February 10, 2022
Small Commercial Strategy Session
What: Small Commercial is a big win for carriers that get it right, and a huge problem for ones that don’t. So let’s talk about how to do it well. Join our virtual strategy session to learn from leading agents, insurtechs, and distribution partners. Hear what’s working for others and what’s happening in the space, to help you be better equipped to deliver a roadmap that is safe, fast, and effective.
When: February 24th, 1:00 – 2:30 PM CT
Internet of Things
Water Damage Prevention on the Rise with IoT Technology
What: Chubb is going big on internet of things (IoT) technology to help mitigate losses from water damage. By installing sensors in more than 300 of its insured businesses, it’s able to detect leaks, turn off the water, and prevent significant water damage losses before they occur.
Why it matters: The power of IoT for loss prevention is promising, but it faces a significant challenge when it comes to adoption. It has become common-place for IoT devices to be delivered to, but never actually installed, by the policyholder. This creates a challenge for carriers to properly incentivize their policyholders to actually use the devices.
Read: Insurers Making Waves with Wider Use of IoT Leak, Temp Sensors
Insurance Innovation
Usage Based Insurance’s Growing Importance
What: Usage based insurance (UBI) is a growing segment in the auto insurance industry and includes both pay-per-mile and behavioral-based options. Policyholders often see cheaper auto coverage, while carriers get additional driving data that helps them further segment their customers and adjust rates accordingly.
Why it matters: In the early days of UBI, the mere presence of these capabilities was a great selling point. The new challenge has become getting the IoT data into the rating workflow to create more accurate pricing.
Industry Challenge
Gamification Engaged to Train Underwriters and Reduce the Knowledge Gap
What: Training is expensive, and in the time-sensitive and often understaffed world of underwriting it can be a real challenge. Hiscox Group is turning to gamification, creating a training game for junior underwriters to help get them on par with their more senior counterparts.
Why it matters: Underwriting is an area ripe for AI coaches. With the current staffing challenges, finding a way to get workers up to speed as fast as possible is a huge value to companies.
Read: Gamified Underwriting: How Hiscox Is Transforming Training With an ‘Underwriter Simulator’
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