Why Are Auto Insurance Rates Rising?
Why Are Auto Insurance Rates Rising? If you’ve recently shopped for or renewed your car insurance, you probably noticed a price increase. So why are auto insurance costs rising? Inflation, of course. Have you heard that word lately? I figured as much. Every company, customer, and country around the world is currently dealing with inflation, […]
Insurance Soft Fraud: Why Small Lies Cost Carriers $30 Billion
When was the last time you told a white lie? To a spouse, to a friend, maybe a coworker. To protect someone’s feelings, to smooth over an awkward situation, to exaggerate enthusiasm you didn’t quite feel. Near-truths have become so normalized that most people don’t even register them as lies. In the world of insurance, […]
Impact of Climate Change on Property Insurance
Impact of Climate Change on Property Insurance The impact of climate change on property insurance is incredibly costly. Natural disasters are affecting greater population sizes across the world, and insurance companies are feeling the financial impact. In fact, a recent study showed that only 8% of insurers are preparing adequately for the impact of natural […]
Did Lemonade Kill the Loss Ratio? Not so fast…
Lemonade’s Loss Ratio: Why Insurance Carriers Should, and Shouldn’t, Be Worried… Over the past few years, regardless of what your role in the insurance landscape has been, you’ve more than likely heard of Lemonade. Doesn’t matter if you believe they are the “Uber of Insurance” or a company destined to fail, Lemonade’s loss ratio and […]
Top 5 InsurTech Companies Disrupting the Insurance Industry
Top 5 InsurTech Companies Disrupting the Insurance Industry The Insurance Landscape is Changing You can’t mention the top InsurTech companies without mentioning Lemonade. A while back we published an article taking apart the rapid ascension of Lemonade, its controversial business model, and the overall impact it could have on the insurance market. The way Zappos […]
Behavioral Economics & Insurance Underwriting are Better Together
Behavioral economics in insurance underwriting is becoming more prevalent, especially with the rapid adoption of digital experiences. This article breaks down the current landscape of behavioral economics in insurance and how insurers and reinsurers can start using it to improve their underwriting procedures. First, what is Behavioral Economics? Contrary to early economic belief, humans don’t […]