Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: creating exceptional communications, insurance dilemmas in California, bizarre travel insurance claims.
Empower your customers with exceptional communication
Excerpted from Get smart: Why insurers need to rethink their communication strategies, by Denny Jacob for PropurtyCasualty360.com: Consumers today also expect a greater experience due to the digital transformation happening throughout most industries. Technology has placed more power in consumers’ hands, and businesses will need to keep up or face irrelevance. Smart Communications conducted a survey of U.S. and U.K. customers of businesses in the financial services, insurance and health care industries to get a better understanding of what matters most to consumers when it comes to the communications they are receiving.
Californians still feeling the insurance crunch
California homeowners my soon face an insurance crisis from rate increases and policy cancellations. With experts saying that many homes are deemed too close to wild brush areas and too far away from a fire station, getting homeowner’s insurance is getting harder and harder. And it’s becoming more common throughout the state. Read more in Tom Vacar’s KTVU.com article, Homeowner insurance dilemma may turn into a full blown crisis.
More insurance dilemmas for California
Excerpted from As climate change threatens California, officials seek ‘sustainable insurance’ by Joseph Serna for the Los Angeles Times: California regulators are teaming up with the United Nations to develop “sustainable insurance” guidelines that would help address climate-change-related disasters such as coastal flooding and larger wildfires — the first such partnership of its kind between the international organization and a U.S. state, officials announced Tuesday. In the wake of the last two years of wildfires, Californians have seen insurance companies flee the wildland-urban interface market where so much of the destruction has been centered. Where companies do remain, fire insurance rates have often jumped.
It’s a vacation. What can go wrong?
There are many reasons vacationers purchase travel insurance. Claims are pretty typical: the trip was cancelled or luggage was lost. But sometimes, a claim comes in for something truly bizarre. Squirrel attack anyone? Heather Turner shares a few of Cover-More’s – a travel insurance provider – more bizarre travel insurance claims in the slideshow Bizarre travel insurance claims on PropertyCasualty360.com, which truly prove that if something can go wrong, it just might.
Privacy legislation popularity growing
The California Consumer Privacy Act, which becomes law on New Year’s Day 2020, is to this point the most influential piece of privacy legislation in the U.S. In many cases, the compliance concerns of insurance companies will be solely with that of their policyholders, so it is in the best interest of both parties to ensure steadfast organizational compliance with an emphasis on reducing risk and anticipating future regulations. Read more in CCPA: First of Many Painful Privacy Laws by Robin Roberson and Alex Pezold for InsuranceThoughtLeadership.com.