Every week The Friday Five will bring you interesting news and information from around the insurance industry.
1. Insurers Increasing Focus on Hiring Millennials
For his article “How to Recruit Millennials to the P&C Insurance Industry,” Barry Seigerman spoke with a millennial who has been in the industry for years about how insurers can adapt their recruiting and hiring methodology to attract millennials by emphasizing the benefits and job satisfaction of working in the insurance business. What he learned is ” Millennials would be very attracted to the insurance business if they were exposed to the flexible lifestyle, career opportunities afforded, employee benefits, broad scope of job responsibilities, and the satisfaction of working with a team, and if they were made aware of the important role insurance plays in the economy.” Click here to read his PropertyCasualty360 article.
2. U.S. Cyber Insurance Market Sees Fast Growth
Cyber insurance coverage continues to be one of the fastest growing segments and represents a significant growth opportunity for U.S. property & casualty insurers, according to Fitch Ratings in a new report. Aggregate statutory data for the P&C industry shows that stand-alone cyber direct written premiums grew by 7 percent in 2017 to $986 million. Stand-alone and package cyber premiums combined grew 54 percent to $2.0 billion for the year. Read the Insurance Journal article.
3. Daydreaming Biggest Cause of Crashes?
The brain’s habit of drifting off into daydreams is still the biggest cause of distracted driving crashes, according to an insurance company’s recent analysis of federal traffic safety data. According to Paul Atchley, a professor of psychology at the University of South Florida, one of the best ways to keep the mind on task is to find it something else to do that offers some stimulation — but not too much stimulation. Tuning into a radio program or a podcast can engage the mind with passive stimulation, unlike a conversation on a cell phone. The analysis of daydreaming’s role in fatal crashes comes as researchers focus increasing attention on the impact of smartphones on distracted driving and traffic safety. Click here to read Fredrick Kunkle’s Washington Post article.
4. Industry Ripe for Disruption with Customer Technology
Insurance is an industry based on trust, but is also associated with frustration. Customers believe if they do business with a certain company they will feel the value of that business later. Customer experience is at the root of that trust, and a large part of today’s experience comes from technology. Their experiences, however, often include a slow underwriting process and long waiting times for getting a claim filed. Add in the lack of data and analytics being used to personalize and tailor the customer experience, and insurance is ripe for disruption. William Brower, Vice President, Product Management, Claims at LexisNexis Risk Solutions recently spoke with Blake Morgan about Customer Technology in insurance. Read her Forbes article here.
5. LexisNexis Risk Solutions Named SIIA Business Technology CODiE Award Finalist
LexisNexis Risk Solutions, a leading provider of data, analytics and technology for insurance, today announced that its Telematics Software Development Kit (SDK) was named a 2018 Software & Information Industry Association (SIIA) CODiE Awards finalist in the Insurance Solutions category. Finalists represent the best products, technologies, and services in software, information and business technology. The LexisNexis Telematics SDK provides insurers, automakers and InsureTech startups the opportunity to build their own customer-facing websites, apps and notifications for telematics programs with a simple and cost-effectively plug into the LexisNexis® Global Telematics Platform, which provides telematics data to insurers across the globe. Click here to read the press release.