Insurance News for 1/29/21
Automobile insurance looks very different today than it did a generation ago. The means by which people (and goods) travel via motor vehicles continue to expand and evolve, as do businesses and their automobile insurance needs, especially in the gig economy and now with the current COVID-19 pandemic disruptions. No longer do individuals exclusively rely on traditional car rental companies for their temporary travel needs, as fleet-based services have grown exponentially, allowing for utilization of app-based technology to identify local vehicles for immediate use.
In addition... Read more
Insurance News for 1/22/21
Florida’s property insurance market is “spiraling towards collapse” and requires immediate attention if there is any chance of protecting the market, consumers, and ultimately, the state’s economy, according to an analysis about to be presented to the Florida Legislature.
The report points a finger at the state’s “litigation economy” as the main contributor to insurance market woes— seeing it as more of a direct cause than the many weather events Florida has suffered.
Insurance News for 8/28/2020
It’s a common corporate practice to use philanthropic pursuits to improve both their communities and public images. Some organizations donate both funding and manpower through formal philanthropy programs. Others choose to give regularly to selected charities. But for Pamela Davis, that wasn’t enough. Davis decided to build an organization with the community at the center.
Davis is founder and CEO of Nonprofits Insurance Alliance (NIA), a social enterprise and insurance carrier that serves the nonprofit sector exclusively. Built on the premise that business can be a force fo... Read more
Insurance News for 8/21/2020
The Chronicle of Higher Education has been working with Davidson College to track the reopening plans for 3,000 institutions of higher learning in the U.S. as the pandemic continues to impact daily activities.
As of August 18, 33% plan to be either fully online or primarily online, while 22% plan to be either fully in-person or primarily in-person. Fifteen percent of institutions plan for an online/in-person hybrid approach, while 6% are studying alternative means of learning.
The remaining 24% are still undecided as to how they will approach this upcoming fall semester, but given the re... Read more
Insurance News for 8/7/2020
Root Insurance pledged to eliminate the use of credit scoring from its car insurance pricing model by 2025, a move the InsurTech said will help remove bias and discrimination from the process.
“Eliminating credit scores is a major and necessary step toward dismantling archaic industry practices and making car insurance fairer,” Alex Timm, co-founder and CEO of Root, said in prepared remarks.
“We are committed to working with our partners, regulators and industry stakeholders to adopt this important change, and hope o... Read more
Insurance News for 7/31/2020
Just one day before a federal jobless benefit was set to expire, the U.S. Congress was no closer on Thursday to a deal extending or replacing the extra $600 per week in payments to tens of millions of Americans thrown out of work by the coronavirus pandemic.
Lacking a deal, Senate Majority Leader Mitch McConnell maneuvered to allow votes next week on a Republican plan to extend the expiring unemployment benefit, but would slash it to $200 a week.
While the measure may be blocked by Democrats, who want to continue the current benefit, it could spur lawmaker... Read more
Insurance News for 7/17/2020
A surge in COVID-19 cases is forcing InsureTech Connect – one of the world’s largest insurance technology conferences – to go fully digital for its annual fall gathering.
ITC has scheduled ITC World Tour, a virtual world tour with various events, from Sept. 1 to Sept. 18. A main virtual conference event dubbed ITC Global will run from Sept. 21 to Sept. 23, designed to be a “24 Hours a Day Immersive Experience,” according to the group’s website. It will replace the annual in-person gathering in Las Vegas.
“If the world cannot come to Las Vegas,... Read more
Insurance News for 7/3/2020
The “new normal” for the insurance industry that’s been brought on by the coronavirus is starting to take shape – and that might be a good thing.
The longer term impacts on insurance companies can already be seen with Nationwide, which recently revealed that it will be transitioning to a “hybrid operating model." Employees at four of its main campuses will work from the office while in all other locations, staff will permanently be working remotely.
While it’s one of the first insurance companies to unveil its go-forward strategy, Nationwide will likely not be the... Read more
Insurance News for 6/26/2020
Small and medium-sized businesses (SMBs) could face a higher risk of discrimination claims and employment practices liability (EPL) lawsuits when their employees return to work once COVID-19 restrictions are lifted.
There are multiple factors exacerbating EPL risk amid the coronavirus pandemic. Many SMBs were forced to close their doors for two months or longer during government-mandated lockdowns, and, as a result, lots of workers were furloughed or even laid off. For those businesses that managed to survive the temporary shutdown, many have adopted phased re-opening plans based on gov... Read more
Insurance News for 6/19/2020
Survey: Pandemic Raised Bar for P/C Insurers' Online Service, Shopping Experience
Significant investments in direct-to-consumer website and mobile design have helped property/casualty insurance companies improve their digital service and shopping experiences. Consultants at J.D. Power say insurers have made across-the-board improvements in clarity of information, but many still struggle with the balance of too much information and a minimalist approach, according to an analysis of the insurers participating in the firm's 2020 U.S. Insurance Digital Experience Study.
The study evaluates digital consumer experiences among P/C insurance customers, exami... Read more
Insurance News for 6/12/2020
Uber, Lyft Drivers Are Employees Under New State Law, California Regulator Rules
Drivers working for ride-hailing services such as Uber Technologies Inc. and Lyft Inc. will be considered employees under California’s new gig worker law, the state’s leading industry regulator said on Thursday.
Shares in Uber and Lyft fell 5.3% and 4.2%, respectively, in early trading, with the new order striking at the heart of the “gig economy” business model of technology platforms like Uber and Lyft that rely on cheaper contract workers.
