Six Things Newsletter | April 27, 2021 - Insurance Thought Leadership

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April 27, 2021

Six Things Newsletter | April 27, 2021

Summary:

In this week's Six Things, Paul Carroll explains why the insurance industry should beware the grey swan. Plus, how social inflation affects liability costs; the future isn't what it used to be; a new environment for insurers; and more.

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Beware the Grey Swan

Paul Carroll, Editor-in-Chief of ITL

As the U.S. steadily emerges from the pandemic — and we all hold out hope for India — the temptation is to dismiss it as a one-off, a once-in-a-century health disaster, a black swan. But the pandemic is actually what’s coming to be known as a grey swan — something that, while rare, relates to a known problem and that can be planned for, if we come to grips with the cognitive biases that blur our ability to see them.

As we’ve learned the hard way over the past 20 years, there are a lot of grew swans out there, so we as an industry need to learn to prepare better for them, both for our own sakes and for those of our many clients… continue reading >

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SIX THINGS

How Social Inflation Affects Liability Costs
by Kimberly George and Mark Walls

The industry is probably looking at several more years of accident year combined ratios above 100%.

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The Future Isn’t What It Used to Be
by Mark Breading

Customers, risks, operations and the workforce all have been transformed over the last year. This makes strategic planning a challenge.

Read More

Digital Revolution Reaches Underwriting
sponsored by Intellect SEEC

The digital revolution in insurance, which began in distribution and then spread to claims, has now reached underwriting in a big way.

Read More

How Geospatial Data Lowers Traffic Risk
by Todd Mostak and Mike Flaxman

The cadence and granularity of data about travel behavior need to be enhanced. Geospatial analytics can be the engine.

Read More

A New Environment for Insurers
by Jason Mandel

Environmental, social and governance (ESG) is a chance for the insurance industry to do well by doing good.

Read More

The B2B Digital Payment Opportunity
by Elisa Logan

As trends point to rapid adoption of alternative payment methods, insurers must determine how to meet B2B needs.

Read More

Long-Haul COVID-19 Claims and WC
by Diana Tsudik

Employers and workers’ comp carriers must tread lightly; accepting a COVID claim can have a big impact, beyond the initial care and recovery.

Read More

Webinar :
The Alarming Surge in Ransomware Attacks

sponsored by Tokio Marine HCC – Cyber & Professional Lines Group

Join Michael Palotay, Chief Underwriting Officer for Tokio Marine HCC – Cyber & Professional Lines, and Paul Carroll as they continue their discussion on ransomware, cyber attacks, and how businesses can protect themselves.

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MORE FROM ITL

April’s Topic: Agents & Brokers

Mark Twain reportedly once responded to a rumor of a serious illness by saying, “Rumors of my death have been greatly exaggerated.”  Insurance agents and brokers could have said the same thing over the past decade and will likely be parrying those rumors for years to come.

There’s no doubt that agents & brokers inhabit a world going digital and not every agent will migrate easily into the ever-more-digital world, but those who do will find the work more rewarding, both for themselves and for their ever-more-loyal clients.

Take Me There

A Conversation on Corporate Strategy
with Amy Radin

Join ITL’s editor-in-chief Paul Carroll as he sits down to discuss corporate strategy with director, advisor, author and thought leader Amy Radin.

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