Be honest — Does the term ‘cryptography’ make your eyes cross? The science of secret codes may be more associated with spycraft than actuarial science, but the advanced branch of mathematics has never been more relevant to insurers.
Financial institutions and their directors have to navigate a rapidly changing world, marked by new and emerging risks driven by cyber exposures based on the sector’s reliance on technology, a growing burden of compliance and the turbulence of Covid-19.
Alexis Martin peered from a sliding glass door in her first-floor condominium on Monday afternoon and saw debris on fire falling from above. "My first thought was to grab the animals and get out of there," said Martin, a two-year resident of the Franklin Crossing condominium complex. "It was terrifying."
So you want to further your insurance education. The drive to gain knowledge and understanding of the industry you work in is an inevitability, especially for the savvy professional looking to grow their career opportunities.
As many insurance companies know, a slow claim is the fastest way to strain the relationship between the carrier, the agent and the insured. With rising customer service expectations across the industry, policyholders are equating faster, more personalized claims experiences with premier carriers.
Most corporations have insurance to help manage litigation costs which means that claims professionals within a given carrier are an integral part of case budgeting.
The Louisiana Department of Insurance (LDI) has received 1,497 complaints concerning the three hurricanes that struck the state last year and has recovered $41 million on behalf of those consumers as of April 30, Louisiana Insurance Commissioner Jim Donelon said.
The long-tail nature of auto bodily injury claims, in addition to insurers’ fixed claims adjustment costs, are among the reasons why insurers are not likely going to reduce auto premiums in proportion to the drop in driving observed during COVID-19.
While the insurance industry is hearing a lot of messages these days about the importance of experimenting with new digital technologies — i.e. witness the increased use of terms such as ‘agility,’ ‘nimble,’ ‘pivoting,’ and ‘failing fast’ — a business strategy should guide the digital innovation, industry execs say.
In his 2015 stand-up special The Comeback Kid, stand-up comedian John Mulaney joked that the government had ‘[become] like cool parents’ when it came to marijuana.
To date, much of the insurance industry’s focus on the Coronavirus (COVID-19) pandemic has been on business interruption coverage under commercial property insurance policies.
Three Florida property insurance companies have added their names to the list of insurers that have been cancelling policies in the state due to hurricane claims.
