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On-Demand Insurance

The on-demand culture has been rapidly growing over the past decade. Groceries, car rides and dinners can all be purchased and promptly delivered with the touch of a button and insurance is catching up. At the 2019 Pinnacle U event, we presented on the topic of on-demand insurance and what its future may hold. We partnered with Noah Sierer, an Illinois State University student, to provide examples of current insurers and the market’s potential.

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CAT Modeling and Wildfires
Multiple June 11, 2019 Posted in: Blog Posts, ERM, Insurance / Insurers, News
The 2018 news cycle was flooded with disturbing images of roaring fires in California. These wildfires were cataclysmic in scale and severity. Even more concerning is that the 2018 severe wildfire season was preceded by an awful 2017 season, which was the worst in recorded history until it was outdone by 2018. These events are troublesome and seem to be increasing in frequency. How can we in the risk management industry account for these seemingly worsening risks?
Personalization of Insurance

During the recent Pinnacle University event, we discussed the topic of personalized insurance and its place in the insurance market. The topic of personalized insurance includes the use of more personal data and predictors to price insurance for specific customers, as well as the ability to find insurance coverage for virtually anything you need at any limits you may desire. 

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Florida Assignment of Benefits: Is the End Finally in Sight?
For many years, the Florida property insurance market has been waiting for relief to its number one problem – assignment of benefits (AOB). It’s a problem that has affected both insurance companies and policyholders alike. Governor Ron DeSantis and Florida Insurance Commissioner David Altmaier have asked the Florida Legislature to enact reform, and they have finally delivered by passing CS/CS/HB 7065. Pinnacle has been following this issue for many years and it has been a main topic in multiple presentations, including our State of the Florida Homeowners Market APEX webinars.
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Lemonade at the Close of 2018
James Wencil May 09, 2019 Posted in: Blog Posts, Homeowners, Insurance / Insurers
Lemonade Insurance Company is making noise in the homeowners and renters insurance markets as a pioneer in the Insurtech space. Lemonade opened its doors in 2016, supercharged with venture capital horsepower, strategic partnerships with global reinsurance giants, and an idea. Management aimed to take a fresh perspective on homeowners insurance by leveraging high-tech and behavioral economics. Not only is the front end of the insurance process automated, but so is the claims handling process. Utilizing artificial intelligence (AI) and blockchain-backed anti-fraud algorithms, Lemonade is able to pay out 25% of claims in three seconds of receiving first notice of claim. The remaining claims are handled by Lemonade’s claim department staffed by human beings. 
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