EOX Vantage Blogs

How can companies deal with new, changing or restrictive regulations? Regulation, which can be reactionary,
often drives innovation. While sometimes legislation is talked about ad nauseam, other times actions can
happen vigorously, swiftly and completely transform a business model. 

Technology is supposed to make everything easier, but that’s not always the case. Across all industries, multiple systems are put in place to solve business challenges. 

Interviewed by Adam Burroughs | Smart Business Magazine | INSIGHTS Digital Transformation

The typical data collection process within companies is often fraught with challenges. Just the magnitude of it can create issues when it comes to formatting, reading and interpreting data. And data can also quickly become dated either because of issues with the consistency of collection or where visibility relies on manual entry.

"Companies often make real-time decisions based upon reports comprised of old, "stale" data," says Mike Fieseler, vice president of business development at EOX Vantage. "That's akin to managing in the rearview mirror."

Fortunately, there are now a variety of ways to automate gathering and consolidating that data. 

These days there is a lot of talk going on about 'low-code/no-code solutions.' What exactly are these, and is it worth it to seek out and implement them?

It’s time for a change in the way the insurance industry does business. Historically, the approach has come from a transactional viewpoint – that is, how many (good) policies can I sell?

While that outlook is still valid, these days, COVID has changed consumers’ perspectives and expectations. Online shopping, curbside pickup, fast delivery – the overall 'Amazon experience' has primed us for quick transactions and more or less instant gratification. Their purchasing decision process is changing, with customer experience becoming the ultimate difference-maker.

The Insurance industry needs to take this movement into consideration and alter its approach from transactional to one centered on the customer experience. Trust that the policies will follow; retention rates and referrals will increase.

Published in CHART Exchange | July 2021 issue
Author: Mike Fieseler

Like any other business, insurance entities improve operations, efficiency and profitability by reducing costs, improving quality of their offerings, achieving higher speed to market and finding ever better ways to attract and keep customers.

Those of you who have read my previous articles probably will not be surprised to hear that I advocate workflow automation to realize all these benefits and advantages. Automation methods and tools are available to simplify and speed up every step of the policy lifecycle. Some of the most time-consuming tasks are routinely done by hand, when they can and should be performed by computing power.

Published in Rough Notes | April 2021 issue
By: Lori Widmer

The old days of fleet safety program management are over. Thanks to telematics, an entire industry lifecycle has been established around driver behavior and, more important, improved safety and loss exposure. From dashcams and devices that measure braking, speed, and turning to data analysis, training, and insurance, telematics now encompasses the entire driver experience from a safety perspective.

Published in CHART Exchange | April 2021 issue
Author: Mike Fieseler

A common theme we've heard over the past few years is that data has become king in the insurance industry. It hones decisions, drives new business and guides new program development.

Plus, we know that consumers now expect faster turnarounds, coupled with enhanced customer interactions and added value offerings from insurers. Effectively employing data can be the key to success in meeting these new standards.

Increasing driver retention is one of the holy grails of fleet management right now. We hear a lot from our transportation clients about the importance of finding and keeping good truck drivers. One approach we’re pleased to see gaining traction is the simple philosophy of treating drivers fully as people in a demanding occupation, rather than as commodities or monetized assets.

Driving, as a job, requires a lot of time, effort and attention. The idea is to respect the drivers and their time, treat them well and make life easier for them. Here are a couple ways to simplify the driving life that also have the effect of improving your operations and hopefully your profitability.