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July 28, 2020

Six Things Newsletter | July 28, 2020

Summary:

In this week's Six Things newsletter, we explore the growing risks of social inflation. Plus the real disruption of insurance, 4 keys to agency modernization, and more.

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Growing Risks of Social Inflation

Paul Carroll, Editor-in-Chief of ITL

“Social inflation,” an on-again, off-again issue for the insurance industry for more than four decades, is on again as a major factor in insurance claims and, thus, rates. The issue, related to beliefs and trends that lead people to expect ever-higher compensation and for juries to grant it, has been growing for several years and seems to have accelerated since last summer.

The pandemic and the economic crisis that resulted may exacerbate the problem for insurers — or may mute it. There are arguments on both sides. Some see social inflation being dampened as financially strapped people and businesses become more willing to settle a claim and as the logistical complications that come with less face-to-face interaction drag out negotiations and judicial proceedings. Some see social inflation increasing as people feel wronged and try to take out their anger on those that they distrust and that have enough assets to make them tempting targets — read, insurers (among others).

Me? I see the pandemic boosting social inflation… continue reading >

Optimizing Care with AI in Workers Comp Claims


In workers’ compensation, we’ve all seen seemingly basic claims morph into catastrophic claims.This free on-demand webinar, sponsored by CLARA analytics, lays out a tangible solution that realizes the promise of AI.

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SIX THINGS

The Real Disruption of Insurance  
by Bryan Falchuk

The future of insurance isn’t incremental change: Technology is enabling direct threats to carriers, not just their partners and providers.

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Expanding Options for Communications
by Mark Breading

Messaging and platforms, business texting, chatbots, voice and even augmented reality can help customers–while cutting costs.

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How to Thrive Using Emerging Tech
by John Beal

A survey finds that 75% believe AI can provide a competitive advantage through better decision-making, and early adopters report gains.

Read More

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Cyber Risk Impact of Working From Home


Organizations should be checking to ensure that new modes of work aren’t compromising cyber security.

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Optimizing Experience for Life Beneficiaries
by Vinod Kachroo

Focusing on beneficiaries can not only help facilitate the claims process but also provide life insurers with opportunities for growth.

Read More

4 Keys to Agency Modernization
by James Thom

Agencies must modernize to survive, but where do you start? Here are four guideposts that can help.

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COVID-19: Next Steps in Construction
by Jon Tate

As more projects resume, contractors can draw lessons from areas where work was never halted to reduce risks and rebuild momentum.

Read More

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