You want to know that you will recover your health and that the party responsible for your damages will come through. If not, attorneys Wattel and York want to make you aware of the fact that there are legal options available to get the damages to which you are entitled. Additionally, you will want to know the role the insurance company will play and whether they are on your side. Let’s see what role insurance companies play.

What Will the Insurance Company Do When You Inform Them About the Accident?

For the insurance company to play a role in your car accident, you must contact them and let them know what happened as soon as possible. Once they know about the incident, they will assign an insurance adjuster to the case who will be responsible for investigating the accident to determine who was at fault and what percentage of fault should be assigned to each driver.
To reach a decision, they may start by looking at pictures and videos of the damage that your car sustained. They may visit the accident scene and interview both you and the other drivers involved. If there are any witnesses to the collision, they will also get their testimonies.
Additionally, they may review the following documents:

• The police report about the accident
• Your hospital bills, medical records, and any other bills to cover the treatment of your injuries
• Any proof you might have of the wages you have lost by being unable to go to work while tending to your injuries

They may also check your social media accounts to make sure your injuries are authentic. Once the insurance company receives this information, they will offer you a settlement amount for your claim. The amount will usually be based on fault and other factors. If it is determined that the other driver was at fault, you should get compensation from their insurance company.

Do You Have to Wait Until the Process is Complete to Start Your Medical Journey or Fix Your Car?

There is no need for you to wait until the investigation into the accident is complete before you seek medical care or get your car fixed as long as your policy covers both items. Before you take your car to a body shop, verify with the insurance company that you can go wherever you want. They may require you to use a specific mechanic to receive reimbursement for the cost. They may also ask you to provide several repair estimates before you can select one or they may only cover up to a certain amount and you may have to pay the difference.

Can My Insurance Write Off My Vehicle?

If the cost to repair your car is higher than what it is worth your insurance adjuster may decide to write off the vehicle. Insurance companies use the car's value to make an appraisal and some policies will cover the cost to purchase a new car.

What About My Medical Expenses?

Keep a detailed log of everything related to your injuries. Take pictures of their progress and a journal on how you are feeling. Keep all medical bills in an organized file. And if you find that the amount the insurance company has offered is insufficient to cover your medical expenses, you may want to consider hiring an attorney to help you with your claim.

In a recent survey, it was found that nearly 46% of American adults had neither employer-backed nor individual life insurance. This number was higher among adult women, with 22% lacking insurance compared to their male counterparts (11%).

Persisting economic challenges and the surging cost of living have only added more pressure on middle-class Americans, and the idea of taking out life insurance has now become a second-hand thought for many of them.

According to the Life Insurance Marketing and Research Association International (LIMRA), under half, or 46% of middle-income Americans currently have individual life insurance policies.

Despite the gyrating cost of living that has seen the average price of nearly everything skyrocket over the last year, the cost of life insurance has remained significantly low, with a typical 10-year $250,000 life insurance policy, for a healthy 40-year-old individual averaging between $15,00 to $17,00 per month.

Yet, individual factors including age, medical conditions, income, and gender among other things will ultimately determine the monthly premium cost of life insurance. And for some Americans, taking out cheaper and more affordable life insurance doesn’t necessarily give them the coverage they require for them and their families to live comfortably in case of a sudden emergency.

Taking out life insurance will be one of the most critical choices you will face, as it will ultimately determine the level of risk management for both you and your family. With several factors that weigh in when choosing life insurance, it’s best to regard some of the most important considerations that can influence your life insurance policy and the cost thereof.

At first glance, it’s good to consider what your personal insurance needs might be. This might consist of several things, including your family dynamic, financial position, current debt, and any expenses you might have as a family unit.

Typically, if you are someone who makes up a large portion of the monthly family income, you will need to answer whether your life insurance coverage will help meet your family’s financial needs in case of a sudden emergency.

Before taking out a policy, ensure you undergo a thorough assessment or evaluation, as this will help you determine the type of policy you might require. During the evaluation process, you will be required to deliver or provide as much personal information to ensure you are provided with the best policy options available for you and your family.

Evaluate the different types of policies

Typically, insurers will provide consumers with an option of different life insurance policies, with the most common two types being either term-based or permanent life insurance.

It’s best that you first evaluate each before making a final decision, as this will impact how much your monthly premium will be, and what is included in the policy.

Term-based policy

A term life insurance policy will only cover you for a predetermined period of time. This may range, depending on your personal needs, and can be anything from ten, fifteen, twenty, or even thirty years.

Younger consumers often start with term-based life insurance policies, given the fact that their needs and financial position might be different than older and more mature consumers.

Permanent policy

The second option would be to take out a permanent life insurance policy, which will cover you for your entire life. Although this provides better and more thorough risk management, premiums, or monthly payment, will typically be higher.

Although you may end up paying more for permanent life insurance, there tend to be two components included in the policy that helps cover life-threatening events and life savings or investments. Instead of only covering you in case of sudden death and illness, these policies will also help grow your savings over time.

Understand how personal factors can influence your policy

Life insurance may not be priced the same across the board, and usually, insurers will offer a base premium, and only after an assessment, the final premium cost will be determined. Depending on what your personal condition might be, the premium you pay can either be higher or lower, so you should undergo a full and thorough assessment with several providers.

What can affect your premium rate:

• Physical health or pre-existing health conditions.
• The age from when you take out the policy.
• Your current occupation and financial position.
• Any criminal records or legal findings.
• The type of policy term, either permanent or term-based.

