Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: Insurance Demand Meter, mileage now part of vehicle history, the hurricane season that just won’t end.
Quarterly Insurance Demand Meter released
To help carriers understand the ever-changing market and offer them benchmark insights, LexisNexis® Risk Solutions released its latest Insurance Demand Meter, reporting on Q3 U.S. auto insurance shopping activity. The Meter shows that both shopping and new business policy volumes increased overall in the third quarter, but slowed in August, likely impacted by the end of the Coronavirus Aid, Relief and Economic Security (CARES) Act benefits, significant hurricane activity, and the wildfires in the West. Click here to read the full press release and download the Demand Meter.
Mileage from connected cars now in vehicle history
LexisNexis® Risk Solutions has announced the inclusion of mileage information from connected vehicles in its LexisNexis® Vehicle History solution. The enhancement enables U.S. auto insurers to use connected mileage data for insurance quotes, at policy renewal to confirm miles driven, and on an ongoing basis to support mileage monitoring programs. Click here to read the full press release and download the report.
Insurance carriers struggle to be digitally savvy
Excerpted from Alicja Grzadkowska’s article on Insurance Business Journal, Insurance agents struggle to meet digital demands of consumers today: As the world becomes more connected, the impact of digitally savvy consumers on the insurance industry should not be underestimated. When it comes to the size of the millennial population and their spending power, they – together with their Gen Z counterparts – have a purchasing power estimated to be in the trillions of dollars annually. Yet, despite their influence, insurance companies have historically struggled to keep up with the digital demands of this generation, and general consumers alike.
Hurricane season is so 2020
Hold on to your hats, home insurers. Technically, the 2020 hurricane season, which is one for the record books, will end on November 30. As we head into the final days of the season, however, it looks like the Atlantic Ocean my try to get more in. Meteorologists are tracking two more “areas to watch” that could be problematic. Neither system has a high chance to develop, but their mere presence show that the ocean is not quite done yet. Read Matthew Cappucci’s Washington Post article, There’s still no clear end to the 2020 Atlantic hurricane season.
Life insurance interest continues as Pandemic goes on
Excerpted from Jeff Della Rosa’s Talk Business article, Life insurance interest rises during pandemic: A recent PwC survey shows 15% of respondents said they were likely to purchase life insurance because of the impact of COVID-19. But for those with COVID or who have recently recovered from it, the majority of the life insurance industry is asking them to wait. This waiting period might be a month after recovery or 12 months depending on the policy and the company with which they are applying for life insurance, Montanez said.