Post forward features list

Insurance Post writers are working on the features listed below.


You may contact the journalists directly to offer interviews and comments.

Please make sure they have all relevant material several days before the deadline.

 

Topic: Future Focus – Property
Author: Jonathan Swift
Contact: jonathan.swift@infopro-digital.com
Deadline: 1st July

In a new series of monthly articles Post will be taking a helicopter view of a market segment in 2030 but written in the present tense as if it was being written for Postonline at the beginning of the next decade.

Spokespeople taking part will be expected to answer questions based on a hypothesis described below.

We would understand if respondents would prefer to prepare answers, as we are asking for some level of crystal ball gazing and theorizing.

Quotes could come from simply a spokesperson, or you could attribute them to an up-and-coming star within the business who we would quote as ACME insurance’s John Smith or Emma Jones – not attributing a job title.

For reference see: https://www.postonline.co.uk/technology/7548146/future-focus-2030-the-future-of-motor

 

Hypothesis Three: Property

It is the year 2030.

The explosion of IOT devices has really taken hold impacting both the personal and commercial property markets. At the end of 2019 there were an estimated 7 to 8bn active IoT devices, a figure which now stands at 40bn. Indeed it is estimated that the average household now has well over 100 devices with the rise in the likes of smart meters, security devices and leak detection making household properties much better risks. Indeed escape of water, once a major issue for claims managers, has seen substantially reduced.

When it comes to underwriting object/item recognition has made risk assessment and pricing more accurate and helped combat underinsurance. It has also allowed reverse aggregation where consumers put their property risks online and insurers/brokers bid for the business, rather than the other way around.

In the corporate and commercial space, sensors are now omnipresent across many sectors too, allowing risk managers and their insurers to detect or prevent many issues before they become a potential loss.

The rise in sensors and intelligent risk management using digital technology/mapping/big data means that property claims numbers have fallen. But they still happen, and when they do insurers have almost instant First Notice of Loss and an idea of the likely exposure by using photographic recognition/artificial intelligence tools to assess the damage.

This is particularly helpful as Europe continues to see more extreme fluctuations in its weather despite the fact climate change continues to be a major – although still in some quarters divisive – issue.

When losses do happen, loss adjusters still continue to play a role with major events, although the use of remote virtual assessments and drones is now more common than having someone knock on a door. And if someone does knock on the door, they are just as likely to be a gig economy worker as a full time employee.

Although still not as widespread as some predicted parametric insurance for property events as flood, storm and [in other countries] earthquake damage are finding their feet with take up around 5% in both the personal lines and commercial markets.

The continued rise of ‘Generation Rent’ – which was exacerbated by the economic down turn post Covid-19 - has seen an explosion in these types of products; while the amount of hours spent homeworking has seen a rise in hybrid commercial/personal products as more people set up office at home.

Finally, the Green movement has seen a rise in people with solar panels, creating another potential market for insurers/brokers; in commercial lines property owners are encouraged to make properties as energy efficient as possible and rewarded with premium reductions for doing so.

 

Questions to participants:

1)    How are you utilising the Internet of Things and more granular data across your personal and commercial lines property portfolio as we enter the 2030s [from underwriting to claims notification]? Is it mandatory for any customer groups to have sensors?

2)    The insurance industry has built up knowledge and experience of responding to major weather events for years now, starting even before Ciara and Desmond at the turn of the decade. Can you describe what your major event response looks like today in terms of warning and evacuating [in extreme cases] policyholders; dealing with the aftermath? What technologies are you using in terms of weather response solutions?

3)    How has your supply chain adapted to the new ways claims are handled in terms of technology utilisation and gig workers?

4)    How have you adapted to the change in property ownership and the rise in home working in terms of the covers you offer?

5)    How have you responded to the demand for alternative energy solutions for personal lines customers and increased efficiency for property owners?

 


Topic: The need for speed – how product development and delivery has changed in light of the pandemic
Author: Sam Barrett
Contact: barrett_sam@hotmail.com
Deadline: 2 July

There had been a lot of talk about The Future of Work in recent years, based on a more flexible and agile digitally-powered workforce mixing office and remote locations to get the job done.

Talk that quickly turned in mass action across the world in light of the Covid-19 pandemic.

This article will explore how businesses now need to adapt from ticking along with so many employees at home, to shifting to a position where they can move forward and take learnings from the recent months into a brave new world.

This includes speeding up product development/delivery to meet changing customer demands as both businesses and people [commercial and personal lines policyholders] find themselves faced with new challenges and opportunities that might previously been unforeseen.

The article will also assess how technology and digital enablement has never been more important to facilitate creative thinking within insurers and brokers to assess, test and move into production those ideas considered viable, and ditch those that are not, quicker than before. This includes identifying business partners with attractive defined audiences and working with them to tap into that potential.

 

Topic: 180 years – What impact have changes in hurricane activity/natural disasters over the last two centuries had on the insurance industry?
Author: Harry Curtis
Contact: harry.curtis@infopro-digital.com
Deadline: 3 July

-          What are the most notable hurricanes over this period and why? In terms of patterns and damage? 

-          What other natural disasters have hit the insurance market over this time such as earthquakes, tsunamis and cyclones?
           How has the market learned from then?

-          How have hurricanes changed and how has early reporting and insurance actions helped to mitigate losses? If they have?

-          Hurricane Dorian could cost insurers more than $25 billion, according to recent research from UBS. Why was this so costly?

-          What is the impact of climate change on hurricanes/natural disasters we’re experiencing today?
           How is this an opportunity for insurers?

-          As we see a rise in the number of natural disasters over time how have insurance policies adapted to offer the right level of
           cover to customers?

-          What lessons have been learned following natural disasters over the years?

-          Is there anything insurers are doing differently ready for the next hurricane season?

 

Topic: What impact has Covid-19 had on brokers and insurers in the sports and entertainment industry?
Author: Hiriyti Bairu
Contact: hiriyti.bairu@infopro-digital.com

Deadline: 22 July

The sports and entertainment industry is worth around $280bn but Covid-19 outbreak has meant event cancellations and postponements for most events. For the first time in years sporting events such as Wimbledon, were cancelled due to fears for public health and safety.

Golf Care recently surveyed 500 non-golfers who played other sports, with 71% who previously hadn’t played gold now considering taking it up, given that it’s one of the very few sporting activities permitted under current restrictions. However, just 24% of those would think to take out insurance. This could lead to a spike in injuries/other issues.

-         What risks do non- golfers and those returning to the sport (where their insurance has lapsed) face?

-          Do force majeure clauses cover pandemics like Covid-19 or does the outbreak fall under other areas of the policy?

-          To what extent does the language used in a policy impact on whether events are cancelled or rescheduled?

-          The impact of the pandemic on the sports and entertainment industry can open new doors of business for brokers. How are brokers approaching this?

 

No, you can’t get final sign-off

Dear PR friends,
Following some requests received by Post’s freelancers and in-house journalists, we’d like to clarify a few points regarding quotations.

- We prefer you to trust us and not ask to check the quotations. Interviews are recorded; the points made by the spokesperson will be reported faithfully.
- For features, if you need to get the quotes approved, let us know in advance and get them signed off well within deadline. You’ll be able to see your spokesperson’s quotes, not the whole article.
- In some cases (technical points, figures, dates, unusual spellings), we’re happy for you to check we didn’t make mistakes.
- Only factual mistakes will be amended.
- We have a style guide and we’ll stick to it.

If you find these rules unreasonable, you may opt out of contributing comments. But we hope to continue working with you in a constructive and trusting atmosphere.

The Post team

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