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.
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.
The Hidden Hazard: Lithium-Ion batteries in your home and garage
Lithium-ion batteries are a marvel of modern technology, powering our lives with their compact size and impressive stamina. They're in everything from our phones to our cars. However, this convenience comes with a hidden risk that continues to be overlooked: the potential for fires and explosions.
The best risk data for underwriting is customer interaction data
McKinsey argues that external data plays a pivotal role in enhancing the effectiveness of artificial intelligence within Property and Casualty (P&C) Insurance underwriting. While this holds merit, our empirical observations in P&C Personal lines suggest that customer behavior at the point of sale (POS) and during endorsements often offers superior insights into customers' true intentions and attractiveness.
Watch Out for Wolves Amongst the Sheep: Both Good & Bad Risks Are Shopping
Costs are shooting up, customers are getting sticker shock, and they're starting to shop around. Carriers need to get proactive about spotting both the bad and the good – avoiding the worst and keeping profitable customers for the long haul.
Superior risk selection lets Progressive grow consistently
P&C Specialist has a wonderful animation that illustrates how much better Progressive's market share performance has been than other top ten players over the last decade.
Auto insurance carriers are trapped on a terrible rate cycle roller because of a bad assumption about risk
What auto carriers are doing isn’t working. Except for Progressive. “Rate hikes not bringing profitability to auto insurers” – Fisk analyzed […]
The more the policy “churn”, the more valuable micro-risk selection becomes
The Insurance Journal brings us the news that customers are upset by rapidly rising auto insurance rates and are doing something about […]
Younger insurance customers are different – which means trouble for carriers
Carrier Management recently published a poll that showed a shocking difference in the honesty of young insurance consumers versus older ones. When […]
