Every week The Friday Five will bring you interesting news and information from around the insurance industry.
Fraud Awareness Week: Consumer Tips for Avoiding ID Theft & Fraud
Next week begins National Fraud Awareness Week. It’s no secret that criminals are becoming more savvy and complex. The amount stolen from consumers hit $16.8 billion in 2017, as 30% of U.S. consumers were notified of a data breach, an increase of 12% from 2016. In her PropertyCasualty360 article, 15 states with the most identity theft & fraud in 2018, Jayleen Heft shares the top 15 states for fraud and provides tips you can share with your insureds on avoiding identification theft and fraud.
2019 Technology Trends to Watch
Gartner recently released their Top 10 strategic technology trends for 2019, and include blockchain, artificial intelligence, augmented analytics, and autonomous things among others. Gartner defines a strategic technology trend as “one with substantial disruptive potential on the cusp of breaking out of an emerging state into wider impact and use.” In their top 10, Gartner refers to the entwining of people, devices, content and services as “The Intelligent Digital Mesh”. This is created by digital models, business platforms and a set of services that support digital business. Read more in Andrew Ross’s article, The top 10 strategic technology trends for 2019, according to Gartner, on Information Age.
What do Up-and-Coming P&C Professionals Want?
The insurance industry’s pending talent gap is a cause of concern for even the most successful organizations, and many have tried to speculate about what millennial workers really want and how to best attract them. Last month in Chicago, hundreds of college students pursuing a career in insurance gathered at the 47th annual Gamma Iota Sigma International Conference, networking with industry professionals as they prepare for the beginning of their professional life. PropertyCasualty360 asked students to talk about what they are looking for in their careers. See the video in Danielle Ling’s article, In their own words: What the next-gen of P&C professionals really want.
Writing Errors Can Cause Big Problems
Excerpted from Writing errors can increase costs for insurers, by Chris Casaleggio for PropertyCasualty360: Today, many claims adjusters need assistance with basic business letter communications. The trend of copy and paste techniques may begin when an adjuster asks a colleague for help on a unique claim. A fellow adjuster may offer a “semi-related” letter (or e-mail) that will just need to be tweaked. Add in some laziness, time constraints and a quick press of the send button, and the letter gets into the hands of the policyholder prematurely. The “recycled” letter may have just a few small spelling or grammatical errors or may be completely off-topic. Insurance jargon is already confusing for customers without adding additional headaches.
October 2018 Natural Disasters Deadly and Costly
Excerpted from Tallying Losses from October’s Global Catastrophes, on InsuranceJournal.com: October was a deadly and costly month due to natural catastrophes, with the U.S. and Europe being hit particularly hard, according to Aon’s Impact Forecasting. Total U.S. economic losses from October’s Hurricane Michael – including physical damage and net loss business interruption – was forecast to exceed $15 billion, with public and private insurers likely to incur payouts of at least $8 billion. Other costly and deadly flood events swept through Europe during the month – including the extratropical remnants of Hurricane Leslie coming ashore in Portugal – with a combined economic loss likely to minimally reach into the hundreds of millions of dollars.