BEFORE YOU HIT THE OPEN ROAD, PROTECT THAT HOME ON WHEELS

| April 11, 2019

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Are you ready to get on the road, eat up the miles, and go wherever the wind — and your RV — take you? Your RV is your ticket to freedom. Proof that you can’t be pinned down or stuck in one spot for long. The open road is calling, but before you jump in the driver’s seat, protect your RV from the dangers that lurk on the road. Make sure you have the right kind of and enough RV insurance. Does Your RV Need Insurance? There’s a difference between insurance being required and being needed. Depending on the type of RV you have, it might not be required, but to protect yourself and avoid paying too much out-of-pocket after an accident, it’s definitely needed. First, it’s important to understand the different classes of RVs. Class A: luxury coaches, motor coaches, and renovated buses, up to 75 feet long. Class B: the smallest class of RVs, these include travel trailers and camper vans, but don’t have a cab-over. Class C: fifth wheel vehicles and vehicles that use a standard cargo van for driving and the camper extends over the cab area. Unless you have a loan on the camper you tow (generally a Class C vehicle), you aren’t required to carry extra insurance. But because the cost of damages after an accident can be so expensive, the additional coverage is an investment in your future.

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GCube Insurance Services, Inc

GCube is the leading provider of insurance services for renewable energy projects in wind, solar, biofuels, wave, hydro and tidal around the globe. Its specialised focus and robust underwriting authority offers unparalleled marine, property, liability and political risk insurance coverage for all renewable energy risks.

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For insurers, this offers a short-term window to pursue or accelerate strategic initiatives aimed at establishing claims excellence, a key driver of profitability. These initiatives include transforming claims processes to improve customer experience, building digital capabilities, leveraging advanced analytics to improve decision-making, and reducing long-standing sources of leakage. Acting now will help insurers be prepared when vaccination rates across Europe accelerate, economies reopen, and both mobility and motor claims rebound. Even as the pandemic recedes and business returns, insurers are likely to confront three persistent challenges that can be addressed—at least in part—by transforming claims management to improve profitability. Top-line pressure will continue. Pandemic-related top-line pressure will likely continue for the foreseeable future. If history serves as a guide, commercial lines, which suffered from a temporary halt in business activity in the tourism, aviation, entertainment, and local business sectors, may be slow to recover. During the 2008 financial crisis, for instance, commercial lines took significantly longer to recover than personal lines. As for personal lines today, declines in everyday commuting have altered customers’ perceptions of the value of insurance: if they drive less, they expect to pay less. As noted above, some insurers have proactively offered their customers premium paybacks for reduced car usage—a change that could endure. Digital is here to stay. Because of the pandemic, people shifted many everyday activities to remote channels and adopted new digital tools. For example, across Europe, 60 to 70 percent of consumers moved some of their shopping online, and most intend to perpetuate the new habit after the pandemic ends. 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They expect full transparency throughout the claims journey; minimal effort on their part (for example, very little engagement back and forth with the agent to get the claim resolved and receive payment); faster resolution of claims, perhaps including automated payments; and the ability to move seamlessly between the digital and physical worlds. Furthermore, insurers can work to reduce leakage and improve the bottom line. Leakage takes many forms, including replacing rather than repairing a vehicle, offering a luxury replacement vehicle rather than a car that matches the customer’s vehicle class, and incurring costs for in-person loss assessments even in obvious cases for which pictures would suffice. Tackling leakage will entail enabling efficient detection of anomalies, selecting claims for detailed review, and empowering the claims organizations to efficiently close claims that cast no doubt. 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