More Than Terrorism Insurance: Child Talk

For those that smugly thought terrorism was something remote, realty has unfortunately proven otherwise. For the longest time, it was a genuine need to procure international travel insurance for business employees as well as tourists and volunteers traveling overseas so that coverage would be provided against the modern evils.

Today, terror rears its ugly head not only in the troubled spots corners of Africa and Asia, but also in the western world. Europe is not immune. Certainly France and Belgium have recently suffered immensely from the extremist activity. Now we are facing a new and ugly reality in own home backyards, causing losses, and damages on personal property and human life.

While the Twin Tower catastrophe of 9/11 has paved the way for a new look at US terrorism insurance and commercial coverage, the current wave of terror related violence that has reached regions within our shores is something that no one is prepared to confront emotionally as well.

Of course those least equipped for the tragedies are the children. Indeed, the publicity these terrible acts get makes it nigh impossible to shield our young ones from the brutality of it all. How do we assuage the effects of something so troubling?

Across the board, psychiatrists and psychologists are encouraging parents and educators to hold face to face talks with kids about their fears. Tell kids that it is natural to be fearful, they say. Validate their feelings, they add. Thereafter, the professional advisers say that adults need to speak to children about ways to draw comfort and solace. Everyone needs to heal from the impact of a terror attack, ever so much more so the youngsters who cannot rely on life experience to assist them in doing so.

What to Say to a Child following a Terror Attack

Mothers, fathers and educators should encourage kids to talk about the fear they feel as a result of the events of terror that they are hearing about. In general, it is natural to be disturbed about the violence and it is equally normal to be afraid for one’s own safety.

Tell kids about how others react to the tragic chain of events. There are those so impacted by the terror that they shut themselves off from the reality of things by not responding at all. This of course is not a healthy recourse. Explain to children that it is good to let their emotions out by talking about it to parents, teachers and their buddies. Calm your child down by explaining that the violence occurred far from your home, school and any business they frequent. Explain to him or her that there is little likelihood for such a terrible thing to happen near them.

Remember to also explain that just because the bad people in this case belonged to the same religion as others or dress in the same manner as others they see does not mean all folks like that share liability for the bad. Teach your child to respect all people that do not hurt others. Encourage your child to vent his fear and anger by engaging in productive activities, like helping others – perhaps by writing notes of thanks to those that assisted the victims of a terror attack or by sending homemade drawings to them or by helping to raise money for the victims in some manner. Finally, try to get kids to follow a regular sleep and activity routine, underscoring a healthy and healing lifestyle.

Prime Insurance is a leading agency located in Lakewood, NJ. We’ve been appointed to do direct business with over 40 of the top companies. We search our broad network to bring you customized coverage at competitively lowest quotes.

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How to Get Even More Power to Your Existing Insurance Policy

Though you might not be aware of it, standard Homeowners insurance policies – as well as auto, boat and business coverage – are limited. The gap in coverage is why when damages or losses occur, you may be submitting a claim that will not compensate to the full extent you expect. For this reason, many opt for buying an affordable personal policy.

The Ins and Outs of a Personal Umbrella Policy

Because more than eighty percent of umbrella liability claims are in relation to car accidents, any driver could face catastrophic losses without it. Envision the following true-to-life risk examples.

• A sixteen year old boy drove his father’s car. He did not see the stop sign at the corner and crashed head on to another automobile. The other driver incurred severe injury to his back.

• A woman worked overtime for two weeks due to an overload of work. She was so tired when she drove home one evening that she fell asleep at the wheel causing her car to veer off the lane onto the oncoming traffic lane. A car saw the woman’s car coming at him and swerved to avoid a crash. The other driver’s car rammed into the store front window glass of a retail shop. Damages included loss of goods and an injured worker.

• The kitchen contractor a home owner hired was hard at work improving the cooking spot with reformations when the accident occurred: he tripped on a mound of wood scraps and hurt himself badly. Because he did not have enough personal insurance to cover the doctor and hospital bills, he sued the home owner.

The Ins and Outs of a Business Umbrella Insurance Policy

If you are a business owner, you know that there are liability risks to your field. Gaps in standard commercial coverage could mean financial disaster in the event of significant losses and damages. Think about the following examples to realize the extent.

• A employee claimed her boss treated her incorrectly and sued for sexual harassment.

• An African American worker was unhappy because his boss switched him to another department. He sued the business owner for discrimination.

• The boss’s assistant developed a case of carpal tunnel syndrome, resulting in necessary surgery and a few months of occupational therapy.

• A passing pedestrian slipped on the sidewalk in front of a retail store and broke his ankle. He filed a pain and suffering lawsuit as well as for the related medical expenses.

PRIME Insurance is the leading agency that has been recognized by the industry and more than 10,000 satisfied customers that it services with excellence. Presented with prestigious awards and appointed to do direct business with scores of the top insurance companies, PRIME shops its broad network to bring you customized policies at competitively lowest quotes.

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What to Know About Child Insurance?

Life insurance plans are designed to make life easy for their beneficiaries. The life insurers study the problems that a person can face and device financial solutions to ease them. One of the big problems many people struggle with is to provide a sound future to their kids. Cost of higher education is really back breaking and is one of the biggest stress causing factors among parents. To ease this problem to a good extent life insurance companies have come up with a specialized plan called child insurance.

Child insurance plans carry dual benefit for the child. First, they help generate a good corpus by investing the premiums in a fund that can either be endowment based or ULIP based. Second, they provide a life cover to the investing parent of which the child is the beneficiary. In case of the death of the policyholder, the insurance company waives off the future premiums and continues to invest in that fund on the policyholder’s behalf. Moreover, it pays a lump sum or period amount for the maintenance of the child. Thus, these plans protect the interest of the child even when you are not with him/her.

Saving money on our own can be difficult as we cannot be that much disciplined unless we enter into a plan which necessitates us to deposit a particular amount or else it would lapse. Such routine is mandatory for systematic saving and investment. The returns from other funds or investments can get spent on other things. That is why it would be better if you have a dedicated child plan in your investment portfolio of which only your child would be the beneficiary.

As per financial experts, investing in such a plan should be started as early as possible to have more time for your money to grow. Ideally you should start comparing child insurance plans of various companies as soon as you know about the pregnancy. There are over a score of companies selling such plans and offer differentiated plans to stay competitive. Effective plan comparison and market research shall ascend you towards the most suitable plan from a reputed company.

For effective comparison you may try services of an insurance web aggregator. On a web aggregator website you can compare plans of scores of companies at a single web location and that too free of cost. Such effective comparison brings more confidence in your purchase and helps you take educated steps in selecting your plan type. Based on such comparison and analysis you can decide whether to go for an Endowment based child plan or a ULIP based child plan. Comparing premiums with your budget you can decide how much cover to go for.

If you are a parent then initiate the process now without wasting further time. Your smart actions now would earn you enormous gratitude from your kid in the future. Don’t miss the opportunity to have that puffed up chest when your kid makes a lucrative career for himself. His hard work won’t do that alone. He needs your financial support to climb that ladder.

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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.

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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.

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