How insurers can use big data to manage the COVID-19 pandemic

JACQUELINE LEGRAND | March 27, 2020

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Insurers are stuck between a rock and a hard place. The recent COVID-19 pandemic has forced much of the world to grind to a halt. As companies struggle to manage the impacts on their supply chains and bottom line, greater pressure is placed on insurers to support their clients while also mitigating the downside for their own businesses. On one end, the needs of insureds are higher. Business operations are global and more complex; all the while, clients expect more bespoke service and support.

Spotlight

Lovitt & Touché

As one of the largest insurance agencies in the United States, with nearly 200 employees in three offices and over $400 million in total premiums – Lovitt & Touché has the experienced personnel and financial strength to solve your insurance problems all over the world. Our commitment is to satisfy our clients’ needs and expectations through the development of quality programs, underwritten by sound companies and delivered by exceptional employees. We promise to work at building a long term partnership with you …a partnership based on the fact that we will always do what’s best for you regardless of its impact upon our fees. In addition, we will continue to search for better ways to serve you and to solve your insurance related problems. This includes examining the factors which make your risks unique while helping you with workplace safety, loss control and risk management. Finally, we will always be available to assist in adjustment or settlement of claims.

OTHER ARTICLES
INSURANCE TECHNOLOGY

Innovation rises to meet disability and long-term care risk

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As the COVID-19 pandemic continues, we are learning to live with it and mitigate its risks. While older adults have suffered disproportionately from the health impacts of COVID, they have also suffered from the effects of efforts to control its spread. Infection rates rose in recent months, and many long-term care facilities again closed their doors to visitors. This left many families separated from elderly and disabled loved ones during the holiday period.

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CORE INSURANCE

Unlocking the potential of deeper customer-agent-insurer relationships

Article | December 27, 2021

Mr. and Mrs. Garcia purchased their first life insurance policies from their agent more than a decade ago, when their eldest son was born. They soon bundled their home and auto policies for a discount. A few years later, when the Garcias started a small business, they worked with their agent to establish commercial insurance. As the business thrived, the family set up fixed indexed annuities and mutual funds to put their growing savings to work. All of their policies and accounts are easily accessible via an online platform, and when a new need arises, they simply message their agent to discuss a new policy. The agent also reaches out regularly to make sure the Garcias’ evolving needs are always met. The experience of the hypothetical Garcia family shows how simple it would be for insurers to build deeper customer relationships. But many insurers continue to struggle to develop relationships with their customers that span multiple products. In fact, limited successes in this area have convinced some insurance executives that there is limited value in cross-sales initiatives. In our experience, however, a more coordinated approach can unlock huge opportunities to meet customers’ comprehensive needs through a principal adviser.

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CLAIMS

Builders Risk Insurance Vs. Liability Coverage: How Each Benefit Works

Article | December 22, 2021

For construction contractors, there is nothing more important than safeguarding your works in progress. After all, if something were to damage the property and interrupt your progress, then you might face a huge financial setback. At this point, it’s critical that you have builder’s risk insurance ready and waiting. Your policy will be there to assist you following property damage at construction sites. However, your builder’s risk policy will not offer the same coverage to injuries or property damage that you cause to other parties. In this case, separate liability insurance benefits will provide the necessary benefits. Though separate from your builder’s risk policy, liability coverage is equally important. Let’s take a closer look at how these benefits work.

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INSURANCE TECHNOLOGY

Making the digital leap in underwriting

Article | December 16, 2021

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

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Spotlight

Lovitt & Touché

As one of the largest insurance agencies in the United States, with nearly 200 employees in three offices and over $400 million in total premiums – Lovitt & Touché has the experienced personnel and financial strength to solve your insurance problems all over the world. Our commitment is to satisfy our clients’ needs and expectations through the development of quality programs, underwritten by sound companies and delivered by exceptional employees. We promise to work at building a long term partnership with you …a partnership based on the fact that we will always do what’s best for you regardless of its impact upon our fees. In addition, we will continue to search for better ways to serve you and to solve your insurance related problems. This includes examining the factors which make your risks unique while helping you with workplace safety, loss control and risk management. Finally, we will always be available to assist in adjustment or settlement of claims.

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