BASIC VEHICLE SAFETY CHECKLIST FOR TEENS

| March 14, 2019

article image
Does your teen's automotive know-how begin and end with pumping gas? You can boost their skills, confidence and safety when you teach them these six basics for taking care of a car. FLUID LEVELS.  Check and, if needed, top off oil, transmission, brake, power steering, radiator and windshield-washer fluids. TIRES.  Check tread (at least 2/32 of an inch) and pressure (specifications are usually in the door frame or owner's manual). Over-inflation leads to skidding in wet conditions; under-inflation causes sloppy handling and premature wear. Don't forget the spare tire! WIPERS. Inspect them for cracks and separation. Wiper blades should be soft and pliable, and they should be replaced every year. LIGHTS.  Test all turn signals, brake lights and headlights, and replace burned-out bulbs if needed. Check headlights' alignment to make sure they don't blind oncoming drivers. BATTERY. Carefully remove corrosion around battery posts to help ensure top performance.

Spotlight

EMC Insurance Companies

EMC Insurance Companies is among the top 50 insurance organizations in the country based on net written premium, and we have more than 2,100 employees. The company was organized in 1911 to write workers’ compensation protection in Iowa. Today, EMC provides property and casualty insurance products and services throughout the United States and writes reinsurance contracts worldwide. Operating under the trade name EMC Insurance Companies, Employers Mutual Casualty Company and one or more of its affiliated companies is licensed in all 50 states and the District of Columbia.

OTHER ARTICLES

Impact of Coronavirus on Life and Health Insurance Policies

Article | March 25, 2020

Coronavirus has caused 9 deaths in India so far, with confirmed cases to touch the 600 mark soon. As numbers increase rapidly, how can health and life insurance policies come to your aid if you or your family member is tested covid-19 positive? Earlier this month, the Insurance Regulatory and Development Authority of India (Irdai) had issued guidelines for health insurers asking to expedite coronavirus related claim settlement in the case of hospitalisation.

Read More

Putting a price on protection: the importance of cyber insurance

Article | March 25, 2020

For almost as long as businesses have been subject to risk, some form of insurance has existed to mitigate their exposure. The first recorded commercial insurance policies date back to Babylonian times, and in the thousands of years since, the types of business cover available have multiplied exponentially, driven by the uptake of technology. It’s now over 20 years since the first cybersecurity policy was written. At the time, this was considered groundbreaking – although by modern standards, its scope was limited. These days, cyber insurance providers cast a far wider net. By 2025, it’s expected the global market size will grow to over $23 billion. Some policies cover the costs arising from first-party data breaches, while others cover liability for damages, providing assurance for companies who collect and store sensitive customer information.

Read More

The economy is slowing down: what does it mean for insurance companies?

Article | March 25, 2020

Since 2010, as countries waded out of the recession of 2008, they enjoyed economic growth. Coupled with technological innovation, the global economy really got a boost. But, mirroring Nature’s cycles, it seems it is now time to hit a plateau and slow down. In this article, we explore why the slowdown could be happening and more importantly, what it means for us in the insurance industry.

Read More
INSURANCE TECHNOLOGY

Will your insurance IT investments pay off?

Article | March 25, 2020

Automated claims processing, price comparison platforms, mobile bill paying—these are just some of the digital services that insurance customers expect and insurers want to provide. As the demand for digital skyrockets, so does the need for insurers to invest in IT. In the past seven years, the share of IT in total operating costs of property-and-casualty (P&C) insurers increased 22 percent. The rise of digital means technology is no longer a cost center. Rather, it is an asset that, if managed well, can increase growth and profitability. But do these IT investments pay off? As the COVID-19 pandemic exacerbates already increasing cost pressures, insurers’ IT budgets are under scrutiny; they want to see the business impact of their IT investments. Insurers with targeted IT investments achieve better growth and performance Data from McKinsey’s Insurance 360° benchmarking survey provide strong evidence of the positive business impact of targeted IT investments. In fact, insurers that invest more in technology outpace competitors that don’t pursue targeted investments in business measures such as gross written premium (GWP) growth, return to shareholders, and expense and loss ratio (exhibit). As an example, in life insurance, companies that invested more in IT saw a greater reduction in expense ratios (by 2.0 percentage points) and higher returns on technical reserves2 (1.7 percentage points) when compared with insurers with lower IT investments. Insurers achieved these outcomes within three to five years of making their investments. For P&C insurers, those with high IT investments achieved approximately twice the top-line GWP growth of low IT investors. High IT investments also produced a greater reduction in combined ratios when compared with those with low IT investment. Four areas for targeted IT investment So what kinds of technology investments can help insurers achieve growth and improve productivity and performance? Investments in four areas are critical: Marketing and sales: Marketing technology solutions can increase sales and processing efficiency, improve the quality of core customer-facing processes such as policy inquiries and policy applications, and improve customers’ overall experiences. McKinsey’s Insurance 360° benchmarking data show that tech investments in this category can facilitate top-line growth for P&C insurers by up to 20–40 percent; for life insurers, that growth could be 10–25 percent over a three- to five-year period. Underwriting and pricing: Automated underwriting fraud detection can improve the likelihood that insurers correctly identify fraud and set accurate prices. A pricing tool kit that analyzes pricing across competitors and enables a flexible, more segmented market versus technical pricing further improves profit margins. Insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 10–15 percent in P&C insurance and 3–5 percent in life insurance. Policy servicing: Workflow automation, artificial intelligence–based decision support, and user experience technologies in policy servicing and within IT can improve the customer self-service experience and automate back-office processes, thus reducing IT and operations expenses. And state-of-the-art self-servicing options will reduce processing times and even improve customer experience. An analysis of programs for large-scale insurance IT modernization finds that insurers that deploy these and other product, pricing, and underwriting technologies have seen improvements in their profit margins by 5–10 percent in P&C insurance and 10–15 percent in life insurance. Claims: P&C insurers can use automated case processing—machine-learning technology trained to process basic claims cases—to segment more complex cases and significantly improve claims accuracy. Combined with better partner integration and steering technologies embedded in a transformation of the claims operating model, such technologies can help P&C insurers improve profit margins by 25–40 percent, according to McKinsey analysis of large-scale IT modernization programs. To realize the full value of IT investments, insurers must strategically allocate their resources and view tech as an asset, not a tool.

Read More

Spotlight

EMC Insurance Companies

EMC Insurance Companies is among the top 50 insurance organizations in the country based on net written premium, and we have more than 2,100 employees. The company was organized in 1911 to write workers’ compensation protection in Iowa. Today, EMC provides property and casualty insurance products and services throughout the United States and writes reinsurance contracts worldwide. Operating under the trade name EMC Insurance Companies, Employers Mutual Casualty Company and one or more of its affiliated companies is licensed in all 50 states and the District of Columbia.

Events