Only the beginning: A look ahead to 2019 for our readers

As the French saying goes, “The more things change, the more they remain the same.” In our case, the change is to a new editor in chief. What remains the same is our commitment to bringing our readers the information you need to do your jobs and thrive from day to day, concentrating on providing “information with insight” for the P&C insurance industry.

To that end, National Underwriter Property & Casualty is again partnering with the National Association of Professional Insurance Agents and Flaspöhler (part of NMG Consulting) to conduct our third annual independent agent survey. We want to know what’s on agents’ minds, and we’ll share the survey results with you in an upcoming issue. It’s always interesting to me to see what new concerns have emerged over the last year and what challenges continue from year to year.

Continuing our focus on independent insurance agents, NUPC honored the best-in-class independent agencies in the U.S., recognizing their best practices and service to their clients and communities through the Independent Agency of the Year Awards. We’ll be presenting those awards again in 2019, so plan to nominate your agency as soon as applications are available.

We plan to continue with the Risk Manager Choice Awards in 2019, to be presented at the RIMS Annual Conference and Exhibition. The awards are the results of a national study, also conducted by Flaspöhler|NMG, which recognizes the “top” P&C carriers as selected by risk professionals in their efforts to reduce their organizations’ exposures.

The annual NU Excellence in Risk Management in Workers’ Compensation Awards are also on the agenda for 2019. Workers’ compensation costs are a major expense for employers of all sizes across all industries, and effective risk management techniques are key to controlling costs while getting injured employees back on the job.

Hot topics on the horizon

Moving into 2019, it’s clear that artificial intelligence and machine learning will dominate the insurance technology discussion. But a significant focus of that discussion, it seems to me, is how the P&C insurance industry can best harness that technology to work smarter, providing better coverage for clients and managing risk more cost-effectively.

I’m also interested in what new technology is on the horizon that may be a disruptor in its early stages, but that will quickly become mainstream. Think telematics, for example. Most 2020 vehicles are likely to be “smart cars” with some form of connectivity that will send data about the kind of driver you are back to your insurance company.

Climate issues are expected to remain at the forefront of P&C coverage issues. Coastal flooding is increasingly a problem with “normal” rain; we don’t need to experience extreme storms or hurricanes to find flooded streets and basements. When higher tide cycles become the new normal or rivers regularly overflow their banks, how will P&C carriers and the National Flood Insurance Program respond?

And then there’s the elephant in the room: Cyber. Major companies are aware of their risks and are working to mitigate them. Small to midsize businesses are becoming more aware of the potential dangers although many have yet to buy cyber coverage.

The risks to average citizens also increase as our lives become more connected through the Internet of Things. Smart homes have advantages in letting us know when doors have been left open or when pipes burst, but have we taken precautions to protect our data privacy when we talk to Alexa or the Google Home Hub?

These are just a few thoughts that are top of mind for me as we close out 2018 and move into 2019. I’d like to know what’s on your minds as well. You can email me at rdonlon@alm.com. I’ll select a few to comment on in a future column.

I wish you all Happy Holidays and a healthy, Happy New Year!