Web, which is perhaps the place where
cyber criminal activity can be detected
the earliest. It is also the place where stolen or leaked data can turn up for sale,
and relatively quickly after a breach. Even
if it is too late to prevent an attack – it is
good for organizations to have the intelligence so they can take the appropriate
measures and begin to mitigate the damage,” Kasztan added.
Travel medical insurance
“With a rise in terror, world-wide travel
still hasn’t seen much of a drop,” said Andrew Bard, senior vice president and general manager Americas at travel medical
insurance provider Tokio Marine HCC
- MIS Group.
With his office seeing over 300,000
claims annually, he says its international
travel plan for both students and nonstudents has seen the largest increase
over the past year, with inpatient and
emergency room visits seeing the greatest spike. Bard says it should not only be
insurer’s goal to reduce claims, but to
accurately adjudicate them in a timely
manner as well.
“The claims process should be simple,
and we have been able to expedite the
process through our electronic claims
form submission. We also see value in
updating policyholders throughout the
claims process, and have created a unique
portal for just that. I also think we will see
insurers focusing on improving the cus-
tomer experience in 2018 – from initial
shopping and purchase to claims settle-
ment – making it easier, less confusing
and producing better overall response
times,” Bard said.
Alexandra Wallach owns the Indianapo-lis-based Farmer’s Insurance agency, and
says her company sees 900 claims each
year. The majority are related to auto,
home, life and luxury items such as boats,
as well as commercial and business insurance (like workers’ compensation).
From all of the claims that came
through her office in 2017, severe weather
claims were among the agency’s highest,
which in Indiana, means water damage,
tornadoes and other natural disasters.
Looking at the country as a whole, we
also saw destruction from an overactive
hurricane season, where Harvey and Irma
caused billions in damage, displacement
and a plenty of claims. Analysts from IHS
Market estimate damage caused by Harvey will eventually total somewhere between $60 and $100 billion USD, and that
Irma will total roughly $30 billion.
“Oftentimes when a client receives an
estimate of damage done to their prop-
erty (whether it’s an auto accident or hail
damage), the damage is typically only
slightly more expensive than their de-
ductible, although it is often less. If these
policyholders chose then not to file a
claim and pay out of pocket for damage
– their next insurance renewal would not
be affected,” Wallach said.
Looking to 2018, Wallach says although her agency doesn’t deal directly
with autonomous vehicles, she is creating
a plan of action that consists of educating
actuaries and insurers about the risks involved in insuring autonomous vehicles.
“Although we could likely see a decrease in accidents, and the price of auto
insurance will likely begin to decrease
accordingly – we may also witness a rise
in cyber liability coverage. The more integrated technology becomes in vehicles,
we simply run a higher risk of cyber attacks. Thieves could theoretically remotely unlock a car or take the computer
system for ransom by blocking it from
starting,” Wallach said.
For insurers, closing 2017 should be
bittersweet after seeing billions in losses,
although 2018 is already positioned to be
an interesting year as insurers continue
dealing with the aftermath of many of
Moshe Beauford (moshebeauford@
gmail.com) is a freelance journalist,
copywriter and blogger. Beauford’s
work has appeared in publications such
as Geek Time Israel, PasteMagazine,
Times of Israel, PropertyCasualty360.
com and Claims.