Strategy
STRATEGY
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As companies adjusted to employees working from home, and the experience of natural catastrophe striking new areas, the insurance industry is rethinking their claims processes, said Dave Chmiel, SVP, National Director of Claims North America, HUB International. -
Insurers can take steps including viewing flood as a primary peril, writes Jason Richards, CEO of UK & I for Swiss Re.
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The prospect of a long, hard market is driving businesses to make more use of self-insurance instead of handing premium over to carriers.
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Tasks that used to take days now take minutes, thanks to artificial intelligence and machine learning, said Kimberly George, global head of innovation and product development, Sedgwick.
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Risk managers need to continue to review and appraise the insured value of their properties to keep up with changing conditions, said Patrick Collins, managing director at Kroll.
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In Partnership With Mendix
Legacy systems have long been blamed for contributing to sky-high expense ratios and poor customer satisfaction, but the advent of low-code solutions could be just the pill the insurance industry needs to get rid of the legacy headache and usher in a new era of streamlined and easy to use claims platforms.
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Parametric insurance often supplements traditional insurance, but can also replace it, said Daniel Vetter, head of Americas, Descartes Underwriting.
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The rapid response to COVID-19 from a wide range of manufacturing businesses called for accelerated risk assessment all along the insurance value chain.
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Insurers are scrutinizing their books to see how the far-reaching implications of Russia's invasion of Ukraine and an uptick in civil and political unrest around the world may impact their business.
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As construction costs continue to rise, as many as 75% of properties may be underinsured, said Lori Flemming, managing director of fixed asset advisory services for Kroll.
