A new study by Nationwide Insurance presents a gap between the perceived value insurance agents provide vs. the value customers perceive the receive. This gap highlights the need for better communication between brokers and clients on their service levels, specific needs, and pricing.
The National Oceanic and Atmospheric Administration (NOAA) revised their 2020 hurricane season forecast to “extremely active” yesterday, as several U.S. states begin to recover from Hurricane Isaias. This change reinforces the importance of carefully monitoring weather events in real-time to adjust risk management strategies, as plans made one day can quickly become moot with new information.
Advanced data analytics is only as useful or accurate as the data that goes in; for property and casualty insurers, this requires the insurtech you use to be geared specifically for the needs of P&C. Maptycs’ founders hold 40+ years of experience in risk management and insurance, giving its models the distinctive edge for risk and insurance professionals.
Geospatial analytics and computer vision adds a more “comprehensive view of pre- and post-catastrophe events such as hurricanes, floods, or wildfires.” Especially in a time when Covid-19 will compound with severe weather impacts, accurate post-event analysis will determine future risk mitigation efforts.
Hurricane Isaias’s status and its impacts change hour by hour, reminding insurers and risk professionals that rapid response requires accurate tracking, quick and efficient communication, and developed risk strategies. Hurricane Isaias is likely the first of many this #hurricaneseason, so risk and insurance professionals must take greater steps and tech investments to properly mitigate against these severe weather risks.
Airmic’s deputy CEO, Julia Graham, urges insurance buyers to start their renewal negotiations as early as possible to stay ahead of the rapidly hardening market.
A global second wave of Covid-19 is likely on the near horizon, and S&P warns it will further erode re/insurer’s capital buffers into the second-half of 2020. Property insurers, reinsurers, and risk professionals should be taking proactive steps now to evaluate business interruption coverages and exclusions and continue reanalyzing their risk strategies.
Quote of the week: “There is an urgent need to integrate resiliency into core business strategy if businesses want to continue to thrive — or even remain operational.”
Tropical storm Fay took the record for earliest ‘F’ named storm in history, and initial estimates by KC&C predict the insured loss will be close to $400m. Natural catastrophes and climate risk are ever pressing concerns for insurers and risk professionals, and with a higher than average hurricane season predicted for this year, it is imperative to better understand your risk data to stay proactive and respond quickly to disasters.
High quality risk management is always at a premium, especially during global crises. With Covid-19 and higher-than-normal forecasted hurricane season, insurance firms and brokers who provide deep analytics with clear communication will be those who most succeed in 2020 and 2021.