If you’re the sole provider for your family, taking out life insurance may be a stressful task, as your personal history may affect whether you are approved or denied. More so, there are instances where personal factors can help you get the best possible policy rate, but if sudden changes take place, such as a change of job, or problems with your health occur your policy rates may change.

Know what you want to protect with your life insurance

An important question to ask, and consider is to think of what you are planning to cover or protect with your life insurance policy.

Often, adults will take out life insurance if they are the main source of income for the family, or if they are considered to be the sole provider. Other reasons may be to protect children or dependents against any financial scrutiny in case of a sudden medical emergency or loss of life.

Consumers might also take out life insurance purely to help them save and invest their money over time. This doesn’t always secure them financially for when they enter retirement, but it does give them the peace of mind their savings will be protected against any economic headwinds they may encounter.

Then of course, often adults see life insurance coverage as a way to protect their assets, such as a home, property, business, or any other large assets. Though there are insurance policies that specifically exist for these cases, taking out a larger insurance policy may help protect these assets against any sudden life changes as well.

Future needs

Once you start shopping around for life insurance, you will need to consider what your future needs may be, or how your life may be changing in the coming years. Often, younger adults may only consider their current lifestyle, but in a few years, things might look completely different in terms of their health, occupation, or family dynamic.

Additionally, if you are taking out life insurance with your spouse and family in mind, you will need to consider how day-to-day expenses are constantly increasing. With this in mind, you will need to think of your future needs from a financial and lifestyle perspective.

As you go through different phases in your life, you may be required to update your policy. Perhaps you get married, start studying again, change jobs or decide to add a family member to your policy, these may all affect how much your premiums may be, and what will be covered.

Taking out life insurance is about planning for the future in terms of your risk management. Though it’s not easy to understand or predict what your life may look like in five or even ten years, it’s important to seek assistance from a professional agent, and provide them with the necessary information related to your lifestyle and any changes that you may undergo in the coming years.

Final words

Life insurance has become an important aspect of everyday life, especially at a time where the threat of disease, violence, and crime are constantly increasing. Taking out life insurance helps to protect you and your family from any future events or any sudden changes that may take place as you grow older.

Though there are a lot of considerations one will need to contemplate before you agree to any policy, it’s advised to seek professional advice from an insurance agent or provider. Additionally, it’s also wise to review your policy every year, or when you undergo any changes such as a change in occupation or family dynamic.

Inevitably, life insurance will not keep the threat of everyday life away, but it does give added protection and peace of mind for individuals that are a core component of their family.

According to the Centers for Medicare and Medicaid Services (CMS), in 2020, total health spending in the U.S. reached $4.1 trillion, or about $12,530 per person. It is due to the high medical bills. However, if you have health insurance, you don’t have to worry much about the expenses, as you can get a part of your expenses from the insurance company.

The best way to get paid for medical expenses is to submit insurance reimbursement claims. You can do this by filing a claim with your insurance company. However, there are some steps that you need to follow for them to evaluate and approve your claim.

What Is a Reimbursement Claim?

Insurance reimbursement allows you to claim money from your insurer after a medical expense. This is usually done when the claimant has paid for their medical expenses, not their insurance company.

The reimbursement process can be challenging, but technology can help. You can use applications that help you submit forms, track your application's status, and communicate with your insurance company. There are many such reimbursement applications.

You can use an insurance reimbursement app to help you file a claim for reimbursement of out-of-network medical expenses. Such apps allow you to track costs and ensure you receive the maximum amount covered by your insurance.

The amount of money that can be claimed will depend on your policy and the type of treatment it covers. Generally speaking, reimbursement claims should be filed within 30 days of receiving treatment or paying out-of-pocket for any medical services not covered by your health care or provider network plan.

This can also be the other way around. Sometimes, even healthcare providers might have to claim reimbursement. For example, during the pandemic, health providers treating the uninsured got reimbursement from the government programs, such as the American Rescue Plan (ARP) Act, which provided a $4.8 billion package.

Inform the Insurance Company

If you have an insurance policy, inform the insurance company of your hospitalization. Some companies will send a claim form to your home address, while others will allow you to submit the claim online. The best way to ensure that your claim gets processed quickly is by communicating with them directly.

If you don't know where to start or what information needs to be included in your submission, call their customer service line and ask for help. They can answer any questions you may have about submitting a reimbursement request and filing a complaint against them if they refuse payment on your behalf. Additionally, they might be able to point out how long it can take before getting reimbursed.

Find the Documentation That You Need

You need to gather the following documents to submit your insurance reimbursement claim:

• Documentation of the treatment received, such as a bill or explanation of benefits (EOB). This can be a photocopy, fax, or electronic copy. If you don't have one, contact your doctor's office and ask them for one.
• Documentation of the diagnosis, if available from your doctor's office or from an examination report done by another health care professional like a psychologist or psychiatrist who treated you during this period.
• Documentation of the cost of treatment and follow-up care. It should include direct medical costs (such as medications and lab tests) and indirect costs (such as transportation expenses).

Fill Out the Claim Form Completely

Filling out the claim form appropriately is crucial in determining whether your claim will be approved or rejected. Here are some tips for filling out the claim form:

• Make sure you fill out the claim form completely.
• Use the claim form as a guide, but include all of your information and be sure to answer all questions.
• Include your name, address, and contact information accurately in the form.
• Sign and date the form before sending it in with other required paperwork or documents.

Submit the Supporting Documents

You will need to submit supporting documents containing the details of the treatment received. This should include the following:

• The dates of treatment, including the date of admission and discharge
• The name of the hospital or clinic where you were treated
• Your name, address, and telephone number
• The type and quantity of drugs prescribed by the doctor
• A doctor's prescription for obtaining medication from a pharmacy
• A copy of your bill from the pharmacy showing the total amount paid for prescribed drugs

Make sure you keep copies of these documents if they are lost during shipping or transit back to your home address.

