Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: future of insurance, bedbugs, and Al Bundy vs. Jay Pritchett.
Insurers need to become customer-driven services companies
Excerpted from Future of insurance: Commodity or service of choice? By Varun Chutani for PropertyCasualty360.com: Until recently, choosing the right insurance was a service provided by insurance agents and brokers. The agents mapped the insurance needs of their customers and helped them navigate the complex world of various insurance offerings. With the digitization of the insurance sales process, customers are now able to buy insurance from the company directly. They can do their own research, map the right product for their needs by entering their requirements on the insurance company’s website, and get quotes from different companies via an aggregator portal.
Look out dogs, bedbugs are gaining on you
While dogs remain the undisputed champions at generating insurance claims, deer, birds, and cats are causing their share of mayhem as well. According to Allianz’s Global Risk Dialogue, animals caused nearly 2% of the 470,000 claims filed over a five-year period and caused $500 million in losses. Interestingly, bedbug incidents, such as bites and infestations, accounted for 8% of those animal claims, generating $2.84 million in losses. Read Jim Sams’ (not for the faint of heart!) Claims Journal article Dogs are No. 1 at Causing Insurance Claims, but Bedbugs a Growing Menace.
Al Bundy vs. Jay Pritchett
Two generations. Two iconic television characters. Vikram Kamath, director of the LIMRA Center of Excellence for Analytics, used two characters played by actor Ed O’Neill during a 2019 Life Insurance Conference session on identifying good prospects. Al vs Jay; who would you target? Read more in John Hilton’s insurancenewsnet.com article, Could You Sell a Life Insurance Policy to Al Bundy?
Will 13 be the ‘unlucky’ number for Hurricane Season?
Excerpted from Atlantic hurricane season could bring 13 named storms in 2019, by Brian K. Sullivan for PropertyCasualty360: At least 13 storm systems should reach tropical strength and get a name in 2019, with five becoming hurricanes and two spawning winds of 111 miles per hour (179 kilometers) or more, Colorado State University said in its annual Atlantic forecast. While the overall storm number is one above the 30-year average, it’s down from 15 last year. But that isn’t a reason for coastal residents to drop their guard.
Right to Repair law expanded
Excerpted from Mass. bills expand ‘Right to Repair’ to make vehicle data accessible to owner, repairer, by John Huetter on repairerdrivennews.com: Massachusetts’ lawmakers have introduced what appear to be at least 13 virtually identical House and Senate bills seeking to expand the state’s landmark “Right to Repair” law to delineate rights for vehicle data access and control. By the 2022 model year, anyone building a car with telematics must use “an inter-operable, standardized and open access platform across all makes and models that is capable of securely communicating all telematics vehicle data in a standardized format via direct data connection to the platform.