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Showing posts with label Insurance Industry. Show all posts
Showing posts with label Insurance Industry. Show all posts

September 5, 2019

The Netherlands: Insurance premiums to go up next year says Government

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August 24, 2017

Insurance Industry: Is your insurance business an ‘omnichannel’ business?

Omnichannel: It’s a buzzword that’s thrown around a lot in business circles, but what does it really mean, and is your business an omnichannel business?

While at its essence, omnichannel simply means to offer multiple channels, in the modern business landscape a true omnichannel business is considered one that offers a seamless customer experience across various platforms – and it’s increasingly important for insurers to get right.

Earlier this month, the insurance industry was warned to do more to stop creating problems for its customers, as ratings for the sector slipped compared to last year. In a competitive market, insurance companiesmneed to differentiate themselves by more than just price, we were told by The Institute of Customer Service.

But alongside providing customers with a problem-free experience, insurance firms need to focus on becoming genuine omnichannel businesses which offer consumers a smooth journey, according to The Institute’s CEO.

“We talk a lot about omnichannel and the need to have lots of different channels, but often organizations we force people to use a particular channel,” Jo Causon told Insurance Business. Today, it’s no longer enough to simply be present on a range of platforms – consumers want to be able to carry out the service that they require on the channel of their choosing.

Recent evidence suggests the industry hasn’t quite got to grips with that idea yet: a survey ranking UK general insurers on their digital offerings found that just 4% offered full digital claims services, forcing customers to pick up the phone.

Read more: Is your insurance business an ‘omnichannel’ business? | Insurance Business

October 25, 2016

The Netherlands: Insurance companies face 10% ceiling on premium hikes

The financial services complaints authority says insurance companies must limit premium rises to 10% following ‘dozens’ of reports about increases of 20% and more.

Two of the complaints came from Achmea and Meeus Groep customers, who were both faced with what Kifid said were ‘exorbitant’ premium hikes.  In one case Achmea raised the premiums for a general insurance package 20.22%.

In the second, the cost of moped insurance via the  Meeús Groep went up almost 174%. The premium increase in these two cases was so far-reaching that the contracts should be considered new ones, Kifid said. And because the insurance companies had not cancelled the old contracts, they remained valid and the old premiums still applied.

Changes to current contracts should be limited in terms of their financial impact and a maximum rise of 10% would be appropriate, the organisation said in a statement.

Kifid’s recommendations are not legally binding, but are usually adopted by insurers and the organisation said it expected they would fall into line about a maximum premium hike.

July 7, 2015

Insurance Industry: How the Internet of Things is transforming the insurance industry - by John Greenough

The ability to bring internet connection to nearly every type of consumer device will have huge implications for the insurance industry over the next five years. Insurers looking to cut costs, improve business practices, and better assess clients' risk levels, will increasingly invest in the Internet of Things (IoT)

Some auto and health insurers are already offering a new type of insurance — usage-based insurance (UBI) that uses IoT devices to track clients' activity and offer discounts or rewards for healthy and safe behavior. We expect 17 million people will have tried UBI auto insurance by the end of this year.

In a new report from BI Intelligence, we examine the impact of the IoT on the insurance industry. From free fitness trackers to track individuals' exercise habits to drones to assess damages in unsafe post-disaster conditions, we analyze current US insurance markets — including the auto, health, life, and property insurance markets — and look at ways insurers are integrating IoT devices.

Read more: How the Internet of Things is transforming the insurance industry - Business Insider

April 30, 2015

The Netherlands - Insurance Industry:Merger VMDeerenberg and KOSTER Insurances b.v

VMDeerenberg in Bodegraven and KOSTER Insurance b.v. in Alphen a/d Rijn announced they have agreed to cooperate and merge their activities. As a result of this merger, a large consulting company in the area of risk management, damage and revenue insurance, pensions and mortgages services, has been created right in the center of the Netherlands, known as the “Green Heart”. 

