Six Things Newsletter | January 26, 2021 - Insurance Thought Leadership

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January 26, 2021

Six Things Newsletter | January 26, 2021

Summary:

In this week's Six Things, ITL's Paul Carroll and Sean Kevelighan, CEO of the Insurance Information Institute, discuss a moment in 2020 that was “touch and go” for the industry. Plus, 20 issues to watch in 2021; despite COVID, tech investment continues; home insurance for those needing it most; and more.

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A ‘Touch and Go’ Moment for the Industry

Paul Carroll, Editor-in-Chief of ITL

Sean Kevelighan, CEO of the Insurance Information Institute, said there was a moment in 2020 that was “touch and go” for the industry, in the face of the pandemic.

He and I were talking in advance of Thursday’s Joint Industry Forum, the III conference that is the first big event of the year and that sets an agenda for the industry (more on the forum in a bit), when he described how close the industry had come to being whacked with potentially hundreds of billions of dollars of business interruption claims. BI claims were obviously a potentially big deal, even though it was clear early on that few policies in the U.S. covered them, and I have seen that the issue faded, but I didn’t realize quite what a close call the industry had.

“The industry collaborated more than I’ve ever seen us do,” Kevelighan said. “Everyone has shown that the industry can come together and lead in a very disruptive time.”… continue reading >


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January 21st | 1:00 PM CT


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SIX THINGS

20 Issues to Watch in 2021
by Kimberly George and Mark Walls

Presumptions for COVID-19 show how the line between workers’ comp and group health continues to blur.

Read More

Crowdsourcing 6 Themes for 2021
by Matthew Grant

Trust in insurance has been dealt a double blow in 2020 — and resolving that must be a priority in 2021.

Read More

Despite COVID, Tech Investment Continues
by Matthew Josefowicz and Harry Huberty

Interest remains high in technologies like artificial intelligence and big data.

Read More

Did Biden Just Kill Wellness Programs?
by Al Lewis

Advisers need to be aware that many if not most clinical wellness programs now expose clients to employee EEOC actions.

Read More

What 2020 Taught Us on Selling Insurance
by Tal Daskal

Insurance policies that are sold online need to be packaged and priced differently than those that rely on face-to-face sales.

Read More

Home Insurance for Those Needing It Most
by Rick Huckstep

Sugar, a startup in South Africa, provides home insurance even for shacks costing a few hundred dollars, and without a street address.

Read More

MORE FROM ITL

How AI Can Transform Insurance Correspondence
Complimentary On Demand Webinar, sponsored by Messagepoint

Join Kaspar Roos, CEO and founder of Aspire, and Patrick Kehoe, EVP Product Management at Messagepoint, to learn how organizations can overcome the challenge of transforming communications by combining best practices and AI-powered approaches.

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January’s Topic: Commercial Insurance

Much of the focus on innovation has related to personal lines and that makes some sense: Policies tend to be more cookie-cutter than in commercial lines, and individuals, spoiled by online resources like Amazon, 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.

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