Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: new customer engagement study, weather terms to know, life insurance awareness month.
New customer engagement study
LexisNexis® Risk Solutions released the findings of its latest U.S. consumer auto insurance shopping study, providing key insights to help insurers improve their engagement strategies in order to help increase policyholder retention. The study reveals good news for insurers – policyholders do in fact want to hear from their auto insurer, more than they are currently today, but it has to be on their own terms. And, when insurer communication is lacking, consumers can be easily tempted to shop with another carrier. Click here to read the full press release and download the report.
Weather terms you should know
Advisory? Watch? Warning? Which requires more attention? It’s important for insurers to recognize different weather terms, and to know that not all terms are used for every weather event, or even in the same geographic location. The National Weather Service created these terms to help the public better prepare for inclement weather. As hurricane season reached its peak season, wildfires continuing and winter storm season right around the corner, knowing these terms and their meanings can help insurers help their policy holders plan and know what steps to take to protect themselves and valuables. Check out a helpful infographic in Christine Barlow’s Property Casualty 360 article, Weather terms insurance professionals should know.
Insurers hit with business interruption claims
Excerpted from the Insurance Journal article, Insurers, COVID-Hit Businesses May be at Odds Over Interruption Claims for Disasters, by Suzanne Barlyn and Alwyn Scott: As insurers brace for an expensive natural-disaster season because of storms and wildfires ravaging parts of the United States, the novel coronavirus is giving them an odd financial break. Many companies that were damaged or evacuated because of natural catastrophes were already generating far less revenue due to the pandemic. That means they will get lower payouts upon filing business-interruption claims, according to analysts, lawyers and industry sources.
Life Insurance Awareness Month
September is Life Insurance Awareness Month, and that means that industry experts and media will be launching public-facing campaigns around the importance of buying life insurance. It’s also the perfect time for insurers to engage with their life customers to review policies and determine if any life changes necessitate changes in life policies. If you’re looking for some helpful resources to help you start the conversation with your insureds, check out LifeHappens.org.
Backyard weddings – are they covered?
Excerpted from Bill Martin’s Property Casualty 360 article, Insurance considerations for backyard pandemic weddings: This year, 95% of engaged couples with spring weddings decided to postpone or reschedule their nuptials, according to The Knot. As the new coronavirus continues to spread, some couples have opted for intimate backyard weddings that take place at their home or another residence.
Pandemic restrictions dictate social gatherings must be small, but even the tiniest of weddings are likely to see as many or more event mishaps as a large, venue-hosted wedding. What’s more, any host of such an event must worry about whether their insurance will cover the house and its guests if something goes wrong.