This year’s Property Insurance Report National Conference (PIR) in Rancho Mirage, California featured informative presentations on a variety of topics including underwriting data, claims technology, roof replacement and national catastrophes. Brian Sullivan, host of the conference, invites leaders and key decision makers to speak to the latest industry trends and property-related products and services.
Here are three key takeaways from the conference:
1. Transparency and client engagement are key for claims data collection – The First Mile: The Revolution in First Notice of Loss and Initial Adjusting session featured speakers from four companies sharing the newest technology to address data collection and management for property claims. All the speakers addressed the outdated model of adjusters taking on-site notes and manually entering data into an estimating system. They called for the implementation of various technologies to create a uniform, transparent platform where adjusters, contractors and policy holders can participate simultaneously. These solutions allow customers to take their own photos of the damages, submit on the platform and obtain an estimate in real time. Moreover, clients can track their claim status to gain a better understanding and build more trust of the process. Firms need to aim for providing a simple, reliable process to shorten the claim cycle and improve customer satisfaction.
2. The future of aerial imagery is self-flying drones – In the Forget Self-Driving Cars, the Future Belongs to Self-Flying Drones session, Jim Loveland discussed the current and future states of underwriting assessment and damage inspections—specifically with the use of drones. Drone technology has advanced by leaps and bounds in recent years to now deliver self-flying drones. The goal of self-flying drones is to travel to a home, inspect damage and create an estimate within hours and without the need of a pilot. Ultimately, self-flying drones will improve data accuracy, reduce inspection time and eliminate human subjectivity.
3. New data drives changes to territorial ratings – In the Back to the Future: Refining Territorial Rating with New Data session, George Hosfield from LexisNexis spoke about the inadequacy of territory rating and revealed additional risks to consider. Currently, home insurance is determined by location-based rating, which is too geographically broad to provide precise data. Hosfield encourages insurers to measure risk by individual peril, such as hail, wind, fire and theft. Breaking down risks by components will help identify property risks and generate more accurate pricing.