The Friday Five: Week of July 1, 2019

by Jen Smoldt on July 5, 2019

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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 

  1. 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.
  2. 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...
  3. 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... 
  4. 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.”
  5. 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 4th of July

 

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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Topics: Event response, Hail Risk, catastrophe risk management

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