Don’t Churn Customers, Upgrade!
This Carrier Management piece “Soft Commercial Market Ahead: Prepare for Underwriter ‘Herd Behavior’” applies even more to Personal Lines carriers. For example, […]
Seamlessly Transforming Legacy Systems Without Major Overhaul
In today’s insurance industry, carriers face significant challenges due to outdated, cumbersome technology. As P&C Specialist highlights, even major players like Liberty […]
Personal line carrier success requires active management throughout the policy lifecycle
In today’s unpredictable world, carriers must ensure that both personal lines—home and auto—are not only adequately covered but also meticulously assessed for […]
Progressive shows the competition how to micro-focus on risk during transactions rather than amputate in a panic later.
Recent shocks from Covid, the Ukraine conflict, and the recession have severely damaged most personal line carriers’ profitability. For example, Geico, a […]
To Speed Insurance IT Innovation, Get Innovation Out of IT
Speeding IT innovation processes is good but empowering non-IT staff to innovate without requiring costly coding is better.
So Much Data, So Few Results
The insurance market is filled with data venders gathering risk-related data on insurance customers to ensure that underwriting decisions are accurately tied […]
Pre-Loss Documentation Makes Catastrophes Less Catastrophic
The recent Q1 rebound in personal lines profitability, while encouraging, is a fragile victory. As the specter of escalating catastrophe losses looms large, insurers must proactively […]
Heightened Privacy Concerns: The Telematics Backlash
Verisk partnered with major automakers like Ford, GM, Honda, and Hyundai to collect driving data. This data was shared with insurers, enabling personalized discounts for safe drivers. However, the program raised consumer concerns. Media reports exposed instances of GM sharing data without explicit customer knowledge, leading to lawsuits alleging privacy violations and potential premium increases. The resulting backlash prompted Verisk to terminate its telematics program.
Aerial Imagery Sparks Debate – Is There a Better Way to Assess Risk?
The growing use of aerial photography by insurance carriers has sparked controversy, pitting insurers eager to streamline risk assessment against homeowners troubled by a process they feel is opaque and potentially unfair. As insurers explore technological solutions to improve efficiency, could alternatives like VeracityID's idFetchTM provide a middle ground that balances accuracy with privacy and consumer empowerment?
When preparing for a busy tropical storm season understanding and documenting risks is key
Understanding a home's vulnerabilities before disaster strikes is vital. The 2024 hurricane season could bring significant financial challenges. By taking proactive steps in risk management and claim handling, homeowners’ insurance carriers can better protect themselves and their customers against potential losses.
Geico bounces back but still faces big IT challenges
Geico has a reputation for being a technology laggard in the Personal Lines P&C industry. They've acknowledged this. But Progressive, their longtime rival, is the industry technology leader. So much so that they avoided the massive post-covid meltdown that the rest of the industry experienced. So how is Geico going to catch up? By implementing the same package software core systems that the rest of the industry have. Or by building tools that enable much more granular and event driven risk selection throughout the policy lifecycle? Which is where the money is and is something core systems can't solve.
Ineffective Underwriting Leaves Claims to Adjust the Odds – A Dubious Roof Claim Exposes Gaps
A multi-pronged approach addressing underwriting, renewal, and claim management practices is crucial. By proactively managing risk and fostering transparency, insurers can safeguard their systems against exploitation, ensuring fairness for legitimate claimants while protecting themselves from unnecessary losses. Vigilance and a commitment to comprehensive assessment are key to navigating the complexities of risk.
