The Property Insurance Report National Conference (PIR), hosted by Brian P. Sullivan, editor of Risk Information Inc., took place inbeautiful Dana Point, California from November 10-12. Risk Information also holds annual conferences for the auto insurance industry, This year’s PIR conference sessions and speakers offered many insights into the issues and trends currently impacting the property insurance landscape. Let’s take a look at a few of the standout sessions from the conference:
Homeowner Insurance Shopping Trends
Alex Tsetsenekos of LexisNexis revealed some interesting data around home shopping and the impact on homeowners insurance. The LexisNexus statistics indicate that homeowner shopping volume is up nearly 10% from 2012, and interestingly, that the largest demographic propelling the rate of change is for individuals aged 65 and older. One of the key challenges for the industry, as explained in the presentation, is the upward trend in switching – that is, policy substitution across competitors. Mr. Tsetsenekos suggested that carriers focus on reviewing and assessing marketing spend in order to address shopping activity trends, regional differences and bundling across demographic cohorts.
State of Property Insurance
After a 3D presentation from Jim Loveland, Xactware Solutions, which focused on aerial imagery and its use in insurance assessments, attendees were debriefed on the current state of property insurance from the insurance commissioner in one of the most CAT-prone areas of the world – Oklahoma.
Insurance Customer Demographics Analysis
The editorial staff of the Property Insurance Report – Brian and Patrick Sullivan, along with Leslie Hann – wrapped up the morning session with an analysis of the younger demographic of potential insurance customers, specifically, Gen Y. Insights into the shopping propensity and tastes of the younger demographic shed light on potential opportunities for insurance sales, especially as they pertain to renter’s policies.
PIR Editorial Staff Discussing Trends among Younger Insurance Customers
By far the most lively (and entertaining) session was delivered by Dr. Nicholas Coch, Professor of Earth and Environmental Sciences, Queens College CUNY, who commanded the room with his presentation on lessons learned from Sandy and Irene. Dubbed “Dr. Doom”, Professor Coch delivered some startling predictions about future Superstorms and catastrophic weather, while offering feedback about the learnings from Superstorm Sandy. He also cracked quite a few jokes, tempering the crowd’s response to the unsettling news of potential extreme weather in the future.
The conference concluded with Brian Sullivan’s signature closing remarks – Twenty Trends. Brian’s trends covered a range of predictions and issues that currently impact the property insurance market; from policy language issues, drones and aerial imagery, to flood insurance reforms and claims responses.
The conference offered a number of peer networking opportunities and great content. We were excited to be a part of such a fun and informative conference.