Through The Looking Glass
While 2020 was an unusual year, it highlighted many of the things the insurance industry is doing well and some areas where it could see some improvement.
The coronavirus expedited the use of InsurTech for many companies and they were able to serve their policyholders with very few interruptions.
The transition from working in the office to operating remotely was fairly painless for most insurers. We used technology to report claims, investigate them, determine coverage and make payments. Some carriers are even weighing the continuation of remote work for many on their staff. Plans to start bringing people back into the office will be implemented judiciously.
While technology was able to serve both carriers and their clients, the number of COVID-19-related claims highlighted the importance of reviewing policy language for exclusions and coverage determinations.
Vague language creates questions for both adjusters and policyholders, and without a careful review and update, carriers could be liable for covering claims they have not priced or collected premiums for in advance.