News
Progressive dropping coverage for 56,000 Florida homes | Insurance Business America
Specifically, the insurer is not renewing coverage for homes with roofs older than 15 years. The decision comes after Progressive changed its guidelines last year – from requiring composition shingle roofs to be 15 years or newer for coverage, to requiring all roofs to be 15 years or newer.
A spokesperson for the insurer told Tampa Bay Times that it chose not to renew the 56,000 policies because they “do not comply with our underwriting guidelines, and losses that are having a disproportionate impact on our loss ratios.”
“While we know this is not welcome news for those that are affected, we are committed to doing business in the state and are taking this unavoidable action now to ensure we can continue to offer home policies in Florida,” continued Progressive Insurance public relations representative Jeff Sibel.urge in litigated claims
Surplus lines insurer Ategrity names CEO | Business Insurance
Ategrity Specialty Insurance Co. said Wednesday that founding CEO Mike Miller will step away from the excess and surplus lines insurer and be replaced by current Deputy CEO Justin Cohen on Jan. 1.
Mr. Cohen has been tapped to succeed Mr. Miller since the summer of 2021, an Ategrity statement said.
Insurance and pets and vets: Oh my! | PropertyCasualty360
With a total addressable U.S. market standing around $2.5 billion, and with a five-year historical CAGR of 26%, the pet insurance market represents not only a business opportunity but also a pet life-saving opportunity. According to the North American Pet Health Association, insured dogs visit the vet 29% more and insured cats visit the vet 81% more than those uninsured. (Credit: Happy monkey/Shutterstock.com) In 2020, the U.S. saw a pet boom of historic proportions, with around 90 million homes — that’s 70% of U.S households — having a pet of some kind, according to the Insurance Information Institute. And it’s a number that’s growing. With the evolution of hybrid working and de-urbanization, pet category growth remains positive.
More interestingly at the macro level, this increase in pets has developed in lockstep with another pet trend; humanization — with 85% of pet parents now considering their pets part of the family rather than just an animal.
Combined, these trends have led to a surge in the pet category of demand for premium food, treats, toys, beds and even apparel, with celebrities and well-known brands bringing human equivalents to pets across the country.
But despite pets now firmly considered an intrinsic and prioritized family member, the penetration of pet insurance remains exceptionally low.
InsurTech/M&A/Finance/Collaboration
CMT DriveWell, FuelStar programs offer safer driving rewards | Digital Insurance
With 81% of consumers wanting more self-service options for doing business, it’s no wonder insurance companies are throwing money at improving their digital online offerings.
The idea that you can use your phone or tablet to enroll for a new policy within minutes seems ideal — but the problem is, it’s not. A new survey by ABBYY has revealed that a staggering 90% of insurance companies are struggling with customer abandonment — resulting in millions of dollars in lost revenue. Their onboarding service just isn’t up to par.
Respondents believe if their abandonment rate was reduced by just 50%, it would increase customer acquisition by 26% and revenue by 25%.
So why are so many potential customers dropping out? The top answer: a lack of human interaction (24%). This will bring music to the ears of many brokers and agents, because, yes, people want to speak to a real-life person! More on that later.