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
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
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
Innovative approaches for handling contents claims are having a tremendous impact on the bottom line for many of the nation’s top carriers. Data and analytics provide the foundation for more accurate contents claims. Carriers can also benefit from analyzing historical contents claims data, allowing them to identify trends for improving products and services as well as developing new products and business growth opportunities. Continue reading
I recently came across an article encouraging Tennesseans to review their home insurance coverage. I wanted to share this because this is something everyone should do periodically, not just the good people of Tennessee. Reviewing your coverage is beneficial for all insureds. Likewise, it offers carriers a chance to reinforce with insureds the scope and limits of their current coverage while also counseling insureds on recommendations for additional coverage. Carriers can also update insureds about new products and services that may be appropriate for their needs. Continue reading
In the contents business, we’ve seen a wide variety of claims – from your run-of-the-mill items like iPods, computers and engagement rings to more interesting things like antique toys, model jets and tranquilizer guns.
Insurance Networking News does an annual article on out-of-the-ordinary items that have been insured, called “The Weirdest Things Ever Insured” which quite frankly, makes a tranquilizer gun seem as ordinary to insure as an engagement ring.
These insured items, as wacky as they may be, prove that insurance is truly important – and an accurate valuation is a critical step to protecting something especially important to you. And it’s not limited to celebrities or wacky things like long hair and mustaches – accurate valuations help carriers save money and save insureds from a big headache. Continue reading
In most cases, renting an apartment comes with many freedoms like not having to shovel the sidewalk or replace that rusty old stove – responsibilities frequently left in the hands of the landlord. But not all responsibilities fall to the landlord, including protecting what’s inside the apartment – namely, contents.
Why do so many renters go uninsured? Often, renters will mistakenly assume they’re covered for everything under the landlord’s policy. But a recent article in Insurance News Net explains that most landlords only have insurance that covers structural damage, leaving contents coverage up to the tenant. Most renters are unaware of this and go on unprotected. Continue reading