Technology is a big part of every American's life today. Innovation is at an all-time high across all industries, including the property and casualty industry. Taking advantage of our society's fascination with technological advancements is a great way to remain a leader in a competitive market. Fortunately, there are multiple opportunities to incorporate tech into your approach, both directly and indirectly.
Millennials are the most sought after group of insureds in the P&C insurance industry today. With this generational group set to make up 75% of the working population by 2025, appealing to millennial homeowners is essential going forward. In order to attract Gen Y, as well as Gen Z in the near future, changes must be made that align with the interests and expectations of the younger generation. Everything from demonstrating competence with an insurance inspection to ensure a frustration-free purchasing experience can ultimately affect your future success with this generation. Here are three tips to maximize your appeal to the Millennial generation.
Underwriters for commercial property insurance have a difficult job and depend on inspection partners and field teams to gather much of the information necessary to make a decision. While available data can provide valuable insight on various risks, including fires, floods, and trends, a visual assessment offers much more. There is an inherent risk in relying solely on provided data without setting eyes on the property and performing a complete survey or inspection.
Insurers that remain heavily invested in traditional underwriting, as opposed to Insurtech-related digital trends, are not truly fighting a losing battle. The streamlined ease of Insurtech enjoyed by consumers in our digitally immersed culture is occasionally heralded as the only future for the industry as a whole. If history has taught us anything, there is never only one way forward.
As the Insurtech market popularity continues to grow among consumers, there is one group of insureds that are seemingly left behind. Business owners looking to insure their properties with the speed and ease of homeowners will be hard-pressed to find a source to do so. Providing commercial insurance on the standard digital Insurtech platforms is rarely seen, and far less popular than the flurry of options for homeowners. While Insurtech does have its downsides, it is becoming increasingly more attractive every year.
Climate change, and its many perceived effects, is one of the most controversial topics in the modern world today. It is viewed as everything from an outright lie or over-exaggeration, to a clear and definite certainty. For insurance carriers in the property and casualty industry, mitigating risk is the most crucial factor in profitability.
The underwriting process is largely dependent on the information, support, and data received during the task itself. A weak link in any section of this integral foundation can introduce risk into the very process designed to evaluate and reduce risk in the first place.
As the National Flood Insurance Program (NFIP) plunges ever deeper into debt even with the hope of reforms or bailouts on the horizon, the stagnation of the private flood insurance market remains somewhat of a mystery. The wide availability and usage of the NFIP brings with it a sense of trust, history, and competency that private flood insurance companies can hardly compete with. Still, the lower prices and more comprehensive protections offered by many alternative flood insurance providers should be alluring enough with the number of insureds worried about high prices and the history of premium hikes.
Insurance Risk Services has been delivering unparalleled insurance inspection and underwriting support services to our clients within the property and casualty industry for over three decades. Whether your business is large or small, national or local, we provide services personalized to your needs, ready and willing to accommodate and customize to fit your unique risk mitigation strategy.
Carriers within the property and casualty industry have multiple tools to aid them in their never ending quest to mitigate risk. From utilizing ai and big data to taking advantage of commercial and residential inspection technology at the ground level, all efforts pursue this ultimate goal.