2015 Property Innovation Summit at a Glance

2015-05-11-News_Latest-NewsThis year’s Property Innovation Summit was keynoted by best-selling business book author and leadership consultant Jack Zenger, whose agency has conducted 360-degree feedback reviews with 80,000 Fortune 500 executives. “What do the best leaders share in common?” A willingness to challenge the status quo, powerful and clear communications, a focus on speed, developing a strategy collectively, reciprocal trust, accessibility, and having an intimately friendly relationship with co-workers. “Trust leads to greater innovation,” said Zenger. Continue reading

Ice Damage Brings its Own March Madness: 200% Increase in RCV

IceIce claims to the tune of $1 billion; is flooding next?

I’ve got to get home
(But baby, you’ll freeze out there)
Say, lend me your coat
(It’s up to your knees out there)

– Louis Armstrong, “Baby, It’s Cold Outside”

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19th Century French Paintings and the Principle of Identification

As appraisers, we cannot be authenticators; our role is to witness, identify, and value.   At times, to value a property we rely on the “Principle of Identification” if not enough information is readily available.   The Principle of Identification, defined by the American Society of Appraisers, states that “a genuine article has certain identifying characteristics, traits or marks.  If the identifying characteristics of a genuine article match the same characteristics as the subject property, the subject property is assumed to be genuine (The Appraisal of Personal Property, 1994, pg 14).”

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3 Easy Ways You Can Prepare for Natural Disasters

Summer is over and the Labor Day celebrations that marked the end of summer should also serve as the kickoff to National Preparedness Month. Although the program has been in effect for a decade, President Obama only recently recognized the month of September as the time to make sure we are prepared for natural disasters, whether that means hurricane, flood, fire, tornado, earthquake, wildfire, etc. In his 2013 disaster readiness proclamation, the President explained,

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Contents Coverage: The Flaw of Averages

When you think about how often we use averages in important business decisions in our industry it’s a bit scary. Imagine building a home in Florida, assuming it needs to withstand only average weather conditions? Accounting for variability is usually critical to accurate decision making, but, it requires more data and more work to extrapolate the key insights. That’s what “big data” is all about.

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My First Property Innovation Summit

This was my first Property Innovation Summit – Enservio’s annual event that brings together the best and brightest minds in the insurance industry. I started this post thinking I would summarize some key innovation themes from the day’s events. The speakers were all so compelling, however, that I couldn’t resist pulling a few nuggets from each presentation: Continue reading

The Lowdown: What Went on at the National Hurricane Conference 2013

The annual four-day National Hurricane Conference just ended the last week of March. Although not aimed entirely at insurance adjusters, it’s a popular destination for those in the profession who want to learn more about local, state, and national-level ideas as well as potential new policies surrounding hurricane damage and general emergency preparedness. In other words, it’s the be-all, end-all of disaster gatherings and a great place for adjusters to glean new knowledge.  Continue reading

Carriers Say Predictive Modeling Improves Profitability

Big Data no small feat for carriers of all sizes.

Global professional services firm Towers Watson just released their 4th annual P&C Insurance Predictive Modeling Survey that interviewed 63 North American P&C insurers evenly divided among small, midsize and large carriers.

P&C insurers acknowledged that the capture and transformation of data into useful information has turned into a critical differentiator of performance within the P&C insurance marketplace.

The Towers Watson Predictive Modeling Survey illustrates the importance of predictive modeling to insurers’ business. Personal lines carriers nearly unanimously (98%) said predictive modeling is either essential, or very important, to their business and 80% of small to mid-market commercial lines carriers agreed. Continue reading

What’s Big Data and Why Should Insurance Carriers Care?

Everyone today is talking about “big data” in almost every industry, which begs the question – just what is big data? Getting to the answer depends on the industry and on who you ask. In the broadest sense, big data is about tapping into a wide array of often disparate data sources and using data analytics technologies and tools to extract strategic intelligence. Continue reading