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.
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.
How do you avoid another boom bust cycle?
The current swath of downgrades exposes the limitations of legacy underwriting systems. Insurers must move with urgency. VeracityID offers the technological foundation insurers need to enhance risk selection, streamline operations, and protect their profitability in challenging times.
Sudden & Accidental – or Is It?
Even a straightforward claim can be hiding something. Better underwriting, smarter data, and inexpensive, tech-driven customer self-inspection if we want to avoid funding repairs for neglected problems.
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.
Branch continues its slide
The article delves into the consequences of overlooking the complex variations in risk, leading to vulnerability and potential setbacks for Insuretechs."
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 […]
Why are tropical storm catastrophes so catastrophic for insurance carriers?
Hurricane Ian caused over $112.9 billion in damage, serving as a reminder how a single hurricane can derail a whole industry’s performance. […]