The Company Will Evaluate Your Claim Request and Initiate Reimbursement Accordingly

The company will evaluate your claim request and initiate reimbursement accordingly. They may contact you if they need more information, ask you to send them more documentation, or ask you to send them a copy of your receipts.

When you submit your insurance reimbursement claim, there is a chance it might be denied. The Kaiser Family Foundation found that in 2020, on average, 18% of claims by in-network providers were denied, but some plans denied as many as 80% of claims. 

The most common reason for a denial is that the patient did not have coverage from the carrier or that they did not fill out the claim form correctly. Other reasons include the following:

• The treatment occurred outside of your policy's coverage area
• You did not provide all of the necessary documents with your claim
• Your insurance company has not approved your provider

If you are dissatisfied with your health insurer's decision on a claim, you can appeal the decision and have it reviewed by an independent third party.

Conclusion

You should always take care of your health and try to get the best treatment you can afford. Forty-two percent of Americans reported problems paying medical bills or being in debt due to medical bills in the Commonwealth Fund Biennial Health Insurance Survey. 

If the treatment does not fall under the health insurance policy, you can use reimbursement claims to get some money back from the insurance companies.

Insurance companies process reimbursement claims on a case-by-case basis. Still, they usually require supporting documentation and submitting an application form with all necessary details, like the date of treatment received, the amount paid by the patient, etc.

The UK is currently suffering through a cost-of-living crisis, where rent, bills, food, and more are at an all-time high. In fact, 89% of adults in Great Britain, around 46 million people, report having increased living costs over the past few months, despite cutting back on essentials.  

With money inevitably on our minds, the question remains - is there something we can do to protect our finances? Let’s take a look at five insurances that can help ease the burden and anxieties of the cost-of-living crisis. 

1. Income protection insurance

With the cost-of-living crisis, many have found themselves living paycheck to paycheck. So, if this income were to disappear, such as by falling ill, this might lead to serious financial trouble, which is an understandable and valid anxiety during such trying times. 

Group income protection insurance will pay out monthly sums to employees who are off work long-term for sickness or illness. Though you will probably be eligible for statutory sick pay to begin with, this is only available for 28 weeks. Thus, income protection insurance will effectively continue payments after those 28 weeks, so you can focus on getting better rather than worrying about money. 

2. Life insurance

Life insurance will pay a lump sum to your dependents in the case of your untimely passing. This will ensure that your loved ones are financially protected if you were to sadly die, which is even more important during such financial instability. 

3. Vision and dental cover

Eye tests and new glasses can be expensive, even though it is an essential part of our lives. The same can be said for trips to the dentist, especially if you can’t access a dentist surgery that has NHS dentists. In some cases, going to the optician or dentist is an emergency, so it can’t be avoided - but it can equally be a lot to pay out of pocket. 

To make sure your optician and dentist trips are not extortionate, or so expensive you avoid going altogether, look into vision and dental cover. If you already have health insurance, you might be able to simply add it as a bolt-on to your existing policy. 

4. Critical illness cover

If you were to fall critically ill, and thus need to adapt your home, have attentive care, and still need to have the funds to live on, critical illness cover can help. It will pay out a lump sum that will give financial support towards the cost of living and other costs dictated by the illness at hand. 

5. Mental health cover

Many studies have found that the cost-of-living crisis has been, and will continue to be, harmful to the mental health of our population. This is because financial insecurity has real-world implications, which can lead to anxieties over being able to provide for oneself and one’s family. 

Thus, even if you have all the financial insurances listed above, it is important to make sure you have mental health cover too. Though mental health services are free on the NHS, they typically have extremely long waiting lists, and it goes without saying that forking out for expensive private therapists won’t exactly ease financial burdens or worries. 

And there you have it - five types of insurance that can take a weight off your mind during this time by protecting your finances.

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The benefit offered under NCB ranges from a 20%-50% reduction in the insurance premium costs. The policyholder can avail the No Claim Bonus benefit at the time of renewing their car insurance policy. It is important to note that the No Claim Bonus is only applicable on comprehensive insurance plans. NCB cannot be used with third-party car insurance. While most car owners are aware of the NCB benefit, not many know how it’s actually calculated. 

How Is No Claim Bonus Calculated?

The No Claim Bonus is offered to car owners on the basis of how many insurance claim-free years they have. Once a policyholder passes through a full policy year without making a claim, they are eligible for a 20% reduction in premium costs during renewal. This percentage goes up to a maximum of 50% for consecutive claim-free years. An individual can easily understand how No Claim Bonus in car insurance is calculated.

Can The No Claim Bonus Be Cancelled?

Yes, the policyholder will lose the No Claim Bonus benefit once they make a car insurance claim. Even if they have No Claim Bonus accumulated over many years, it will be reset to zero after making a claim. The policyholder will then be eligible for the base No Claim Bonus only after 1 claim-free year has passed again. The No Claim Bonus in car insurance will also be scrapped if the policyholder fails to renew their car insurance policy within 90 days from the date of expiration of the original plan. To ensure that you do not lose your No Claim Bonus, renew your car insurance plan before its expiry or within the grace period provided by your insurer. 

Benefits Of The No Claim Bonus 

Here are the main benefits you get from the No Claim Bonus in car insurance: 

• Saving On Insurance Premium Costs 

As mentioned above, stacking multiple No Claim Bonus over many years allows you to get as much as a 50% reduction in the price of your insurance premiums. This can help you save a significant amount of money in the long run. 

