's future with innovative, cloud-based solutions.

Hurricane Milton's impact on Florida is expected to strain the reinsurance market, with significant losses anticipated for both primary insurers and reinsurers. The storm's path through densely populated areas will lead to substantial claims, affecting liquidity and potentially increasing future reinsurance rates, according to Moodys.

Industry Insights 🔮

The insurance industry faces a talent gap as experienced underwriters retire. Automation alone can't fill this void, but AI and GenAI can enhance underwriting by providing insights and recommendations. These technologies help underwriters make informed decisions, ensuring profitability and mitigating the impact of the talent shortage.

Spoiler: It's not just about fancy tools or running a one-time training session. It’s about giving your sales team the ongoing support, resources, and coaching they need to thrive.

Think of it like a gym membership for your sales skills—you've got to keep showing up to see real results.

◾ Training alone doesn’t fix everything

◾ Tech is cool - human coaching is crucial

◾ Sales enablement is for EVERYONE, not just newbies

The goal? Closing better deals, faster.

Read more, comment, repost, Hive Perform wants to hear from you.

Life insurance underwriting is evolving by integrating medical and non-medical data, enhancing risk assessment and operational efficiency. This approach broadens access for high-risk applicants and aligns with industry trends towards data-driven decision-making, improving customer experience and competitiveness in a rapidly changing market.

Insurance companies can enhance decision-making and customer satisfaction by leveraging data analytics and machine learning. Automating tasks, personalizing services, and optimizing claims and underwriting processes are key benefits. Investing in data expertise and ethical governance is crucial for unlocking the full potential of insurance data.

Sales Intelligence is a Contentive publication in the Sales & Marketing division