Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: LexisNexis launches Vehicle Build, how insurance pros are faring working from home during pandemic.
LexisNexis launches vehicle build solution
LexisNexis® Risk Solutions, has announced the availability of LexisNexis® Vehicle Build, a solution that provides U.S. insurance carriers more accurate underwriting and auto insurance risk assessment and comprehensive information about the specific Advanced Driver Assistance Systems (ADAS) features equipped on a vehicle. LexisNexis Vehicle Build harnesses the proprietary LexisNexis ADAS Classification System, leverages the company’s expertise in machine learning and advanced analytics, and seamlessly integrates the data into existing workflows, including LexisNexis® Auto Data Prefill.
There’s no place like home
Excerpted from How P/C Insurance Pros Are Faring Working From Home During Pandemic, by Andrew Simpson for Insurance Journal: For many in the property/casualty insurance industry, home is where their job has been during the pandemic. The experience of working from home during the pandemic has been a mixed bag for property/casualty insurance professionals, according to responses to the survey questions and more than 1,300 individual comments. While many respondents love it, others are less enthusiastic. The less enthusiastic people tend to be those who face dual responsibilities of taking care of work while also taking care of children at home.
Underwriting life policies during pandemic
Typically, life insurance underwriting requires a thorough medical examination, as anyone who has ever applied for – or underwritten – a policy knows well. Shelter in place restrictions has placed limits on visiting labs or in-home exams. At the same time, the need for financial protection and guidance hasn’t gone away — so as insurers, we need to adapt to this new normal to ensure we are still able to help clients protect their families and take control of what they are able to, even amidst uncertainty. Read more in Shelby Hollister-Share’s Think Advisor article, Yes, It’s Possible to Underwrite Life Insurance Policies Remotely.
Managing hurricane season with technology
Excerpted from Alicja Grzadkowska’s Insurance Business America article, Technology comes to the rescue during coronavirus-laden hurricane season: In 2020 already, Tropical Storm Cristobal has left its mark, resulting in an estimated $150 million in insured losses and following closely on the heels of Tropical Storm Arthur in May. Add in the coronavirus, which appears to be on the rise in some states that have moved to reopen, and preparing for this season becomes even more complex. The good news is that these challenges aren’t insurmountable. With the help of innovation and the application of various technology tools, businesses and individuals alongside their insurance agents and insurers can prepare to meet the storm season head on.
Summer is here, and so are the insurance claims
The memes about 2020 are endless. COVID-19, murder hornets, hurricane season, and now dust from the Sahara Desert, it seems like we’re all asking “what else could possibly happen”? Well, summer has arrived, and in addition to the typical risks that come during the warmer weather, it’s…well…2020. Elana Ashanti Jefferson covers Common Summer Insurance Claims and How to Avoid Them in her recent article for Property Casualty 360.
The Friday Five will be off next week for Independence Day weekend. We wish you a happy – and safe – holiday!