It's safe to say that the insurance industry has not historically been known for innovation. However, the property and casualty insurance industry experienced a disruption from this norm in 2016 with the emergence of several InsurTech companies. Digital is playing a leading role in these companies for enhanced customer communication and convenience.
There's a new player in the property and casualty insurance arena that is quickly gaining traction with the younger tech-savvy generation. Lemonade, an artificial intelligence focused-insuretech company that offers renters and homeowners insurance, is gaining new customers that are ditching their "old insurance companies" on a daily basis.
June 1st marks the official start of the Atlantic hurricane season. The Atlantic and Gulf coasts took a beating from storms in 2016, resulting in billions of dollars in damages. While 2017 is projected to have a less active hurricane season, it doesn't minimize the risk of storm surge damage.
We live in a sharing economy, which is defined as assets or services that are shared between private individuals, typically by means of the internet. Popular websites like Airbnb allow property owners to rent out space in their home to a third-party for a short-term period of time. Uber is a popular ride sharing app that allows vehicle owners to earn extra money by transporting people around town using their own cars. Websites like Craig's List allow users to sell their goods online, and third-parties either pickup the goods at the seller's home or both parties meet in a mutually agreed upon location.
Summer is just around the corner, and the swimming pool is a coveted destination on hot, steamy days. From an insurance carrier's perspective, a property with a swimming pool poses some obvious risks. However, we want to make you aware of some additional types of insurance risk that fall outside of the typical realm:
For most people, homeowner's insurance is a no-brainer and gives them the peace of mind that their property and belongings will be covered in the event of a disaster. In reality, though, a concerning number of homeowners don't have a clear understanding of what their insurance policy covers.
The property and casualty insurance industry is currently at a crossroad. The evolution of inspection technology and its role in managing and reducing risk is something to be noted. However, the insurance industry in general has been slower to embrace the Internet of Things (IoT). We're at a point where insurance carriers must decide if they'll revise their business models now to adopt more technology in the risk assessment process or continue doing business in the manner that they always have.
Of all the states in our country, Florida has the second highest foreclosure rate. Property and casualty insurance carriers have taken a hit from the influx of foreclosures over the past few years because these properties often sit vacant for an extended period of time, increasing insurance risk.
Many homeowners in Florida are experiencing hikes in homeowner's insurance rates. In this scenario, hurricanes are not the primary driver of rate increases. Instead, contractors in Florida are responsible for increasing the cost of insurance by unnecessarily driving up repair costs.