The ongoing COVID-19 pandemic has wreaked havoc on every aspect of human life, shattered global economies, and forced industries into bankruptcy. The insurance sector, owing to the nature of its workflow, finds itself among the worst-hit businesses. The usually busy insurance workplaces, buzzing with operational activities around the year, have been forced to either shut down their business or at least trim their workforce and operations owing to poor market conditions. However, even though everything…

Until a few months ago, the arrival of a pandemic that would affect the whole world to this staggering degree was the stuff of fiction and nightmares. Besides causing a health emergency, the COVID-19 crisis has crippled the global economy and has pushed businesses and industries to the verge of falling apart. One of the worst-hit sectors, the insurance industry, is faced with a unique set of problems brought about by the virus. Insurance companies…

Insurance companies request loss run reports for new insurance applications or during the renewal of their existing policy. These reports are required to get a more detailed look into the claims history of a specific policy. The more claims a particular policyholder has made, the riskier it is to underwrite them and grant them insurance coverage. Insurance policies are renewed once every year. However, it can be difficult for an insurance carrier to renew these…

The US insurance market is experiencing transformation at a rate faster than one expects. Over the years, the transformation has been induced by fast changing customer demands, proliferation of requirements, improved connectivity etc. These factors have always remained a constant and with each passing year have assumed new and complex dimensions. In 2020, these factors will once again have a major bearing on the trends. This year, like every other year, the insurance industry will…