Social Inflation’s Impact on Auto Insurance Claims
Social inflation is on the rise, and that spells trouble for auto insurers – as well as the policyholders who depend on them. What’s social inflation? It’s a complex concept, but it boils down to this: when insurers face greater risk of getting sued, insurance premiums tend rise in order to balance the scale. The […]
Continue readingFour Predictive Underwriting Trends: State of the Market
It’s that time again – ready for a news roundup on the state of underwriting? This time, let’s focus specifically on predictive underwriting trends. 1. Predictive analytics has matured, deserves monitoring Predictive analytics, no longer an early-adopter’s innovation, is now among “the most mature technologies currently being adopted,” the EY Digital Underwriting Survey found, according […]
Continue readingFuture of Insurance: Climate Change Resilience
Thinking about the future of insurance? Then your thoughts must include climate change. In past years, climate change was not top of mind for most insurers. However, current events and the realities of the global economy have now made climate change a priority – forcing the insurance industry to adapt and reinvent itself. Disasters threaten […]
Continue readingFrom Drones to Doppler: Hi Tech Tools to Manage Insurance Claims
What do drones, facial recognition tech and doppler all have in common? The potential to impact property claims. Read on to get the latest on the insurance implications. 1. Drones, the good and the bad The use of drones in gathering commercial claims data is not new. However, new liabilities — in which, for example, […]
Continue readingPaying Claims Digitally May Be the Next Big Thing in Insurance
The first claims reimbursements of history happened by post: a customer reported a loss, an underwriter made an assessment, and a check went in the mail (unless a local adjuster hand-delivered it). Most claims payments still do happen this way. With the addition of ACH, an electronic payment method has been in the mix for […]
Continue readingHow Digital Tools Can Improve Insurance Transparency and Trust
Trust is a significant problem for insurers. There is no shortage of stories related to surprise medical bills, denied claims and policies that are canceled after the filing of a claim. Many examples are health-related, but the problem of trust extends to all lines. On one hand, insurers are there to save you when things […]
Continue readingNew Vehicle Tech Reduces Some Risks While Creating Others
Many advancements in vehicle tech over the past years have been inspired by safety. For example, proponents of self-driving cars say they have the potential to prevent collisions by reducing human error, which causes 94 percent of fatalities, according to NHTSA. A study by General Motors and UMTRI found that some automated safety features, such […]
Continue readingUnprecedented Wildfires: How to Underwrite the New Normal
Let’s talk about California. More specifically, let’s talk about the rising risk of wildfire. You probably already know that when it comes to catastrophic fires, California has suffered some of the greatest losses in our nation’s history. But wildfires are not just a California problem: the rising risks range much further afield. So, what can […]
Continue readingThree Must-Dos When Marketing Insurance to Gen Z
Kids these days … might surprise you. Never mind the stereotypes – and yes, let’s skip the part where we used to walk to school uphill both ways. As America prepares for another major generational transition, let’s take a look at who’s waiting in the wings, and how insurers can serve them best. Who is […]
Continue readingSix Tips to Enhance Online Experience for Insurance Customers
When people are shopping online for insurance products, they’re not just making decisions about your products. They’re also making decisions about your website. According to a recent LIMRA survey, insurance customers “expect their online experiences with agents and financial services companies to match their other online retail experiences.” In other words, if you want to […]
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