For Wim Koster, the CEO of Koster Insurances b.v. this merger is a logical move. After 30 years of service and having built a profitable, pro-active and solid corporation together with his spouse and business partner Jolanda of Mil, Wim says: "We have chosen for VMDeerenberg because we believe that through them we can provide continued good and reliable services and security for our clients and to our employees. VMDeerenberg seeks these same values, as we move along in the coming year, and continue our progress."

For Herman Broere, owner of VMDeerenberg, the merger with KOSTER Insurances b.v. is a welcome addition to his company: "Wim Koster, and Jolanda van Mil have built a large and reputable retirement advisory and insurance company, and besides having an excellent reputation, KOSTER insurances unique automated online support systems are able to address and communicate all administrative and retirement solutions electronically in 'real time' .This is very distinctive and unique in the market." 

To guarantee the transparency of this merger VMDeerenberg Holding B.V.'s name will be changed into VMD KOSTER Group B.V.  Consequently as a result of this merger VMD KOSTER Group B.V., including their sister companies employ 66 people. Premium income is EUR 50 million. The company presently has over 30,000 clients and services some 70,000 policies through VMDeerenberg or KOSTER in management.

Mortgage sales amount to more than EUR 47 million. Turnover from billings, subscriptions and fees are EUR 5.2 million. The locations of operation of VMD KOSTER Group B.V are in Alphen aan den Rijn and Bodegraven in the Netherlands

September 9, 2014

Insurance Industry: SURE Autumn editiom highlights Insurance developments around the world

http://www.koster.nl/showdoc.asp?docid=5679A new edition of Koster verzekeringen b.v. international internet publication SURE, with highlights from and around the global insurance world, is available on-line.    

 KOSTER verzekeringen b.v. is an independent Dutch insurance company in Alphen aan den Rijn, established in 1985 and presently employing some 40 highly specialized employees

What makes KOSTER Verzekeringen b.v. particularly interesting is their corporate philosophy. Chairman of the Board Wim Koster says about this philosophy: "we don't just sell insurance policies but instead we helps our customers during the buying process".

For a free subscription to SURE  - contact info@koster.nl

Almere-Digest

June 10, 2014

The Netherlands: Client Friendly, Tech Savy - Koster Insurances Part of New Breed in Digitized Insurance Industry

Check out the free Summer edition of SURE!, an electronic publication of Koster Insurances BV,

SURE provides not only an in-depth look at a variety of issues of importance related to the global insurance industry, and the economic, social and political environment, but it also focuses on trends related to the ever increasing importance of digitized technology.

In this edition of SURE you will get further insights  into:

  • Why progressive insurers and insurance advisers like KOSTER have adapted their operations and management to the new digitized world in order to guarantee their future success.
  • How insurance companies, in order to succeed, will have to move away from old-fashioned conservative programs to more dynamic client-friendly service oriented programs.
  • Updated Information related to the Solvency II consultations and draft guidelines. 
  • The increased credit risk problems in Eastern Europe. 
  • Now that the European parliamentary elections are behind us – what is next?
  • And of course, a variety of news items related to other developments around the world, including; Britain, Germany, Malta, Qatar, Thailand, Turkey and the USA.
Alnere-Digest

March 19, 2014

Insurance Industry: Hot Topics Making News


The Spring issue of SURE!,  a free electronic publication by the Dutch KOSTER Insurance company takes a look at a variety of issues which got the attention in Europe during the past months, Some of the issues covered by SURE! include:

  • The European Parliamentary Elections, to be held in all member states of the European Union on May 22-25 this year.
  • The ongoing EU-US Trade Negotiations which is keeping both the EU and the USA on their toes and already has run into several roadblocks.
  • The Solvency II EU Internal Insurance Guidelines that has the European Insurance industry and some EU member states up in arms.
  • The dangerous sovereign exposure by the European Banking Industry which could have a long term negative effect on the economy of the Eurozone.
  • And of course, a variety of news items related to the Insurance Industry around the world, including Brazil, Britain, Germany, Iran, Sweden, the Netherlands, Ukraine and the USA.
Click here for more from SURE !