LexisNexis Launches Drive Optics
LexisNexis Risk Solutions recently announced the launch of LexisNexis® Drive Optics, a solutions suite to enhance driving risk insights for insurers. Drive Optics provides end-to-end solutions to seamlessly help insurers improve decision-making accuracy and speed based on knowing more about the vehicle and driver, and uses that knowledge to improve customer experience within their existing workflows. Click here to read the full press release.
Imelda floods southeast Texas
Excerpted from Tropical depression Imelda drenches Texas, spurs major flooding, by Danielle Ling for Property Casualty 360: Tropical depression Imelda brought three days of unrelenting rain to the Houston area, Galveston and the Texas coast this week, causing severe flooding as the storm dumped three feet of water across the region. Floodwaters paralyzed roadways, closed schools and disrupted oil refineries. Exxon Mobil Corp. shut its Beaumont chemical plant, while both Valero Energy Corporation and Total SA cut rates at nearby refineries, according to Bloomberg.
The life insurance gender gap
According to findings from a recent survey, women and men equally believe that their death would have a “substantial” impact on their family. Women, however, are not purchasing life insurance as frequently as men, nor purchasing as much. More, when respondents were asked to place a numeric value on coverage they would purchase, the number provided by women was nearly $180,000 less than what men answered. Read more in Why Women Don’t Purchase Enough Life Insurance…And Why They Need More, by Liz Frazier for Forbes.
Is non-owned auto coverage right for your insureds?
What happens if an employee of a small business gets into an auto accident while running errands on behalf of the business? Is the company liable for damages? This is one of the common, but often overlooked, risks small businesses need to be aware of, and it’s up to agents to advise their small-business clients about proper auto coverage needs. This not only grows your business, it also keeps your clients protected. Read more in What small business clients need to know about auto risks, by Joyce Ann Grabel for Property Casualty 360.
Insurers rethinking approach to climate change
Excerpted from Re/insurers Rethink Climate Change Risks as Losses Grow from Wildfires, Floods, Hail, by Lena Masri for Insurance Journal: Insurers are rethinking their approach to climate change so they can sell policies without incurring too much risk. Natural disasters such as wildfires, flash floods and hail have become increasingly costly for the industry, even though they were traditionally seen as lesser risks and classed by some insurers as “secondary perils.”