Seasonal insurance inspections provide a multitude of benefits to both homeowners and insurance carriers, with no season being as important as the fall. Many of the dangers that can result in serious claims are likely to occur during the late fall and wintertime. A residential inspection scheduled for early autumn will discover and document any vulnerabilities in the home before the risk can become a costly reality.
The autumn season, much like the winter season after it, often brings an increased level of risk to home and business owners. Additionally, insurance carriers are not spared despite many of the risks being both foreseeable and preventable. Although the dog days of summer are still going strong, it is never too early to educate and remind insureds on the array of seasonal risks to their property. Here are three primary risks that insureds should be informed of for the coming fall season.
Residential and commercial insurance inspections are pivotal to the underwriting process, and necessary when it comes to evaluating the condition of a property's rooftop. While data and technology have allowed insurance carriers to expedite the entire process, verification of current condition and risks is still performed during an in-person inspection. Drones, for example, can take extensively detailed pictures and measurements of a roof but may struggle to find flaws that are not readily apparent unless being physically inspected by hand. Damage to the roof can quickly escalate into damage to the home's interior with an extremely expensive result.
Natural disasters such as hurricanes can be an unpredictable risk and threat to insurance carriers. Each year such events are expected and even planned for, but the amount of devastation is naturally an unknown until the event takes place. Despite the innate threat of hurricanes and similar disasters, the fraud that almost always occurs afterward can be just as devastating to your bottom line. Both insureds and the property and casualty industry must prepare to face a wave of fraud and scam attempts in the wake of any weather event.
Let’s face it; the core competencies of an insurance carrier are not only to mitigate risk but also make a mint. Insurance carriers that do not pay enough attention to commercial inspection are bound to dip into their profits to mitigate the bombardment of risks in the form of claims.
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.