How old do you think Martin Luther King Jr. was when he was assassinated? That question has been used to help gauge how good people are at making predictions and to help them get better.
Even before the COVID-19 pandemic upended their lives, workers were experiencing all kinds of disruption. Industries from tech to insurance were focused on innovation, and employees were hit with endless change and high expectations.
‘Riot,’ ‘insurrection,’ ‘civil protest,’ ‘domestic terrorism,’ and ‘rally’ are some terms used to describe the event at the U.S. Capitol that occurred on Jan. 6, 2021. These terms trigger various opinions as to the nature of the event, but do those same words trigger coverage grants or exclusionary terms as well?
The insurance industry has historically thrived on face-to-face interactions. A year ago, U.S. life insurance brokers told McKinsey that 90% of their sales conversations and even 70% of their customer follow-ups happened in person.
Insurers tend to forget that the promises made by an insurance policy are essentially kept by the professional claims person. A professional claims staff is a cost-effective method to avoid litigation.
There is something about Wednesdays in January this year. On January 6, the nation experienced an insurrection. A week later on Wednesday, January 12, Congress voted to approve the articles of impeachment. On Wednesday, January 20th, the U.S. witnessed an inauguration. Finally, on Wednesday, January 27, Wall Street felt the impact of coordinated retail investors.
A Manitoba court decision ordering the province’s public auto insurer to pay a bad faith award of $350,000 serves as a cautionary tale to the industry that bad faith awards for mishandling a claim can be made even after a settlement is reached, according to legal experts from Clark Wilson LLP.
As claims professionals, we start the dispute-resolution process by adjusting losses. We consider the insurance policy contract as well as state and federal laws when making decisions on what is owed and all factors that influence settlement. The claims process can end by settlement in negotiations, ADR, or trial.
Many companies encourage forward-thinking and innovative solutions from their employees. Unfortunately, in my experience over the last decade, the insurance claims industry has lagged behind other industries.
After months of job hunting, you finally landed your dream job! Congratulations! Now just kick back, relax, and collect that sweet paycheck. Kidding, of course, now the hard part begins! There is so much to learn at your new company.
Despite what we all feared in March, insurtech has continued to flourish, with lots of capital supporting the sector in public and private markets, closer integration between incumbents and startups and promising solutions for longtime needs in SME and cyber.
As the New Year begins, the time for reflection has arrived. After a year that nobody could have predicted, I look to summarize three defining trends that developed last year and give my own prediction about the future of insurance as we begin the journey of 2021.
Spending her life in Los Angeles, Morgan Andersen knows natural disasters all too well. In college, an earthquake shook her home hard. Her grandfather was affected by recent wildfires in neighboring Orange County. “It’s just that constant reminder, ‘Oh yeah, we live somewhere where there’s natural disasters and they can strike at any time,’” said the 29-year-old marketing executive.
Holidays are usually a time to spend with families. Whether we’re talking about Thanksgiving, Christmas, or a family reunion at Memorial Day, whenever families gather, misunderstandings are likely to ensue. The “Cannabinoid Family” is no different, with family members that include CBD, THC, Spice/K2, and the DEA “parents” who are still trying to figure it all out.