• Transferable 

If you are planning to buy a completely new insurance plan, the good news is that your No Claim Bonus can be transferred or carried forward to your new insurance policy. There are several insurance providers online, so If you wish to switch your insurer at the time of renewal, your existing insurance company will provide you with a No Claim Bonus certificate, which can be used to carry forward your NCB with your new insurance provider. 

How To Avoid Cancellation Of No Claim Bonus

The best way to make sure that your No Claim Bonus stays intact is to avoid making any insurance claims unless absolutely necessary. If there is only minor damage to your car that can be repaired at a lower cost, you should get the repairs done out of pocket. However, if the damage is immense, you should definitely make an insurance claim. Fortunately, you can buy a car insurance add-on cover called ‘No Claim Bonus Protection’ that will allow you to make up to 2 insurance claims in a policy year without losing your No Claim Bonus benefit. 

To Conclude

No Claim Bonus or NCB is an immensely helpful feature offered by insurance companies to policyholders which allows them to save a lot of money on premium costs. While NCB in car insurance is there to help you save money, the main reason to purchase insurance is to keep your precious car financially covered against damages. There are many myths about car finance, but there is plenty of information online for all your queries. Make sure, you don’t get discouraged from claiming insurance if your car gets involved in a major accident even if you end up losing your No Claim Bonus. 

As a technology company, SmartFinancial simplifies the insurance-buying experience with a transparent insurance-technology platform that matches shoppers with the right insurance products. This makes the entire process of shopping for insurance simpler and more efficient.

With inflation on the rise and so much uncertainty with the economy, budgeting and saving money is more important than ever. A smart way to save is to make sure you shop and save on your insurance. Below are some common questions and answers that can help you do just that.

With prices soaring, what are the best ways consumers can save money on insurance?

Compare prices for all types of insurance every six months because each insurer rates each person differently and rates change daily. Use a comparison site like SmartFinancial to save time.

What types of insurance coverage changes lead to the biggest savings?

Raising your deductible is the easiest way to see big savings for both home and car insurance. Also, ask your insurance agent about the types of discounts the carrier offers.

How much money can consumers save by updating their insurance yearly?

You can even save by comparing insurance rates every six months. Why not? You can save up to 40% on premiums.

When are the best times to compare insurances? Is there a specific season or life event that signals a chance to save money on insurance?

Many life events may make you eligible for a lower rate. You may end up saving with an existing policy or a new one, if you get married or move to a better neighbourhood or if you get a new job or buy a home. If your credit score improves, make sure to compare insurance rates. If your rates increase, you should shop around to see if another carrier can offer you a better deal. If you haven’t compared prices in over six months, you’re probably paying too much for insurance.

Is the cost of insurance also rising with inflation?

If you’re buying insurance now, you may be paying more due to inflation, but not if you shop around for a competitively priced policy. If you’ve been insured for over six months, you may be underinsured as a result of inflation so that your limits are too low to cover an accident without you being responsible for an outstanding balance. Inflation is heavily affecting insurance coverage limits, which are no longer adequate for rising prices in parts and labour. You may want to consider increasing your limits in case you do need repairs on your car or home.

How is SmartFinancial utilising technology to help consumers adjust to inflation?

You can still find an affordable insurance policy despite inflation if you compare rates and insurers. SmartFinancial takes away the legwork of comparing prices, which can help you find the most affordable policy available in your area. After users share their information one time, they are offered competing rates from the larger insurance companies all the way to the small local ones.

With inflation on the rise and so much uncertainty with the economy, budgeting and saving money is more important than ever.

Do consumers receive any negative consequences for switching insurances, such as financial penalties or other fees?

Whether or not you’ll be fined with penalties and fees depends on a few factors. Different insurance companies have different policies. You may or may not get your policy prorated for the amount of time your policy was active. You may or may not get fined for cancelling, depending on the terms of your contract. The best time to switch is just before your renewal date to make sure you don’t get fined. Also, make sure to have an active policy before cancelling your old one so you have no gaps in coverage.

How does SmartFinancial keep the human element in an industry and world, that is vastly increasing the presence of automated and chatbot solutions for customer service?

SmartFinancial is built by people and powered by technology. We have call centre concierges all across the country for people who would rather speak with a live agent for a free quote rather than filling out a questionnaire online.

What is the one thing you wish everyone knew about insurance? 

Insurance is not meant to be used unless it’s a cost that would otherwise be a great financial burden. Use it when you can’t afford to pay out of pocket. As a rule of thumb, never file a claim for any repairs that are below or slightly over your deductible amount. It’s just not worth it. Several claims can lead to a higher insurance rate.

1291 Group was founded by Marc-André Sola in 2000 and it has grown organically, now operating from 14 locations worldwide and 80 staff globally. Being an independent adviser means the Group has access to 51 insurance carriers in 15 jurisdictions. It is licensed in 36 countries to provide advice and support on life insurance solutions. 

Within the 1291 family, clients are connected to a group of top international professionals with backgrounds in law, tax, insurance and trusts.

Caroline is based in the Geneva office of 1291 Group. She has over 25 years of experience in the trust and estate planning sector and brings this expertise to help families achieve their goals.

What are the needs of the families you serve and how does Private Placement Life Insurance achieve that?

Over the years we have realised that the needs of families are generally:

Privacy and Confidentiality

Asset Protection

Tax Optimisation

Estate and legacy planning

Cash and liquidity access

We call this “PATEC”

Private Placement Life Insurance is a unit-linked single premium payment insurance policy, The premium can be paid in cash or with a portfolio of bankable assets, but it is also possible to pay with non-traditional asset classes such as art, precious metals or crypto.

