After initially focusing on underwriting and pricing, many insurance companies have expanded their view of data analytics to loss management. The claims handling process represents a rich area for data modeling tools that can provide better insight into everything from adjuster assignment and operational efficiency to fraud detection and subrogation. How does data analytics fit into the claims management process for insurers – and adjusters?
Pet insurance explained
Emergent trends in catastrophe management involve the use of location intelligence, satellite imagery and even early experiments with drones. The goal for insurance companies is to gather highly specific information to efficiently dispatch adjusters to target areas hit by natural disasters. However, the 48th annual joint CICMA/CIAA conference held in Toronto February 3 showed that catastrophes often extend to more than “just the weather.” And when it comes to dealing with CATs, attendees learned that the core fundamentals of adjusting haven’t really changed.
Casualty premiums account for roughly 10 per cent of the overall insurance market in Canada. However, the severity of long-tail liability claims can put disproportionate pressure on adjusters to effectively manage and adjudicate losses. Key risks, such as asbestos and tobacco, have had a huge impact on insurance companies when it comes to reserving for future claims. What are the current risks that insurers and independent adjusters should have on their radar screen? And what emerging exposures may cross the liability line?
2013 and 2014 reflect stories in severity versus frequency for the property and casualty industry in Canada, Joel Silverthorn, a senior financial analyst for A.M. Best Company Inc., said during the company’s 2014 Insurance Market Briefing – Canada held in…
Private sector-run auto insurance systems in provinces across Canada are experiencing troubling loss trends in key areas. While reforms, such as minor injury caps, treatment protocols and anti-fraud measures, have had stabilizing effects in recent years, there are signs of overheating in claims frequency and severity. Adjusters argue that a more thorough approach to claims handling and statement taking at first notice is a sound way to address cost pressures.
In the wake of record catastrophic claims, insurers in key regions of Canada are changing their approach to personal and, to a lesser extent, commercial property insurance. Coverage terms are constricting, sub-limits are being introduced, deductibles are increasing and rates are rising, especially for water damage losses. It will take time before claims are filed on these revised policies and customers discover the true extent of coverage amendments. It’s a testy situation that could put independent adjusters on the spot.
Aligning your Resources to Support Strategy
Insurance professionals need to be prepared in case natural catastrophes affect their own homes, and they also need to collaborate with competitors in order to develop an industry-wide solution for overland flooding, the head of a claims management firm’s Canadian…
Mike Gojevic of Peninsula Adjusters embraces the rural lifestyle and supportive community atmosphere of British Columbia’s Sunshine Coast.
A turn in the weather last year proved enough to undermine the performance of the insurance industry, Gregor Robinson, senior vice president of policy and chief economist for the Insurance Bureau of Canada (IBC), said during Swiss Re’s 29th Annual…
The risk of a major earthquake in certain regions of Canada is real, according to geoscientists and catastrophe modelers. However, the awareness level of residents in vulnerable zones, as measured by take-up rates of private insurance, is low. Independent adjusters say that while it is difficult to truly prepare for a major earthquake in an urban area, there are some lessons that can be gleaned from recent events in Japan, New Zealand and Chile. The question looming ahead: will Canada be ready for the big one?