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Disaster Resilience, Insurance Industry, Technology, Webinars

Lightning Round Webinar Showcases Cutting Edge Disaster Mitigation Technologies

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Four entrepreneurial teams who have developed products to boost societal resilience and to mitigate natural disaster risks will present them during a free Insurance Information Institute (Triple-I) event on Thursday, Oct. 22, at 11 a.m., ET.

Billed as the Lightning Rounds for Resilience and Pre-Disaster Mitigated Innovations, it is the third time this year the Triple-I and its Resilience Accelerator, ResilientH20 Partners and The Cannon, have connected entrepreneurs with leading insurance innovation specialists and investors. Pre-registration is required.

The first of the day’s two panels will feature the web-based apps developed by the prize-winning teams from 2020’s collegiate Hack-for-Resilience III. The Triple-I and the Wharton Risk Management and Decision Processes Center at the University of Pennsylvania honored these two student entrepreneurial teams in September 2020.

  • Air.ly:  The app identifies locales near wildfire zones where individuals afflicted with respiratory issues, or other health complications, can find fresh air. It won the prize this year for the Best Overall Hack-for-Resilience.
  • Insura: The app uses a home’s location and historical loss data to recommend mitigation and maintenance activities which could reduce a homeowner’s insurance premiums.  It won this year’s prize for the Best Application of Insurtech.

“We’re excited to spotlight the outstanding work of talented students who have accepted the challenge to build and empower the resilience movement. Products like Air.ly and Insura are proof today’s brightest young minds are creating the tools that will better allow people to navigate through, and prepare for, natural disasters,” said Michel Leonard, PhD, CBE, Vice President and Senior Economist, Triple-I.

Two established businesses – members of the Resilience Innovation Hub “portfolio of disaster risk-mitigation innovation” -will present their products and services during the event’s second and final panel:  

  • Thermal Gate™ 2.5:  The artificial intelligence (AI) based system screens and detects individuals who have an elevated body temperature before they enter venues which are open to the public.
  • Mesh++ : The just-in-time WiFi community network requires no external power nor wiring to generate broadband access for first-responders, citizens, and preparedness interests.

Click here to register.

Careers and Employment, Insurance Industry

Insurance kicks it old school: Virtual campus event series to showcase alumni in insurance

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By James Ballot,  Senior Advisor, Strategic Communications, Triple-I

Is insurance the ultimate high return/low-risk career option?

Many career experts and insurance professionals agree that few fields offer as many outstanding career paths and opportunities. To spread the word to college students, Gamma Iota Sigma (GIS) is teaming with Triple-I to host virtual sessions at three academic institutions this fall.

GIS’s Security in Risk Tour brings insurance industry executives back to their alma maters to share career stories and advice with students who are pursuing degrees in majors other than risk management or actuarial science (the two fields most often associated with insurance). 

The first stop on the 2020 Security in Risk Tour is the “Insurance Career Showcase and Alumni Panel” on Wednesday, Oct. 14, at 5:30 p.m. EDT at Syracuse University, which will be hosted by the upstate New York institution’s Martin J. Whitman School of Management.

“For hundreds of years, insurance has been a key driver of innovation and economic growth worldwide,” said Sean Kevelighan, CEO, Triple-I. “Thanks to Gamma Iota Sigma and programs like the Security in Risk Tour, the U.S.’s insurance industry is able to engage with, and recruit, some of the nation’s most promising college students.  Insurers are making homes, businesses and communities safer by recruiting and hiring well-educated and ambitious young men and women as they embark on their professional careers.”

Other 2020 Security in Risk events scheduled for the fall include:

  • Wednesday, Nov. 4: “STEM [Science, Technology, Engineering, and Mathematics] Careers in Risk Management and Insurance,” at Stevens Institute of Technology, Hoboken, NJ
  • Thursday, Nov. 5: “Security in Risk: Careers in Cyber Risk Management and Insurance,” at Baruch College, New York City.

“The insurance industry has a great story to share,” notes Alyssa Bouchard, CPCU, ASLI, ARM, Director of Education & Programming, Gamma Iota Sigma. “We’re excited to team up with the Triple-I to expand our reach by engaging with students at colleges and universities without GIS chapters. The Security in Risk Tour helps to educate students of all majors and backgrounds about the insurance industry’s positive societal impact and limitless career opportunities.”

The Gamma Iota Sigma Security in Risk Tour is presented in partnership with Triple-I. Funding is provided by the program’s lead supporters, Chubb and the Spencer Educational Foundation.

