How do you mitigate losses from extreme weather events?

For many insurers, 2011 will go down in history as one of the costliest years ever for weather-related losses. In the spring, we had deadly tornadoes and powerful hailstorms. Later on, it was wildfires, tropical storms, and hurricanes. By the end of June, the industry had suffered an estimated $23 billion in direct insured losses […]

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E-Commerce and Auto Insurance

The majority of auto insurance shoppers now start the quoting process online, according to a recent J.D. Power study. When you’re evaluating the success of your online quoting process, the most important initial metrics are the quote completion rate — the percentage of people starting the process who actually finish it — and its converse […]

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Mobile Applications for Insurance: What’s Coming

Apple’s App Store has close to a half million mobile applications available for download. Yet today, if you search the site for “auto insurance,” you get only about 100 apps. Almost all major auto insurers are providing various claims reporting and policy management tools on the web, including early mobile applications. But we expect a […]

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Verisk Conference to Offer Sessions Targeted for Auto Insurers

October’s Verisk Insurance Solutions Customer Conference is just around the corner.  It’s a great opportunity for leaders in our industry to come together, share ideas, and get insights from experts across the industry and the Verisk enterprise. This year’s program has a number of workshops for auto insurers. One session in particular you shouldn’t miss […]

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Cross-Selling Auto and Homeowners Polices: A Big Opportunity for Personal Lines Insurers

Cross-selling is big business for insurance companies. Retention rates are about 10 percent higher for customers who bundle their auto and homeowners policies compared with monoline policyholders. And, of course, if you can get a customer to buy two policies in one transaction, you increase your revenue and decrease your average acquisition costs. To entice […]

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Black Boxes: The Promise and the Problems

Major auto manufacturers are now building event data recorders (EDRs) — or black boxes — into our cars. Like an airplane’s flight data recorder, an automobile EDR is designed to prove exactly what happened in the moments leading up to and right after an “event,” such as an accident. The U.S. Department of Transportation’s National […]

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