If you care about what’s happening in the world of property and casualty (P&C), then this is the place to be. Each week, we serve up a bite-size roundup of the latest news, hot topics, and (admittedly subjective) tidbits to keep curious insurance professionals, like you, in-the-know.
Quote of the Week:
“In this age of digitalization and advanced analytics, the insurance industry has a unique opportunity to address its historical weaknesses and build a more attractive customer experience.” -Kai-Uwe Schanz, Director of the Socio-Economic Resilience, The Geneva Association
- Mind the protection gap...Research from The Geneva Association finds the protection gap could be narrowed if insurers focus on building trust and educating customers.
In fact, 60% of respondents believe insurance offers an important service and plays a vital role in the economy; however, 53% reported a negative experience with insurance.
- They said it best...“InsurTechs are well positioned to drive technological innovation in catastrophe response by working with insurers to improve efficiencies and add a vital human touch while also freeing up insurance company employees to concentrate on important cognitive and service-based tasks.” Here’s how to make your event response operations run like clockwork...
- Speaking of customer satisfaction...90% of “highly satisfied” claimants would definitely renew their policy. That would indicate a superb customer experience, but are insurers making the grade? Read how we’re helping insurers create a better claims customer experience with the rollout of 24/7 automated event alerts...
- Holy Hail → Soaring temperatures, high elevation and a slew of other ingredients all collided to create the freak hailstorm that hit Guadalajara this week. “Residents of Mexico’s second-largest city woke up in shock Sunday to find that nearly 5 feet of hail had accumulated in some areas, trapping cars and damaging hundreds of homes.”
- Hooray for growth👏 The National Association of Insurance Commissioners (NAIC) says the U.S. P&C market grew steadily in 2018 with a 5.3% increase in written premiums.
Happy 243rd birthday to the United States of America! Have a safe & happy 4th of July weekend.
Missed last week’s Friday Five? Check it out here.
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