Insurance Companies Are Staying On Top of Product Innovation

Insurance Companies Are Staying On Top of Product Innovation
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The country’s largest insurance company LIC has launched a mobile phone application giving information about products and premiums of various policies.

‘LICMobile’, a mobile-based application, comes with a host of features to provide relevant and timely information to its customers and field force, LIC said in a statement.

Benefits of the New Functionality

Customers can click on the plan and decide on the product which suits their needs best and he can send the details by email or SMS, it said. The application also has a premium calculator. This functionality will enable the customer to know the amount that he would be required to pay once he decides to choose a plan. Premiums for all available modes of payment would be displayed, it said.

This functionality will enable the customer to get details of premiums for all plans chosen under a group thus providing help to make a decision, it added.

With the widespread convenience for consumers also now offers “Save Your Booty,” an app for Android designed to facilitate the procurement of detailed home inventories. This means that insureds can log precious items before disaster strikes so that claims adjusters can later assess losses both accurately and quickly.

Adjusters will now be able to use this app to refer to inventories generated previously instead of relying on policyholders to relay value estimates. Using the mobile app, users can scan any item with a barcode and then store a picture, serial number, retail value, and current value.

Using app

Top Innovative P/C Products

In conjunction with insurers now giving more convenient tools to their customer, the Insurance Journal released this week their list of the Top 10 Innovative P/C Products:

1. Pay-As-You-Park

Private passenger auto policy from Progresso. Rates are based on how long the vehicle is not driven. Policyholders are sent a small white box that attaches to the front driver’s side wheel. The box contains a meter that is loaded with an initial estimated premium. The box calculates premium discounts for every 15 minutes the vehicle is parked but adds surcharges for every 15 minutes the vehicle is in motion. Pay-As-You-Dock boat policy is also available.

2. GreenMaker

R.W. Barkley is selling a product liability policy for home or garage-based businesses that manufacture cosmetics, clothing, jewelry, toys, computers, or other products using primarily recycled upcycled natural or organic materials.

3. Commercial Specific Liability (CSL)

A low-cost option to the Commercial General Liability (CGL), the CSL lets business owners specify the exposures they want to be covered. The final ISO form is not expected until December but some examples of actions expected to be covered include: nailing into a water pipe, electrical wiring or cable; causing a fall due to the failure to warn of water, change in elevation (a step), or intoxication; and releasing a pollutant that the insured did not bring to the job site.

4. Vanishing Coverage

A multi-year package policy from Hubb Insurance is available only to owners of high-end coastal properties and antique autos. The premium is lowered by the same amount the deductible is raised each year until the deductible reaches the policy limit or the premium hits zero, whichever happens first.

5. Home Business Interruption Protection (HBIP)

Revelers Insurance has a business interruption policy for any service business conducted from the home, from hackers and day traders to massage therapists and insurance agents. Covers loss of Internet connection, telephone service, daycare, HVAC as well as refrigerator breaks.

Insurance product

6. No-Show Coverage

There is coverage for shoddy work, but what about when the plumber, electrician, roofer, or other contractor doesn’t even show? Handover Insurance now covers damage caused by old pipes, a leaky roof, or other conditions that did not get fixed on schedule as promised.

7. Global Scoring

Chartus has developed a policy that guarantees to convert its auto and home policyholders’ credit scores to whichever foreign currency presents their financial history in the most favorable terms.

8. Relationship Breakdown

Hartford Stream coverage is triggered after two lovers break up and remain separated for more than three months. Pays 50 percent of the cost of unreturned gifts including rings and other jewelry; moving expenses; temporary housing; damaged or lost goods; up to $50,000 for reputational damage.

9. Homeworkers’ Compensation

Harmfort’s injured worker coverage is specific to hazards of the home-based workplace. Includes injuries related to solitary worker syndrome, excessive weight gain, unnatural pet attachment, and deterioration of driving skills.

10. Hoosier Daddy Policy

An Indiana insurance company has launched a policy that protects a family’s income while the breadwinner is imprisoned for financial crimes. Not currently available to Wall Street executives or public officials in New Jersey, Illinois, or Louisiana.

Are there any other products you feel should have made the list? What other enhancements would you like to see?