Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: Hiring obstacles in insurance, social media and life insurance, and real-time driver monitoring.
Podcast: Tackling Talent Issues in Insurance
In a new podcast hosted by PropertyCasualty360, consultant Troy Korsgaden discussed hiring obstacles and recruitment strategies for the industry. Listen to Tackling the top talent issues facing the insurance industry for more information.
Social media affecting life insurance premiums
New York is letting consumers in the state know that what they pay for life insurance could at least be affected by their social media activities. It is already legal, and increasingly common, for life insurers to use so-called “nontraditional” sources of public data — including credit scores, court documents, and motor vehicle records — to inform insurance underwriting decisions, though few use actual social media data. New York is now the first state to release guidelines around this practice. Read more in Angela Chen’s article on The Verge, Why the future of life insurance may depend on your online presence.
Examining real-time driver monitoring
Excerpted from When the insurance company monitors your driving in real time does it help? on ScienceDaily.com: The traditional model for setting auto insurance premiums has been to base rates on the motorist’s driving history, age, gender and even marital status (in some states). Thanks to new technological options, insurance companies and motorists have started to work together to give the insurance companies access to better data on an individual driver’s risk level, and give the same driver a sense of greater control over how much he or she will pay in insurance premiums.
Exchanging vacation days for student debt relief
Excerpted from Rebecca Greenfield’s InsuranceJournal.com article, Insurer Offers Employee Benefit Deal: Student Loan Relief for Unused Vacation Time: Starting next year, U.S. employees at insurance company Unum Group will have a choice: The company will put money toward their student loans, if the worker gives up five paid vacation days. The new perk is a creative twist on an increasingly popular benefit. Confronted by a tight labor market and ever more indebted applicants, about 4 percent of big companies surveyed by the Society for Human Resources Management say they’re helping their employees repay their loans with cash payments of up to $250 a month.
Reigning in attorneys’ fees
Excerpted from Ron Hurtibise’s South Florida Sun Sentinel article, Bill aims to reduce home insurance costs by restricting attorneys’ fees: It’s time to prevent a handful of South Florida plaintiff’s attorneys from driving up home insurance premiums for everyone in Florida, three of Florida’s most powerful insurance officials told members of a key Senate committee Tuesday. For six straight years, efforts to reach compromise on the issue of costly claims and lawsuits have ended in stalemate between legislators loyal to insurers and trial attorneys.