Swiss Re reported recently that global catastrophic losses for the first half of 2011 will cost the insurance industry around $70 billion. That’s already the second most costly year on record for catastrophic losses, and we still have to add Q3 and Q4 losses for the final total.
While some might think these numbers would leave the insurance industry strapped for cash, a recent survey from Novarica, a research and advisory firm focused on technology strategy in insurance and financial services, found that IT spending is expected to increase in 2012. Continue reading
In recent years, we’ve seen more and more ‘cash for gold’ advertisements flooding the media, and for good reason. About a decade ago, gold was $300 an ounce, yet last week the price of gold shot up to $1,900 an ounce, adding to the 21st century gold rush we’re experiencing. Continue reading
Why would a potential customer choose to have their homeowners or business insurance covered by you? Why would they choose to renew with you? These are both very good questions that agents and carriers, alike, need to think about when it comes to their brand and how customers – and potential customers – feel towards them. Why? How your customers feel about your brand speaks a lot about your reputation. Continue reading
A recent article in Insurance & Technology talked through 4 steps agencies and carriers need to focus on when it comes to retaining loyal customers. One step in particular rings true to what Enservio aims to deliver to carriers and adjusters: ”Claiming the Customer.”
It’s important to remember that most people don’t think about their insurance coverage until they need to call their agent. In “Claiming the Customer,” the author points out the importance for carriers to provide optimal service every step of the way, ensuring that customers get the attention they deserve. Continue reading
Is your home currently being renovated? Do you plan to renovate within the next year? An article entitled, Renovating your Home? Renovate your Insurance, in the Las Vegas Review Journal offered some insightful tips not only for the insured, but also for agents to communicate to their customers.
Wild weather and wild fires continue across the country and it seems 2011 is on its way to becoming one of the worst years on record for catastrophic loss to U.S. homes and businesses. A recent story in the Alabama Press Register examining recovery efforts from the April tornadoes that struck the Birmingham, Mobile and Huntsville areas illustrates how large loss catastrophes expose persistent kinks in the insurance claims process – specifically in the handling of contents and settlement payments. Contents inventories often pose the biggest obstacle to swift and accurate settlements, which is evident from the following statement from an insurance carrier spokesperson quoted in the article: Continue reading
Now more than ever, businesses need to assess their insurance policies to ensure they have adequate coverage – especially in light of the recent natural disasters that have been plaguing businesses and homes worldwide.
Reassessment offers carriers, agents and brokers the opportunity to educate their commercial customers about new products and services as well as exposure to risks they may not have considered before. Carriers should assess all the risk factors involved – location, type of building, etc. – and recommend the type of coverage that would be most beneficial to the insured. Should they be worried about their business flooding? Are they in a tornado zone? Will hurricanes affect them? What type of land is their business built on? All these questions need to be taken into consideration and reviewed periodically in order to provide the insured with the information they need to choose the right level of coverage for their business.
Contents is an important part of the reassessment conversation. Most businesses rent or lease the office space they occupy and it’s the physical and intellectual property that define the business and are at the center of its operations and success. For these reasons and many others, contents coverage is crucial to commercial enterprises. The insured should be aware of how much contents coverage they have within their policy – and if it adequately covers all aspects of their business, including any and all special equipment and IT assets. As Tom Kirkpatrick outlined in a recent post on the EnservioSelect blog, contents claims for commercial enterprises require specialist knowledge and domain expertise. The insured should be made aware of these aspects of commercial contents claims.
Going through all the risk factors provides the insured with the most value. It’s a win-win for both the insured and the carrier. The insured can make the best decision about their insurance policy and the carrier will have a better image in the eyes of the insured, as the insured knows that their carrier cares about them – the customer.
A survey from Gocompare.com, has found that homeowners are cutting back to save money – but at what risk? Out of the 2,000 adults surveyed, eight percent would consider not renewing their home contents insurance and eight percent would consider not renewing their home buildings insurance. Now, while that may not seem like a lot – that is still 1 in 12 homeowners! Continue reading
There are plenty of lessons to be learned in the aftermath of natural disasters. The recent tornadoes in Western Massachusetts remind us that these events can happen almost anywhere at anytime. One aspect that often gets overlooked in the news coverage, however, is that residential areas and structures aren’t the only ones that get damaged. Commercial buildings and property also get damaged or destroyed, which can have a significant impact on our every day lives, especially when it comes to rebuilding the local economy. Continue reading