ITL FOCUS: Commercial Insurance

ITL FOCUS is a monthly initiative featuring meaningful topics as they relate to innovation in the risk management and insurance industries.

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JANUARY 2021 FOCUS OF THE MONTHCommercial Insurance

FROM THE EDITOR

Much of the focus on innovation has related to personal lines. That makes some sense: Policies tend to be more cookie-cutter than in commercial lines, and individuals, spoiled by Amazon and other online resources, have demanded a better experience from insurers. But don't sleep on commercial lines. As businesses see what's changing in personal lines, they aren't going to be left behind. Businesses are demanding simpler interactions and more understandable policies, as well as better prices. Insurers are responding with smooth digital communications, augmented by AI; with autofill to diminish the drudgery of forms; with analytics that provide a better understanding of customers' businesses; and even with the Holy Grail for insurance: an ability to help customers foresee and prevent losses, rather than just indemnifying companies after the losses occur. Check out the hand-picked content below and stay up to date on the latest in commercial insurance.

- Paul Carroll, ITL's Editor-in-Chief


6 QUESTIONS FOR STEPHEN APPLEBAUM

We asked Stephen Applebaum, Managing Partner, Insurance Solutions Group, 6 things.

What is the biggest change you expect to see in commercial lines in the next 12 months?

COVID-19 related claims, notably first-party property business interruption and third-party liability, will proliferate and create new distractions in commercial insurance once the complete extent of losses is tallied in 2021 and beyond, attracting growing attention from media, regulators and other public watchdog groups, further complicating commercial policy renewals and new business and challenging actuaries, underwriters, agents and brokers. Adoption of policy process automation, including automated underwriting workstations, will accelerate as carriers struggle to regain operating efficiency while managing risk more accurately.

Connected auto, home and business insurance models will begin to see meaningful adoption. Telematics program adoption, featuring innovative partnerships will explode in commercial auto insurance for fleets, especially small business, offering more compelling value propositions focused on driver safety/behavior modification, rewards and fleet and asset management benefits. Commercial property will follow this trend.


WHAT TO WATCH

The Future of Blockchain Series Episode 2: Usage in Commercial Lines

Blockchain has incredible potential to streamline business functions and open up opportunities for a wide range of innovations


WHAT TO READ

Property Claims: It’s Time for Innovation

Those that solve for the dynamics of the many opportunities are likely to be the future industry leaders.

 

5 Liability Loss Mega Trends

Fines and remediation standards are on the increase, so environmental management should be a boardroom priority.

 

How to Minimize Flood Losses

Flood warnings have two weaknesses: lack of detailed information on the precise locations at risk of flood and too many false alarms.

 

COVID-19 Is No Black Swan

There were clear warnings about COVID from credible institutions. The real issue is how we are going to deal with "grey rhinos."

 

How ‘Explainable AI’ Changes the Game

AI often performs its magic with little insight into how it reached its recommendations. "Explainable AI" makes all the difference.

 

New Paradigm for Reinsurance

Can the global reinsurance market morph into a new paradigm, allowing a more responsible and sustainable market to emerge?

 


WHO TO KNOW

Get to know this month's FOCUS article authors:


Stephen Applebaum


Ciara Brady


Matteo Carbone


Hélène Galy


Jonathan Jackson


Vincent Romans


James Vickers


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Insurance Thought Leadership

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Insurance Thought Leadership

Insurance Thought Leadership (ITL) delivers engaging, informative content from our global network of thought leaders and decision makers. Our content contributors are transforming the insurance and risk management marketplace through knowledge sharing, big ideas, innovative technology, and real-life applications.

ITL strives to empower our content consumers with the insights needed to be knowledgeable about the drivers transforming the insurance industry. We also connect our network in ways that lead to innovation and strategic advantage.

ITL covers the meaningful news, trends, and opportunities shaping the insurance industry. We explore a wide variety of topics, working with industry-leading experts to create unique, relevant content that informs our network of business leaders and the industries most affected by risk and insurance. 

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