It’s called Private Placement because each contract is issued under its own private placement memorandum – the policyholder’s assets are segregated from other policyholder’s assets under the same insurance carrier.

Whilst the legal ownership of the assets passes to the insurance carrier, the policyholder retains at all time full rights to request a partial or full surrender of the policy, change the beneficiaries and to appoint their own investment manager. 

Why is custodising crypto assets generally difficult? And why is structuring these assets into a PPLI an effective solution for this?

Cryptocurrencies are not financial assets but an asset class on its own. They also lack physical substance. Therefore, they meet the definition of an intangible asset and would be recorded at acquisition cost (i.e. price paid or consideration given).

Cryptocurrencies are designed to work as a decentralised medium of exchange, independent of a financial institution or any other central authority so the custody is not with a traditional arrangement of a banking institution but held by a token or key with the key holder having secure access via private passwords or biometric authentication systems.

The difficulty for a cryptocurrency (and other digital assets) is that after the keyholder's lifetime, if the assets have not been the subject of an inventory with regular updates, then it is very difficult for the executor to identify the deceased’s entire exposure to these digital assets.

Digital assets can be entrusted to professional trustees, inter vivos so that the problem linked to the devolution of the keyholder’s credential is solved. However, many trustees have difficulty customising such assets due to the associated risks, directly or indirectly that they represent.

By using a PPLI policy to structure the digital assets and appoint the trustee as policyholder, these risks can be mitigated. In addition, the trust can also be the beneficiary of the policy to ensure estate planning over many generations.

Are there risks involved in holding crypto in PPLI? If so what are they and how can these risks be mitigated?

Holding cryptocurrencies in a PPLI entails no risks that holding them directly would not also entail. However, investing in cryptocurrencies directly can be vulnerable to fraud; by holding them through a PPLI structure, the insurance company will handle the custody of the underlying assets.

Switzerland is also a leader for cryptocurrencies and there are already pure play crypto banks duly authorised by our regulator FINMA and even more traditional banks are expanding their offering for crypto assets. Custodising digital assets of a policy with a duly regulated Swiss bank as custodian will further mitigate the typical risks such assets entail as it is the bank’s obligation to ensure a state-of-the-art due diligence and safe custody of them.

What are the tax benefits of holding crypto within a PPLI?

Once the assets are placed within the PPLI, such assets enjoy growth free from income and capital gains tax (as long as there is no partial or full surrender), thus the policy benefits from the gross roll-up effect.

This is especially relevant for cryptocurrencies which are subject to high returns (and lows!). Unstructured cryptocurrencies could be subject to tax on an arising basis in countries like Australia, France, India, Singapore and USA.

Does PPLI offer liquidity for clients?

By funding a PPLI, a client with crypto assets will have access to a private account which would function as an “off-ramp” conversion to fiat (legal tender whose value is linked to a government-issued currency like the US dollar).

The client can then request a partial surrender for liquidity needs (which might trigger taxation depending on the tax residence of the client).

Do you see more people choosing to hold crypto within PPLI in the coming years, if so, why?

Yes indeed, more and more people are looking to hold their assets in a safe and secure way. As the legal ownership of the policy is with the duly regulated insurance company, for high-profile clients looking to secure their assets from claims, if a policy is set up correctly (taking care to observe the absence of fraudulent conveyancing) then the assets within the policy are out of reach of a client’s creditors.

With clients already leading global lifestyles and with relocations becoming easier again, one of the major advantages of a PPLI is the portability, which allows clients to keep their policy (making sure to comply with local requirements for policies), thus avoiding the need to surrender the policy and triggering a taxable event.

As cryptocurrencies will come under stronger legal, regulatory and tax scrutiny, cryptocurrency investors will be confronted with potentially higher legal and tax challenges in order to keep the portfolio in a compliant way, while benefiting from asset protection and tax deferral. Holding these assets in PPLI structures will help to mitigate those risks.

The CRM you select will have a significant impact on the productivity of your team. Therefore, you'll want to choose one that meets all your needs and provides all of the essential features of your agency. Here are some of the things you should consider when selecting an ideal CRM software for insurance agents:

Understand Your Needs

When it comes to software, it's important to understand your needs and work backwards from there. However, deciding on the most important functionalities can be confusing if you're still unsure what CRM features are right for you and your business. To help you get started, here are some questions worth asking yourself as you plan out a system that will work best for your unique situation:

• What problem am I trying to solve?
• What are my goals?
• What do I want this system to do for me?

It may seem silly at first glance, but defining the problem before starting a solution helps eliminate some common issues. Like you shouldn't buy something because others have told you or by getting overwhelmed with offers on different platforms without considering their real value. Once you know where you're going, it's time to start selecting your CRM.

Easy To Learn And Use

Once you've selected the best CRM for insurance agents, you want to ensure that it is easy to learn and use. To maximise the return on your investment, you need to easily train new employees or subcontracted workers in how to use the system. You also want your existing users to be able to pick up where they left when they return from vacation or after taking time off for other reasons.

In addition, it should be intuitive. Most people don't like learning new software systems because they can be complex and confusing. So look for one with an interface that is intuitive enough. It helps the users figure out how it works without having someone explain everything step-by-step each time they have a question about using the system.

Customer Service Is A Priority

Customer service is a critical component of any customer relationship management (CRM) solution for insurance agents. However, customer service shouldn't be viewed as an afterthought to your CRM but rather a key differentiator in your overall communications strategy.

