The first time you try anything new there is bound to be a learning curve. This is true of everything from taking on a new hobby to buying a home for the first time. Unfortunately, with the practice of homebuying, the risk is significantly high. One line item in the home buying process that new buyers tend to muck up is the hiring of a property inspection team.
Each trip around the sun brings its own set of challenges, opportunities, successes and stories that will be told for years to come. And 2019 was no different. For the insurance industry, it was 365 days filled with risks and rewards.
Technological advances have helped reshape the world over the last century. This is true for workplace dynamics, interpersonal communication, and travel. The technology involved in insurance inspection, too, has developed significantly in recent years. Even in a world of gadgets and emerging artificial intelligence, though, people still drive it all. It is the marriage of the right people and the right technology that determines the value of the inspection process.
Hurricanes, wildfires, floods and other natural disasters are on the rise, according to the National Oceanic and Atmospheric Administration. They're becoming more frequent, more expensive and more complicated to prepare for--and the insurance inspection industry has taken notice.
The real estate market has been strong for several years, and all indications point to continued strength in 2020. And with an increase in home sales comes an increase in home inspections. Fortunately, advancements in inspection technology have improved results and streamlined processes to the benefit of all parties. These technologies increase inspector safety, improve client reporting, and help buyers and sellers proceed through a home sale confidently. Consider the following technologies and how they improve the home inspection industry.
To many in the insurance industry, the residential inspection has become a catch-22. On one hand, it provides valuable data, which inform the underwriting process. On the other hand, they represent a significant expense in terms of dollars, time and resources. Thankfully, there are companies that specialize in home inspections.
As the world turns the page on another decade, it's time to look at what lies ahead. In the insurance industry, that means it's time to explore emerging risks. Sure, everyone can predict that there will be natural disasters, seasonal fires, engineering errors and accidents. But are you prepared for these five emerging risks?
Providing value to insureds is the only way forward in the bustling property and casualty insurance industry. The near-constant influx of new players and insurtech offerings make an already challenging market that much more competitive.
Technology usage within the insurance industry has continued to grow at an aggressively explosive rate but it is not the only trend worth paying attention to. With newer and seemingly simpler avenues for insurance risk determinations to be made, the conservative approach to trend adoption appears to be a dangerous route to take. Traditional insurance carriers are left to determine if current changes to the market are threats or a path worth following with significant investment.
When considering seasonally important subjects to broach with insureds, fire safety and fire prevention are at the top of the list for the colder months of the year. It is during this time of year where the number of house fires reaches their peak, traditionally rising in December and January primarily due to heating related events. Insurance carriers should take this opportunity to focus on risk reduction as now is when it matters most.