Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: unique risk factors for retailers, Hurricane predictions change, and easing the claims process.
Shortage of ADAS data? Not for long.
Excerpted from Tina Bellon’s InsuranceJournal.com article, Data-Deprived Auto Insurers Cautious About Discounts for Advanced Safety Features: Automakers are accelerating the rollout of technology designed to avoid crashes, but insurance companies are waving a caution flag at consumers eyeing discounts for buying collision-avoiding brakes or automated cruise control. ADAS has the potential to reduce motor accident frequencies by up to 25%, cutting global insurance premiums for fully ADAS-equipped cars by $20 billion by 2020. But U.S. insurers said they currently do not have sufficient data to validate auto industry promises of safety benefits from automated driving systems.
LexisNexis Risk Solutions wrote a response to this article that focuses on the benefits of ADAS data for insurers, automakers and consumers, and how we can help both automakers and insurers achieve their goals.
Retailers face unique risk factors
What happens if a store customer trips over a misplaced ladder or bucket? What about damage to inventory if a display case topples? Are retailers covered in the event of employee criminal activity? Several types of risk exposure may not be obvious to retailers, and they could be risking their businesses. In her article, Insurance for retailers: A guide to risk exposure and coverage options, for PropertyCasualty360.com, Danielle Ling explores the various coverage option available to retailers to help protect them from the scenarios above.
Lessons for businesses in disaster preparation
Many small business owners don’t prepare for potentially devastating natural disasters, leaving them to learn during a crisis what they should have done differently. One businessman in Puerto Rico experienced this first-hand in 2017 when Hurricane Irma hit and he was not able to contact his staff of customers until the emergency was over. By signing up for an online messaging service, he was able to communicate with his employees when the next hurricane, Maria, hit the island. It’s not unheard of for companies to change their entire operation in response to a disaster. Read more in Joyce Rosenberg’s InsuranceJournal.com article, Small Business Learn Hard Lessons When They Don’t Prepare for Disaster.
Hurricane predictions change for 2019
Excerpted from As peak hurricane season starts, NOAA predicts an above-average season, by Alex Harris for the Miami Herald: Hurricane season may seem to be off to a lazy start but federal forecasters say that’s likely to change. The agency that issues long-range weather forecasts on Thursday upgraded the prospects for the coming months from average to above average. By the numbers, that could mean anywhere from 10 to 17 named storms, five to nine hurricanes and two to four major hurricanes.
P&C carriers look to ease claims process
Excerpted from P/C Carriers Hoping to Ease Process Around Receiving Claims by Deb Zawisza for Novarica: The ease of receiving claim payments after a loss is a key differentiator for carriers in the highly competitive P/C market. Recent studies by JD Power for auto and property claim satisfaction indicates that communication, transparency and digital interaction are important components for customers in rating claim services. Digital claim disbursements are a key capability in improving all three components.