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Why Your General Contractor Business Needs Workers Compensation Insurance
CHIRENE HUGHES | March 22, 2020
Frankenmuth Insurance has been providing peace of mind for families and businesses for 150 years. Because insurance is both complicated and critical to people’s lives, we work exclusively with independent agents.
Article | March 27, 2020
Hiring people with skills in machine learning is extremely difficult across industries due to a shortage of talent and skyrocketing demand. But the insurance industry is better positioned than most to overcome this challenge via upskilling. With tens (possibly hundreds) of statistics-minded actuaries already on staff, providing the right tools to nudge them into the world of data science is a small step. Upskilling business staff is also a great way to fill talent gaps, and in many ways, it’s necessary for insurance businesses that want to democratize data science.
The insurance sector has largely been driven by data to drive the dynamics of the industry for several years. However, advances in technology now have led to a broad range of solutions to assess large volumes of information for useful patterns. So, in order to succeed and remain competitive in the ever-changing field, insurers are turning to Big Data and analytics. The increasing use of these solutions delivers the capabilities to transform the industry by providing valuable insights into all facets of company operations and performance.
Unsurprisingly, that has had a knock on effect on financial service providers across the board and those in the insurance industry are no exception. In some cases insurers have started taking action to protect their businesses which, while sensible, left many consumers in the lurch as airlines failed to cancel flights and governments issued conflicting advice as to whether people should travel or not. Others in the insurance industry meanwhile are being forced into action to customers’ benefit by governments’ emergency responses to the virus.
People running businesses are scrambling to figure out how to deal with their financial losses and expenses from coronavirus COVID-19 business interruptions. Including me. I like sharing explainer Q&As with people who know more about subjects than I do and am using this blog post to share with others what I learned about what types of business insurance cover coronavirus COVID-19 losses. This is a basic explainer and not legal advice, and I tried to ask questions that would be helpful to both non-lawyers and lawyers.
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