Lorman
In the context of completing their lease, landlords, tenants, and their counsel must often try to interpret the dense and sometimes arcane provision dealing with insurance. While almost all leases require certain types of insurance to be purchased, the lessor and lessee might not understand exactly what is being required of them and why. This topic is intended to provide you with information regarding insurance provisions in commercial leases. In addition to reviewing the basic types of coverages that are usually required, this material will also explain what exactly these coverages are intended to insure and why they are important to the administration of the lease.
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Apart from claims already losing insurers’ money, claims fraud is estimated to cost the insurance industry over US$80 billion let alone in the United States. According to a McKinsey report, by 2025, claims are estimated to be automated by 50% using AI and Machine Learning techniques. Additionally, a report from DASH estimates AI can save the industry up to US$40 billion in fraud reduction - annually, to this date.
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Verisk
Insurance is perceived, rightly or wrongly, as an industry that can be slow to innovate and automate. Although many insurance companies would hope to be well on their way to automating their underwriting and binding processes to better serve small businesses and the middle market, the reality is that progress in this area is a mixed bag. Some insurance carriers have fully automated their small business underwriting and are reaping the benefits.
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Celent
Celent’s Tom Scales explores the future of an industry. Drawing on a recent report, Tom delves into his prognostications for the future as well as those of fellow analyst John Barr. The industry is changing at a rapid pace, from digital transformation, to fluidless underwriting, to transparency in compensation.
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