2018 Insurance industry trends laying the foundation for 2019

Insurance Industry Trends - What's Next

This year took insurers and their policyholders in a new direction that will define future movements. Every year reveals different insurance industry trends and as we look back on 2018, it has become clear that it was also defined by a specific direction. Last year was seen as a time in which regulations were changing broadly but 2018 was different. In 2018, the insurance industry trends in the United States showed an inclination toward forming new alliances and remaining flexible in an evolving marketplace, according to a recent Modern Healthcare…

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AI technology investments increasingly commonplace among large insurance brokers

AI Technology - Insurance Brokers - Commerical Insurance - Tech Image

Big commercial brokers are seeking to stand out from their rivals through high tech enhancements. AI technology has considerable appeal to large commercial insurance brokers. After all, these firms transact with multiple distributors and carriers and want to stand out. The marketplace is competitive and artificial intelligence, among other cutting edge tech, may make a difference. Other areas where brokers are differentiating themselves include workflow tools and analytics. This was among the findings in a new Business and Technology Trends: Large Commercial Brokers report. Novarica issued the report. It offers…

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Average 2017 travel insurance policy covered far cheaper trips

travel insurance policy suitcase vacation

A recent Generali Global Assistance study showed travelers spent 19 percent less on covered trips. Among travelers who purchased a travel insurance policy last year, coverage was being applied to trips that cost an average of 19 percent less than they had the year before. The data was published by Generali Global Assistance, through its Travel Insurance division. The travel insurance analysis used the insurer’s proprietary data throughout the 2017 season. Throughout 2017, the average cost of a trip covered by a travel insurance policy was $1,883. This represented a…

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California earthquake insurance sales skyrocketed last year

Los Angeles California Earthquake Insurance

Californians have been warned for many years, but 2017 seemed to be the year to take action. Scientists have been cautioning homeowners to buy California earthquake insurance for decades. They have been warning that there is a major tremor overdue in the state. However, many Californians have balked at the thought of buying, afraid premiums would be too high. California earthquake insurance, despite the threat of a serious potential quake, has been a very tough sell for insurers and agents. Only about 10 percent of households in the state had…

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Life insurance benefits that used to be popular among employers are fading away

life insurance benefits employee worker

A recent survey showed that employees are not seeing this type of coverage in their packages as much. While life insurance benefits used to be a standard part of many employer packages for their workers, fewer companies now offer them. This, despite the fact that employees still find the benefit to be an appealing one. The number of people who purchase life policies through group contracts is growing, but employers are stepping back. A new LIMRA survey revealed that there are up to 108 million Americans who currently have life…

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Insurance executive positions lack diversity, but the industry wants change

insurance executive positions

Sedgwick’s chief people officer pointed out that company leaders are “all white men over 40.” Terri Browne, chief people officer at Sedgwick, a worldwide leading tech-enabled risk and benefits solutions provider said there is a diversity issue among top insurance executive positions. Jobs lower in the hierarchy have a healthy diversity but higher up in most organizations has nearly none. In the lower ranks, diversity exists and teams are thriving within it. However, the higher insurance executive positions are “all white men over 40,” said Browne. “I would say, when…

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Life insurance premiums may soon be selfie-based

selfie life insurance premiums

Facial recognition technology could be used to better understand a person’s overall wellness. Selfies have become exceptionally commonplace, but these self-portraits may soon have an impact on life insurance premiums. In fact, as facial recognition and analysis technology continues to improve, it may one day determine whether or not someone even qualifies for a policy. The reason is that selfies provide a great deal of information about a person’s health and aging. The various details picked up by a selfie, such as drooping skin, fine lines and wrinkles, contours and…

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