When evaluating a CRM system for your agency, it's important to remember that the ability to provide outstanding customer service should be the main focus of your evaluation process. You want to select a platform that will make you stand out from the competition. It must provide exceptional support and dedicated resources towards this goal. You can't afford to sacrifice this aspect in pursuit of other features or benefits.

It isn't just about being nice. Customer service is one of the most effective ways to differentiate yourself from other agencies in your local area. It's also crucial because it makes people feel valued, and when they feel valued, they will likely stick around. In addition, it means more referrals and new customers down the line.

Focused On Insurance Agents

It's important to understand that a CRM for insurance agents is different from a CRM for other businesses. The main difference is that insurance agents are focused on handling the specific data and processes that come with working in the industry. It's not just about being able to track leads or send out emails. It's about doing it all with accuracy and efficiency, so you can focus on closing more deals and making money.

The best way to figure out if you're using the right tool for your business? Ask yourself these questions:

• Does this CRM software have features to help me manage my daily tasks?
• Is this software easy to use when I need it most?
• Will this software allow me to scale my company without starting from scratch with every new client?

Mobile-Friendly

It should be available on mobile devices if you're looking for a CRM. It is important because most customers use their phones to complete transactions while they are out and about. Therefore, your customer will expect your company to have a mobile-friendly platform they can access through tablets or phones.

It also helps if the CRM syncs with your phone so that all your contacts get updated in real-time. For example, if someone calls while you're driving and wants their information changed or updated, then having this option can save time and effort on both ends of the call.

Lastly, look for one that's easy enough for users who aren't tech-savvy. For example, does it have a simple 'wizard' feature where agents can easily add new prospects?

Your CRM Should Fulfil The Needs Of Your Agency Without Unnecessary Features

A CRM that's too complicated can be a real headache. It should be easy to use to focus on your clients and appointments. In addition, the CRM should be customisable. You don't want to waste time learning how to set up your accounts or add custom fields. That's why it's important to find an affordable and user-friendly solution.

Lastly, the best CRM will have a mobile app so agents can access their data anytime and anywhere.As an insurance agent, choosing a CRM that can boost your business efficiency is important. However, with so many options available on the market today, you may not know where to start. The advice mentioned above will help you make an informed decision and select the best CRM for your company.

Insurance technology company Zelros is using AI in exactly this way to analyse data on consumer behaviours to make hyper-personalised recommendations. In 2021, they had coverage for up to 250 million policyholders globally and were able to determine where people were lacking insurance coverage. The data enabled them to make 10 million personalised insurance recommendations to individuals and families in 2021. This data provides a glimpse into the economy and what areas of people’s lives are changing the most. Now in 2022, the recommendations for Q1 are providing insight into what’s changing now:  

 JAN | FEB | MARCH

Car | 2.86% | 0.10% | 0.03%

Credit Insurance | 19.95% | 19.92% | 19.07%

Health | 14.95% | 13.99% | 14.11%

Home | 30.42% | 32.42% | 32.33%

Legal Protection | 7.15% | 6.03% | 6.11%

Life Accident | 24.61% | 28.38% | 28.31%

Term Life | 0.07% | 0.06% | 0.04%

With the data on these policy recommendations spanning over the first three months of 2022, it’s interesting to note the value drops and gains of what is being recommended and when. For example, for motor vehicle coverage, it has continued to fall month after month starting at 2.86% of recommendations in January to only .03% in March. Meanwhile, credit insurance, health and legal protection all dropped for the month of February but have slightly risen for the month of March. Recommendations for home insurance rose exactly 2% from the first month of the year to the second. 

Overall, when looking at the data provided for Q1, the changes from February to March aren't nearly as drastic as those from January to February. The top three categories are credit insurance, home and life accident. Together, these three are making up roughly 80% of all insurance recommendations. As we’re now into Q2, it’ll be interesting to see how the data flows for the first six months of the year, and then to compare it with the end of the year results once we hit Q3 and Q4. 

How does hyper-personalised insurance work with AI?

When we get our insurance, we often think that what we’re getting is hyper-personalised to us, but this is not usually true. Historically, agents are trained to cover the bases of what the average person needs, but this has nothing to do with your specific current needs. They can ask questions and make a personalised recommendation based on what you tell them, but hyper-personalisation through AI takes this to the next level.

Hyper-personalised insurance uses artificial intelligence to make specific recommendations to a policyholder based on what is happening in their life right now. With roughly 2.5 quintillion bytes of data being created every single day, a portion of that information is valuable consumer information that is being used to teach AI how to draw conclusions about what people need and want before the thought even crosses their minds. This data can be analysed to help an insurance agent determine if their client (aka you) has had a major life event that would signal a need for new insurance coverage or the re-evaluation of an existing policy. For example, AI could help determine if you’ve moved to a new address and would need to revisit your property insurance coverage to ensure your risk category is still the same and your policy still covers you. It could be used to show the birth of a child, which would prompt an agent to ask specific questions about this to see if life insurance is now needed.

Hyper-personalisation can also include telematics data that makes your policy specific to just you: for example, an auto policy based on your unique driving history. Cars are now so technologically advanced that insurers can provide behaviour-based insurance, so your rates become based on your driving behaviours only, not the pool of driver data used to determine a standard policy. 

Why hyper-personalisation is important

• Better customer experience
• Best policy premiums possible
• Proactive outreach from insurance agents and having smarter conversations 

The leveraging of AI and machine learning to meet our needs is a reality now in the insurance industry. It’s helping recommend to those without adequate coverage, to reevaluate risk assessment, and to help make sure that policyholders have the best premiums possible. AI is giving insurers the unique ability to create hyper-personalised suggestions for people in a way that has never been seen before. It’s best that the entire industry jump on now, or face being left behind and never catching up. 

