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Can You Insure a Tiny House? The Challenge of Alternative Housing for P&C Insurers

November 21, 2018

From rising housing costs to shifting attitudes toward minimalism and sustainability, there are many factors driving changes in the housing market. In response, more people are opting to live in tiny houses, prefabricated homes and repurposed vessels like shipping containers.

These homes are affordable, but they can pose challenges for the property and casualty insurance industry — especially when homeowners build them by hand.

As the alternative housing market continues to grow, here are the challenges, risks and strategies P&C insurers should know.

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Marriage Trends: Insurance Rates in an Era of New Relationship Norms

November 14, 2018

About 50 percent of US adults are married today. While this number has stayed fairly steady over the past five years, it represents the bottom edge of a downward trend that has continued for decades, according to Kim Parker and Renee Stepler  <> at the Pew Research Center. Marriage rates have dropped 9 percent from 1998, and 22 percent from 1960.

So, what’s causing the change in marriage rates? Financial security is a top consideration for many young adults, says Benjamin Gurrentz, a survey statistician at the U.S. Census Bureau. Higher marriage rates are correlated with full-time employment, median annual wages and home ownership.

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The New P&C Workforce: Attracting Digital Natives to Stay Ahead

November 07, 2018

The need for insurance agents is growing 10 percent faster than the overall job growth average between now and 2026, the U.S. Bureau of Labor Statistics  <> reports. Yet hiring in the insurance industry remains precarious with only temporary periods of stabilization, The Jacobson Group  <> says.

As digital natives form an ever-increasing percentage of the workforce, this tech-savvy demographic will become the backbone of our organizations. Ed Kooijman  <>, head of operations at 12CU, adds that many traditional organizations will adopt digital natives as leaders as a key strategy for getting ahead.

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Pathways to Integration: De-Siloing Data for P&C Insurance Companies

October 31, 2018

Big data stands to transform the insurance industry in unprecedented ways, providing insights into customer behavior and risk that are unmatched in the history of the industry. Yet property and casualty insurers have significant hurdles to overcome before they can leverage big data and its associated analytical tools to its fullest extent.

P&C insurers struggle to use the data they gather because many organizations are still siloed, meaning that information is stored in separate databases that don’t communicate between offices, buildings or departments. About 80 percent of the average P&C company’s data is dark data, or data that is difficult or impossible to find when needed, MarkLogic’s Derek Laufenberg  <> writes.

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How P&C Insurers Can Build Customer Trust in the Sharing Economy

October 24, 2018

The sharing economy is a system in which individuals may rent their possessions or time to other individuals, often through an app or website. Although the term first appeared in the mid-2000s, New Economy Advisor April Rinne  <> says that it didn’t become a household word until recently. Still, it has caused radical change in a very short time.

While real-estate booking apps like Airbnb and ride-hailing apps like Uber dominate our current understanding of the sharing economy, the options for such sharing aren’t limited to houses and cars, Cointelegraph writer Connor Blenkinsop  <> explains. “You can share someone’s garden if you live in a bustling city, strike up job shares, team up with other travelers to share a tour, swap books, and even take someone’s dog out for the day.”

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Value-Added Services: The Key to Customer Loyalty for P&C Carriers

October 17, 2018

In a rapidly changing industry, some property and casualty insurers are pulling ahead of their competitors by focusing on customer satisfaction and retention.

“The insurance industry as we know it is at the edge of a new business environment,” says Michael Costonis  <>, head of Accenture’s global insurance practice. “Breaking away from the pack and capturing new revenue opportunities requires a shift in business mindset – a shift from product-focused to customer-focused” he adds.

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Why Process Matters When Implementing New Technology in Insurance Field Offices

October 10, 2018

The insurance industry is undergoing its own technological revolution — not just in the tools used but also in who, where and how those tools are used, says Alexander Koles  <>, founder and CEO of Evolve Capital Partners.

Currently, 75 percent of insurance executives predict that within five years their internal and freelance workforces will blend together thanks to technologies that make it possible for workers to complete tasks from anywhere, says Cindy De Armond  <>, Accenture P&C Practice Lead for North America.

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How P&C Carriers Can Stay Flexible in a Rapidly Changing World

October 03, 2018

Nimble, flexible, agile. They’re all demands placed on every company today, and their pervasive pressure has turned them into corporate buzzwords. Yet many property and casualty insurers are left to wonder: What does increased agility look like, and how does it improve our bottom line?

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How Insurtech Helps Build Customer Trust in an Age of Uncertainty

September 26, 2018

The insurance industry was built on mutual trust. Insurance companies trusted their insureds to give truthful accounts of losses and the events that caused them, and insureds in turn trusted their insurance company to pay what was owed under the terms of the insurance contract.

The ability to gather and parse massive amounts of data, however, has changed the way insurance companies and their customers regard the trust relationship, Wilds Ross  <> at KPMG says. Available data can now help insurance companies create personalized coverage for each customer, but it can also raise doubts in customers’ minds as to how that information is protected and used.

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Is Your P&C Insurance Marketing Team Ready for Voice Search?

September 19, 2018

Who do property and casualty insurance customers turn to when they need help?

In the past, answers have included insurance agents, customer helplines and company websites. Today, however, customers are increasingly likely to consult Alexa, Siri or Cortana.

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