Are you concerned about the future? Is your risk management program designed and prepared for changes in pricing, economic downturns, healthcare, changes in employment laws and upcoming political elections? A broker or agent who cares about your business will be on the forefront of change. Part of providing outstanding customer service is helping clients understand how current and future trends may affect their risk program.
Every so often, we think it is a good idea to talk about what may be happening regarding insurance and risk management. We review many different insurance publications, insurance company bulletins, and other professional’s opinions, to analyze these trends. This allows customers to make educated and informed decisions about their individual programs.
What Is Going on That May Impact Your Risk Program
- Increased reliance on technology will lead to better-run insurers and stable premiums. The development of advanced loss control analytic tools will revitalize insurers focus on claim reduction, and potentially lead to increased investments in loss control. Insurers are using business intelligence to leverage “big data” to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policyholders, and operations.
- Mobile applications are one of the fastest growing areas of insurance. Businesses are able to manage risk programs through technology.
- Cyber liability will continue to be a major area of concern for all businesses. The government will continue to require businesses to protect customer’s information. Those businesses that do not will be subject to increased fines.
- Most insurance companies are moving toward using data to develop commercial insurance premiums. This means your business will need to rely more on your agent. Your agent will be able to help you navigate through the complex maze of insurance program design, marketing, and placement.