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Insurance news: Getting closer to home and customers



Risks that insurance customers face in their homes, vehicles and daily activities increase in complexity. While insurers have mechanisms in place to assess and price coverage over many known risk areas, other areas remain open.

In this Insurance News Analysis, Abbey Compton and I discuss the first regulation of its kind in San Jose, California. If it survives its court challenges, residents who own guns would be required to have liability protection in their homeowners or tenants. As this reshaping of the arms debate takes hold in other American cities, it will blur the already permeable boundary between public policy and insurance.

Regulatory authorities are also involved when the costs for homeowners and tenants increase for apartment buildings and flats. In the wake of deadly events such as the 201

7 Grenfell fire in London and the collapse of the Surfside apartment in Florida last year, many residents now feel that insurance is unaffordable. Underinsurance can leave customers in real financial difficulties after a loss.

Fortunately, data from the growing digitalization of homes, portable devices and on-vehicle systems offer opportunities for behavioral insurance models. A technical infrastructure that accommodates customer-generated data will help insurers deliver relevant offers to customers at a market-competitive price.

Insurance has always been a means of stability and security for families and communities. That point is especially important when we think of the transformation of insurance staff. Millennial and Gen Z workers value community and a brand purpose that is activated around social good. Insurance companies can use this common purpose to guide recruitment strategies and appeal to younger workers.

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Disclaimer: This content is provided for general information purposes only and is not intended to be used in consultation with our professional advisors.
Disclaimer: This document refers to trademarks owned by third parties. All such third party trademarks are the property of their respective owners. No sponsorship, recommendation or endorsement of this content by the owners of such brands is intended, expressed or implied.


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