Insurance

Storm season is always demanding for insurance carriers. But 2017 was something unique. In August of that year, Hurricane Harvey formed in the Atlantic. Its power peaked as it made landfall in Southern Texas, displacing tens of thousands while leaving devastation in its wake. Hurricane Harvey makes landfall. In the aftermath of one of the…

Economic instability, an unpredictable climate, increasingly strong storms, shifting customer expectations and fierce competition. The insurance industry is not immune to changing times, but it is ripe for innovation. Ever-evolving market needs require adaptation for survival and now more than ever, insurance companies are re-thinking claims strategies, technology implementation, how to increase productivity, and ways to…

The drone market is exploding. IHS research predicts the professional drone market will maintain a compound annual growth rate of 77.1 percent through 2020. This is primarily driven by agriculture, energy, construction, and yes, insurance. Companies like State Farm, as well as Travelers, have already deployed drones in the insurance claims process for gathering imagery…

While drones, AI, and other technologies promise to increase insurance carrier productivity, the changing customer, climate, and market means our industry needs a lot more than a few efficiency hacks. The insurance industry is facing increasingly powerful storms. Insured losses reached $79 billion last year. On top of that, Millennials now dominate our housing market.…

As a growing number of insurers recognize the benefits of simplifying outdated claims processes – the days of ladder assist could be numbered. For years, third-party companies have determined loss. They have also uncovered the cause of damage for claims adjusters in the field. Such a service, while useful, does not solve a few fundamental…

Storm season is on the horizon, and it’s time for carriers to think about their claims strategies. As a recap, the 2018 Atlantic Hurricane Season had above average activity, most notable for devastating hurricanes Florence and Michael. The Atlantic Hurricane Season wasn’t the only force of destruction in 2018. California experienced the worst year of…

The claim settlement process is the pivot on which customer experience turns. Two main underpinnings support the importance of claim settlement. First, a claim is the opportunity for the carrier to fulfill its promise to a policyholder. Second, at no other point in the customer lifecycle are a policyholder’s expectations so high. The combination creates…