The decision, by the California Public Utilities Commission (CPUC), which regulates ride-hailing companies ac... Read more
Insurance News for 6/5/2020
NAPERVILLE, Ill. — At the height of the, in mid-April, used-car dealer Alex Tovstanovsky had vehicles jammed six rows deep on his lot in the western Chicago suburb of Naperville.
But the seeming oversupply was not a mistake.
Despite plummeting sales at his store, Prestige Motor Works, Tovstanovsky was betting on a recovery, buying dozens of cars in early April as for used vehicles dropped.
That bet is now paying off. Tovstanovsky can offer cars cheaper than local competitors and his sales jumped 38% in May versus May 2019.
Insurance News for 5/29/2020
Business interruption insurance has been a much-debated topic during the coronavirus crisis, with some businesses already pushing back against virus-related claim denials
In several cities, groups of businesses have filed lawsuits challenging virus exclusions in their business interruption policies, such as recent claimants in Philadelphia and Chicago. Additionally, legislators in various states have proposed bills that, if passed, would mandate business interruption insurers cover COVID-19-related claims.
However, the insurance industry has held firm that business interruption insura... Read more
Insurance News for 5/22/2020
Without a doubt, the COVID-19 pandemic has changed the world. It is the largest global disruption of business since the Second World War, with several industries, such as live entertainment and events, having all but evaporated in a matter of weeks.
As governments around the world begin easing restrictions, it is imperative that businesses and their risk managers be able to figure out how to restart operations under a ‘new normal’, as well as maintain practices picked up during quarantine, such as expanded remote work.
According to David Wald (pictured), CEO and co-founder of risk... Read more
Insurance News for 5/15/2020
Generali Global Corporate & Commercial and Descartes Underwriting have announced a strategic partnership to offer parametric insurance products.
Generali’s P&C unit Global Corporate & Commercial (GC&C) will enhance its offer and existing capabilities by partnering with Descartes – an insurtech company specializing in weather risk modeling and data-driven risk transfers – acting as a risk advisor and backed by private equity firm BlackFin Capital Partners
“With an exponentially increasing number of data sources and ever-incre... Read more
Insurance News for 5/8/2020
Since I started this series, the world’s perception of insurance and its value has changed. There are countless stories bashing the inability of insurance to protect during a pandemic. Hopefully, the world overcomes this crisis and we find a way to be better local and global neighbors amidst this challenge.
What has become clear as offices, universities and other institutions temporarily shutter is the value of on-demand, cloud-based services. Imagine the economic impact if we couldn’t work remotely (which we’ve always promoted at Slice) or if distance learning cour... Read more
Insurance News for 4/17/2020
Technology is a great amplifier. It amplifies the power of humans and allows us to scale our ambitions. At Clearcover, we take this belief to heart—and it is motivating us to build a smarter car insurance choice. Rather than approaching new tech advancements with caution, our company ethos is to proactively integrate smart technology into every function. Technology challenges us and teaches us how to meet our full potential.
Most of our leadership team comes from the traditional insurance carriers, such as Allstate, American Family, Farmers and State Farm. These companies are ter... Read more
Insurance News for 4/10/2020
As an attorney in the United States, head of cyber at Travelers Europe, Davis Kessler (pictured), was working on litigating coverage disputes, mainly on crime policies, when he saw that an increased number of those claims were computer related. This prompted his natural transition into the cyber world, he said, and when Travelers first put together its UK cyber offering, which launched in 2018, he was asked to lead the business’s European cyber underwrit... Read more
Insurance News for 4/3/2020
How did you get involved in the insurance industry? It’s a question many people ask, and the answers are often quite similar.
‘I fell into it by chance or circumstance.’
‘Other people in my family work in the business and encouraged me to get involved.’
And depending on the insurance role – this will be different for consumer-facing brokers compared to number-crunching actuaries – ‘I enjoyed studying X at college and thought my skills fit the industry.’
For Lester Pierre (pictured), the new chief technology officer / chief information secur... Read more
Insurance News for 3/28/2020
Insurance News for 3/20/2020
The mounting threat of COVID-19 has placed the healthcare system of many nations under a huge amount of pressure, and cybercriminals could be exploiting this to spread viruses - but instead of biological ones, these are computer viruses.
According to a study by US-based cyber insurance start-up Corvus, cybercriminals are increasingly turning to the health sector for targets. In January 2020, four healthcare entities reported attacks – the most in any quarter since 2017. Corvus predicted a rapid increase of 12 for the full quarter. In 2019, healthcare entities were targe... Read more
Insurance News for 3/13/2020
Expectations for the work environment are changing as new generations enter the workforce, and as a result, insurance companies are facing increased pressure to evaluate their focus on diversity and inclusion to recruit and retain young talent.
This was the message from a team of panelists in February at the Women & Diversity: Expanding Opportunity in Insurance conference, co-hosted by the American Property Casualty Insurance Association, the Life Insurance Council of New York and ACLI in New York City.
“When you look at the workforce, ... Read more
Insurance News for 3/6/2020
Agencies and carriers need to align now more than ever.
I will add a condition to this statement: Quality independent agencies and quality carriers need to align now more than ever if they are to thrive. Unfortunately, I don't have a solution for agencies and carriers of inadequate quality. The failure of quality carriers and agencies to truly align their interests to achieve reduced expenses for both will likely be the ruin of a majority of them.
"United we stand, divided we fall," has never been more true.
... Read more
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