Insurance makes the world go round

Our editorial team is fond of saying that nothing happens in the world without insurance. Health insurance, life insurance, product and general liability, workers’ comp, auto, cyber and more are vital to helping businesses and individuals recover from an unexpected event. After customers purchase their insurance, the claims process is an insurer’s next opportunity to shine — from the first notice of loss to how the claim is handled and paid, become defining moments for the insurer and frequent determiners of whether or not a policyholder will renew.

Risk education and management are also important aspects of insurance. Technology is constantly evolving, creating new risks and opportunities to develop additional coverage options. The advent of 5G service will allow instantaneous access to information while increasing the opportunities for hackers to capture more data.

Cyber risks are also evolving as hackers become emboldened — targeting businesses and municipalities because that is where they find the greatest payoffs. By educating their clients on cyber insurance and the risks it addresses, carriers can help prepare for the inevitable and improve the odds that these companies will continue operating after an attack.

The new gig economy, driven largely by the access to technology, allows individuals to share a host of resources ranging from unused rooms in their homes, idle vehicles or boats to providing services like dog walking or even job sharing. Airbnb, Uber and Lyft are some of the larger companies operating in this space and their services are highlighting some of the insurance gaps where new coverages are needed.

The gradual legalization of marijuana has not yet created a significant number of insurance claims; however, it has highlighted the need for many of the same coverages other commercial enterprises require. The fact that it isn’t legal everywhere in the U.S. and to the same degree in each state is also creating some complications for cannabis business owners. The marijuana industry, which has seen tremendous growth in the last few years, is also finding itself ‘self-correcting’ as licensing, transportation, financing and product development issues create growing pains.

We’ll be covering all of these issues and more at the virtual America’s Claims Executive Leadership Forum & Expo on July 13-15. We will offer over 12 hours of live programming, access to a library of on-demand content created exclusively for ACE attendees for the entire month of July, dedicated video networking and so much more.

Related:

• The hemp market bottleneck
• What the gig economy means to insurance
• Focusing on the future