Six Things Newsletter | October 19, 2021

In this week's Six Things, Paul Carroll sees more weather disasters on the horizon. Plus, the defining factor in underwriting success; how to avoid major E&O claims; why nonprofits can't ignore risk; and more.

Insurance Thought Leadership

October 19, 2021

More Weather Disasters on the Horizon

Paul Carroll, Editor-in-Chief of ITL

I remember when I first heard about El Nino, the warming of the Pacific Ocean off the coast of South America that influences weather patterns around the world. It was almost 40 years ago, when I was a young pup in the Wall Street Journal’s Chicago bureau, and a fellow who covered the commodities markets for us learned that some were starting to trade based on educated guesses about how this phenomenon would affect crops of corn, wheat and so on the following year.

El Nino seemed to be news to everybody, not just me, so Tom wrote a story about it, and it’s stuck with me ever since: this pattern named because it appears around Christmas, marking the birth of El Nino, or, The Boy. I later learned about the flip side, a cooling of the Pacific known as La Nina, or, The Girl, just to distinguish it from The Boy.

Far more is known about the phenomena now than in the early 1980s — sensors, satellites and sophisticated computer modeling will do that — and the forecasts for the coming winter are looking rough, especially because they build on the tough weather we’ve already seen this year.

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Majesco Podcast

Tune in to hear Majesco’s Chief Strategy Officer Denise Garth and Deloitte Consulting’s Senior Manager Ahmed Abdul-Wali discuss what is required for next-gen billing today and how insurers need to adapt new billing and payment solutions.

SIX THINGS

The Defining Factor in Underwriting Success
by Kirsten Mitchell-Wallace and Richard Clarkson

if an insurer grasps the granularity of their data assets, this facilitates outperformance in other areas.

What’s Driving Boom in Specialty Insurance
by Dave Zeornes

“There is an intense craving for customization and for partners who truly know what they’re doing."

Use AI to significantly reduce fraudulent claims by millions of dollars and make the front line more productive and successful battling fraud.

How to Avoid Major E&O Claims
by Dan Narayan

"There is so much opportunity for automation that there is no justification for manual policy checking and data entry."

The Key to ‘Augmented Intelligence’
by Satyakam Mohanty

Augmented intelligence changes the paradigm, helping insurers evolve processes, cut costs and improve customer experience with faster insights.

Why Nonprofits Can’t Ignore Cyber Risk
by Scott Konrad

Nonprofits underestimate the cyber threat, believing they’re less attractive targets than for-profit enterprises or external service providers

Smartest Idea for High-Hazard Businesses
by David Fontain

When an employee says they’re too tired to finish a physically demanding task and need to rest, that needs to be okay.

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The Right Way to Engage Customers

MORE FROM ITL

Making the World More Resilient

In this webinar, ITL Editor-in-Chief Paul Carroll sits down with Chris Wei, Chairman of the Executive Council of the International Insurance Society and a longtime senior executive at Aviva. In advance of the IIS annual forum on Sept. 27-29, they explore how the industry can help drive a sustainable global recovery.

Watch Now

OCTOBER FOCUS: Catastrophic Weather

In the face of catastrophic weather, insurers are doing what insurers do: helping identify, quantify and mitigate the risks, while making customers whole when disasters strike.

They are also increasingly digging further into the roots of the problem. As you’ll see in the articles we’ve highlighted for this month, insurers are focusing more on how to raise the alarm about climate change and on how to make the world more resilient in the face of the challenges that we face today and that are surely coming.

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