Understanding Commercial Property Insurance

Over the past five years, wildfire has emerged as one of the preeminent natural perils impacting the United States, with events ranging from the first gigafire, to mass destruction of neighborhoods and businesses, and fires crossing state lines. And, with long-term projections showing that this trend will likely continue, it is more important than ever for insurers to have a holistic wildfire risk assessment toolkit with everything from comprehensive risk scoring, early detection and event tracking, probabilistic modelling, mitigation, and claims-based insights.

Changing customer expectations and behaviors are forcing a shift to a multi-channel world, which is challenging insurers to provide channel options and choice across the entire value chain. Within this rapidly shifting business landscape, insurers must rethink their distribution strategy and execution, because improving distribution is critical to growth. Agents and advisors remain critical to the way insurers engage customers and sell their products and services, but how they do this needs to look much different than it did five years ago, or even one year ago. Insurers must set up multi-channel distribution options to enhance customer interactions on the cus­tomer’s terms … not the insurer’s. As a result, distribution channel strategies, including how to support the traditional agent/broker channel, are a focus for transformation in the age of Digital Insurance 2.0, and are foundational to an insurer’s ability to realize their growth and innovation strategies.

Workers’ compensation Medicare set-asides (WCMSAs) continue to present challenges for insurers. High WCMSA allocation amounts can complicate claim settlement and even prevent claim closure altogether. However, you often have more power than you think when it comes to reducing allocation costs. Time to take back control with effective WCMSA cost-mitigation strategies. This session will put you back in the driver’s seat to reduce WCMSA costs and get claims settled.

Ransomware and other cyber-attack vectors have increased at a rapid pace over the last few years, and more companies have been forced to pay the ransom amounts. This results in higher expenses for attack mitigation and recovery, increased costs from downtime, loss of customers, and regulatory fines. Cyber insurance companies have also stepped up their requirements to ensure that financial institutions have the proper layers of defense in place prior to even offering a policy, which has driven down the number of policies being written. During this timely on-demand webinar session, Paul McCulloch, Product Manager for the new Jack Henry Cyber Liability Insurance offering, and Tom Williams, Business Continuity Strategy Manager, will discuss the changing landscape and what you can do to ensure you have the proper coverage in place to protect your institution and shareholders.