COVID-19 DIGITAL LISTENING for

Few lines of insurance have suffered as much as those within the property and casualty space, due to COVID shelter in place orders.  Auto insurers cut rates in recognition of changing consumer behaviors (driving less) and property insurers are expediting the use of technology in claims processing to allow agents and customers to practice social distancing. Further, small businesses are realizing the premiums they’ve been paying for business interruption insurance are not providing as much relief and support as anticipated, as their businesses have been forced to temporarily close.

• Insurers are introducing new programs and tools to help micro-businesses during the pandemic
• PURE Insurance is helping homeowners relocated during the pandemic.
• Americans are less vigilant of cyberattack risks while working from home.

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• COVID-19 is the tipping point for insurers to mobilize their digital claims processes.
• The first major business interruption lawsuit rules in favor of the insurer, possibly jeopardizing business owners’ trust towards their insurers.
• Insurers can act as thought leaders by sharing updated information with members about how their state is passing laws to protect businesses from COVID-19 liability lawsuits.

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• Zurich North America Insurance is educating businesses about how to reopen their offices and facilities safely, so business owners can limit the risk of having to file a P&C claim. 
• Recent data points show life insurance agents are embracing digital selling because of COVID-19. 
• As states open back up, drivers are increasing their time on the road, and therefore increasing the probability they will have to file a claim; some drivers’ premium credits should be re-evaluated.

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