About the author: Paul-Henri Chabrol is Chief Product Officer at Zelros.

If you have filed a personal injury lawsuit, you are likely to get a settlement from your insurance company, but that can take more time than you have to pay your past-due bills.

Your car accident lawyer can help you build a case to help you get the compensation that you deserve, but what about the bills that you have to pay now? Let’s take a closer look at how to pay your bills after a car accident.

Medical Bills

In most states, your insurance is required by the law to pay all of your medical expenses that were caused by a vehicle accident. Your medical bills should be covered under a worker’s compensation claim if you are injured at work. The remainder of your medical bills, with the exception of your deductible amounts, should be covered under your private health insurance. It’s important to keep detailed records of your medical history, injury treatment plan, doctors and specialist contacts, prescription costs, and all other medically-related expenses. 

Household Bills

If you have been involved in an accident and have suffered injuries that keep you from working, your household bills could start adding up quickly. You are still required to pay your rent, mortgage, and utility bills. When you file your claim with your insurance agency, they will issue you a payment for up to 85% of your monthly income for a maximum of three years. This payment is to help you pay for your household bills. With some policies, you may be able to apply for household assistance if you can’t do certain things like grocery shopping or laundry.

Vehicle Repairs

One of the largest expenses of a car accident is vehicle repairs. Minus your deductible, your insurance company should pay for all of the needed repairs. Make sure that you take your vehicle to a licensed and qualified repair shop to ensure that you get the proper coverage. The first $750 of damage should be paid for by the at-fault driver’s insurance, and the balance will be paid by your collision coverage. Always ensure that you carry enough coverage on your vehicle to cover the total loss of your vehicle.

Accessibility

If you are gravely injured in a car accident, it could change the type of long-term needs that you have. You may need to purchase a walker or wheelchair or install a mobility ramp at your home. Your insurance coverage combined with your medical insurance should be able to cover most of these accessibility expenses.

If you are involved in a serious car accident, the last thing that you want to worry about is how you will pay your bills. Don’t stress about your past due payments. Your insurance coverage will help you to get the money that you need.

The danger, when discussing the topic of humour in an industry like insurance, is that you come across as a David Brent-like figure, desperate to break free of a boring profession in an effort to become “a friend first, a boss second, probably an entertainer third.”

Making that observation, however, strikes at the heart of a real and profound problem in insurance: I described the industry as “boring,” but I can’t imagine a single reader leaping to their feet in a fit of outrage at this insulting generalisation. Of course, they won’t – insurance is boring. No wonder it’s on the verge of a serious identity crisis.And this really isn’t an exaggeration.

Insurance is facing a ticking time bomb as every second takes it closer towards a world dominated by a younger generation who have no patience for the slow, stuffy, wordy excesses of an industry which has no hold over them.

As such, the possibility of adopting a more light-hearted mode of expression in insurance isn’t just about trying a zany new marketing tactic. It’s about making a concerted effort to correct a monumental mismatch between changing consumer expectations and an industry notorious for its reluctance to move with the times.

Complexity, confusion, and inconvenience

It’s important to caveat the above with the fact that this isn’t just a speculative moan about the industry. There’s no clearer sign that the younger generation isn’t engaging with insurance than even the most cursory glance at the figures, which are unequivocal in their findings.

Take, for example, a 2020 report from IBM which found that 20- and 30-somethings aren’t particularly keen on purchasing life insurance, with half of IBM’s survey respondents reporting that they don’t have any kind of life insurance policy and only 39% having term life.

Now, obviously, this report was published in March of 2020, and one or two global events may have had young people reassess the question of their own mortality since then (in fact, a recent Wall Street Journal article has confirmed that the pandemic has resulted in more young adults grabbing life insurance of late).

All the same, the IBM study is still completely applicable – not least because the issues it identifies have very little to do with the type of insurance, and everything to do with the insurance processes which are, as IBM notes, “well within the industry’s control.”

In brief, IBM found that although today’s youth aren’t necessarily weighed down with spare cash, their real issue with buying insurance isn’t cost-related – it’s tied to “complexity, confusion, and inconvenience.”

In particular, respondents cited the various paperwork hurdles involved, lack of time (indicating how much effort the process requires), and a lack of understanding of the offerings in question. These findings suggest that the industry’s stuffiness and “perceived complexity” (as IBM put it) are literally depriving it of much-needed customers.

A change of nature

I say “much-needed” because the industry is losing customers – and, at the risk of over-citing IBM, their report does point out that “declining policies” among millennials may well be responsible for declines in premiums and deposits in the US. So, what’s the solution?

It’s easy to imagine a slight sneer as traditional insurers try to make heads or tails of the marketing landscape associated with the younger generation – “do you expect the senior execs to do a TikTok dance, then?”

Well, first of all, yes. Obviously. Immediately. But, crucially, advocating for a new, light-hearted face for insurance isn’t a cheap gimmick – we can afford to be more facetious, yes, but the underlying issues facing the industry shouldn’t be subject to mockery at all. After all, a tonal shift to insurance can only come hand-in-hand with the broader recognition that we need to reach younger people in every respect – it’s no good dabbling with Instagram influencers if we’re not equally making strides towards, for example, mirroring the instantaneous purchases and frictionless convenience with which young people stream Netflix shows, or shop on Amazon, or summon Ubers.

Bending with the wind

At heart, I think the insurance industry has given way to a little bit of arrogance, using regulation and compliance as an excuse to avoid changing. Customers, the story goes, must bend to our will – we won’t bend to yours. No wonder, in this light, that so many commercial entities and individuals don’t have insurance (or enough of it). And it’s hardly surprising that there’s no brand loyalty in the face of this boring, grey, chore-like mass.

