It's hard to ignore the growing demand for voice-controlled consumer devices such as Amazon's Alexa and Apple's Siri. Today's consumers crave convenience, and voice technology allows them to perform searches online using their voices instead of needing to use a keyboard.
Today's insurance carriers are facing an increasingly competitive marketplace. Consumers have so many options to choose from, which leaves them impartial to one particular company. While the increased competition is good news for policyholders, insurance carriers struggle with retaining their customers.
The insurance industry has been notorious for being late to the game with adopting technology. However, given the growing number of InsurTech companies entering the marketplace, traditional property and casualty insurance carriers must embrace technology and data to be able to compete.
With increased competition from other property and casualty insurance carriers, you must be focused on providing a superior customer service experience to win over and retain insureds. Unfortunately, insurance carriers typically have little to no face time with insureds, which makes it difficult to build a relationship and establish loyalty.
With advancements in inspection technology and the growing reliance on big data, some speculate that traditional underwriting practices are going away. However, considering the number of emerging risks for property and casualty insurance carriers and declining profitability trends, thorough underwriting is more critical than ever to accurately assess risk.
2017 was the costliest Atlantic hurricane season in history, resulting in more than $215 billion in losses. The biggest storms of 2017 - Harvey, Irma, and Maria - were responsible for the majority of losses. To put this massive number into better perspective, the second costliest hurricane season recorded was in 1893 with approximately $185.6 billion in losses.
In today's competitive insurance environment, underwriters are under pressure to move through the commercial inspection process quickly to win the business. However, not taking the time to complete a thorough, in-person commercial inspection puts insurance carriers at risk.
With the arrival of a new season, many homeowners are planning to escape for spring break or are in the process of putting together summer travel plans. However, the nightmare scenario is that the property owner returns home after traveling to find that an appliance leaked and caused thousands of dollars of damage.
Currently, data shows that approximately 13 million Americans are at risk from flooding rivers. However, a recent study completed by the University of Bristol reveals that Americans' flood risk is far greater than previously thought with approximately 41 million people at risk. Even more alarming, this estimate of 41 million people does not include those at risk of coastal flooding.
The National Flood Insurance Program (NFIP) provides critical flood insurance to more than 5 million property owners across the country that aren't able to secure a traditional flood insurance policy. The future of this debt-ridden federal program is uncertain, but industry experts anticipate that the program will be extended for an additional 10 years.