With a new tone and a fresh face, insurance might just learn, like the reed, that it’s better to bend with the wind than break against it – even if that involves lightening up. A bit of levity might strip away our decorum – but I’m pretty confident that if people stop buying insurance, we won’t have an awful lot to laugh about.

About the author: Ed Halsey is the co-founder and COO of hubb.

The current climate has led more individuals, businesses and government entities to really take a look at what they can do to protect themselves from the very real threat of cyberattacks. Today more than ever, artificial intelligence is playing a larger role in detecting and mitigating cyber risks. 

Why do cybersecurity and insurance go hand in hand?

Risk and protection go hand and hand. The more data that is collected on someone or something, the more valuable it can become for someone who wants to use it for malicious intent. Cyber risk is a new type of risk that has appeared in the past 5 years and that is increasing year after year. The attacks themselves can come with little to no warning, and the task of recovering from one is often time-consuming and costly. 

Ransomware attacks, distributed denial of service attacks and phishing attacks are just a few of the plethora of ways that attackers can gain access to home and company networks, steal passwords and banking information and go as far as wiping clean the computers in offices, leaving nothing more than a paperweight at each desk. These attacks in fact are so common that 23% of small business owners have had an attack in the last 12 months according to a survey by Hiscox. 

Here are some examples of how AI can be used to combat specific types of cyber threats.

1. Data Poisoning

Data poisoning can be seen for literally what it is, taking data and then using it with ill intent. This is done when samples of data that are used for training algorithms are manipulated into having an output or prediction that is hostile that is triggered by specific inputs. This is all the while remaining accurate for all other inputs. 

Data Poisoning that turns systems hostile is done before the model training step. Zelros has an Ethical Report standard, where they collect a dataset signature on the successive steps of modelisation. This is a necessary check that needs to be taken that helps prove afterwards that the data has not been tampered with or otherwise manipulated. This standard can be adapted by other companies as one of the best practices when using AI responsibly.

2. Privacy 

Entities, whether they be government, law enforcement or even personal networks that have specific features within their dataset that are used to train their algorithm, their identity may be compromised. To avoid an individual or multiple identities being compromised as part of the training data and therefore adding risk to their privacy, organisations can use unique techniques such as federated learning. It boils down to training individual models locally at the source and federating them on a more worldwide scale, to keep the personal data secured locally. In general, it’s good to note that detecting specific samples of outliers and excluding them from the training is a recommended good practise to keep on hand.

3. Bias Bounties

As for older generations of software, sharing the details of an AI algorithm can become more of a liability, especially if it becomes exploited with malicious intent to harm since it provides insights into the model structure and its operation. A countermeasure, brought on by Forrester as a trend for 2022, is bias bounties, which support AI software companies to strengthen and improve their algorithm robustness.   

“At least 5 large companies will introduce bias bounties in 2022.”

- According to Forrester: North American Predictions 2022 Guide

Bias bounties are becoming the go-to weapon and armour of defence for ethical and responsible AI because they can help ensure that the algorithm in place is as unbiased and as reliable as possible. All because of the many sets of eyes and different thought processes that review it throughout the course of the campaign.  

4. Human Behaviour

Human behaviour can be some of the hardest and easiest to predict. When it comes to data or AI manipulation, our first thought might be malicious activity. However, organisations should stop to reflect on what Personal Data is being willingly shared by people even if it is not knowingly. 

Our CyberSecurity main weakness is our ability to propagate knowledge of our identity and activities in seconds to thousands of people. Artificial intelligence or even basic tools that can collect data have given this new behaviour consequences that may prove critical when it comes to cyber security.

Let’s look at an old example for reference, with geo-localisation data that is openly shared on social networks: From 2018, it shows how individual scraps of data can be gathered to provide powerful insights into an individual person’s identity and/or behaviour. 

These insights can then actually be used as leveraged by AI systems to categorise ‘potential customer targets’ and provide very specific outputs or recommendations. A more recent reference that can be reviewed is, The Social Dilemma documentary about the world of the “attention economy” that is built on this Personal Data gathering from monumental amounts of information. To decrease the impact and subsequent consequences of our Human behaviour, nothing outperforms culture and scientific awareness. Data Science acculturation is essential for more security of our private data but also for the ethicality that is baked into AI models, as detailed in the first topic of this article.

“AI tools may be too powerful for our own good”: When feeding streams of data on customers, a Machine Learning model may learn much more than we would actually like it to. For example, even when gender is not an explicit data point in customer data, the algorithm can actually learn to infer it through proxy features. All this when a Human could not, at least with that amount of data, in such a limited time. For that reason, analysing and monitoring the ML model is crucial. 

To better equips ourselves to anticipate algorithm and model behaviour, and to help prevent from occurring discrimination through proxies, a key element is diversity. This key can be and is often overlooked when discussing AI solutions. Having multiple reviewers that can provide input through their individual cultural, socioeconomic and ethical backgrounds can lower the risks of biases being placed into AI programs. Organisations can also request algorithmic audits by Third parties, which utilise their expertise and workforce diversity if the team themselves lack diversity to complete these tasks themselves. 

About the author: Antoine de Langlois is Zelros' data science leader for Responsible AI. Antoine has built a career in IT governance, data and security and now ethical AI. Prior to Zelros he held multiple technology roles at Total Energies and Canon Communications. Today he is a member of Impact AI and HUB France AI. Antoine graduated from CentraleSupelec University, France.