Corporate Social Responsibility, Insurance Industry

Insurance Industry’s Week of Giving Kicks Off Saturday Across the U.S.

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The Insurance Industry Charitable Foundation (IICF) invites insurance professionals to volunteer for their community nonprofit organizations during the annual Week of Giving (October 10-17, 2020).

With many in-person projects cancelled this year due to the COVID-19 pandemic, the IICF lists many ways to safely make an impact in the communities where we live and work.

Some of the suggested activities include:

AARP Create the Good: Search AARP’s virtual volunteer database here for an opportunity in your community.

American Red Cross 
– Missing Maps Program
– Blood donation

Hire Heroes USA: Help veterans with mock interviews, career coaching remotely.

Homemade PPE Masks: For healthcare workers, homeless programs/shelters, etc. Many opportunities are listed on VolunteerMatch.com.

Smithsonian Institute: volunteer by transcribing historical documents.

Track bird populations and migration patterns. 

Trevor Project: Trevor Chat/TrevorText volunteers are trained to answer chat messages or texts online from young people who are struggling with issues such as coming out, LGBTQ identity, depression, and suicide. 

United Nations: Apply to volunteer with the UN.

UPchieve: Be a virtual Academic Coach to at-risk students.

Virtual Tutoring –Provide tutoring services and support for high school students in statistics and government courses through virtual Microsoft TEAMS and Zoom platforms.

Write letters to Service Members:
– Operation Gratitude 
– A Million Thanks 

Read more about IICF volunteerism during COVID-19 here.

The IICF also provides volunteering opportunities throughout the year. It has hosted the Week of Giving since 1998, generating over 300,000 hours of volunteer service, and contributing $40 million in community grants since its founding in 1994.

Insurance Industry

Insurance Organizations Are Often Missing This…

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By John Novaria

A wise insurance executive once told me, “People try to make insurance too complicated.” As a communications professional, that was music to my ears.

Don’t get me wrong. Complexity comes with the territory when your job is protecting assets while balancing the interests of policyholders, regulators and shareholders.

There has to be a counterbalance, and that’s why Triple-I exists: to demystify insurance. It’s a meaningful mission given that everyone has numerous encounters with insurance in their lifetime. A product that is essential – and often required by law – should be understandable and accessible.

Behind every insurance transaction there are trade organizations setting rates, lobbying and advocating for consumers. They’re the backbone of an industry that contributes $630 billion to the GDP, employs 2.8 million people and paid $404 billion in claims last year.

All of this doesn’t magically happen. The insurance industry functions effectively only when everyone’s on the same page. There’s power in partnership. And in order to succeed, these organizations rely on communications to work together. In fact, communicating with impact and immediacy has never been more important. In the current crisis, it’s imperative for unifying people, conveying confidence and ensuring transparency.

Over time, Triple-I has seen an increased demand for PR services from trade associations and professional organizations that have limited communications staff or seek a stronger connection to the industry. To address this need, we developed an agency model and engaged professionals with strong communications and insurance background to steer the effort.

The result is Amplify, a public relations consultancy designed to help insurance industry organizations drive increased awareness of their mission and deepen their industry engagement.

Some of our clients are the American Institute of Marine Underwriters (AIMU), Casualty Actuarial Society (CAS), Lightning Protection Institute (LPI), National Conference of Insurance Guaranty Funds (NCIGF), National Insurance Crime Bureau (NICB) and Workers Compensation Research Institute (WCRI). From coalition building to professional development to research, each plays a vital role and has unique communications challenges. To meet those challenges, Amplify draws from the collective resources of Triple-I and The Institutes, delivering a rare combination of insurance acumen and communications proficiency.

Here’s more on Amplify, and in the coming weeks we’ll be sharing some early client successes. If you want to talk about your organization and its challenges and opportunities, I love to listen.

John Novaria is executive director of Amplify. He can be reached at johnn@iii.org.

Business Insurance, Insurance Industry, Regulation

Assessing Financial Support for Businesses During the Pandemic

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On September 29, the American Action Forum (AAF) hosted an event convening experts to discuss the urgency of government-backed financial relief for businesses whose incomes have suffered under the coronavirus pandemic conditions and what challenges lie ahead.
 
Entitled “Assessing Financial Support for Businesses During the Pandemic,” the discussion was centered on the following key topics:

  • The impact and success of the Paycheck Protection Program and the Federal Reserve’s emergency lending programs, particularly the Main Street Lending Program
  • Pandemic business interruption insurance and the potential for a federal pandemic program
  • Protecting businesses from shouldering excessive costs due to the new field of coronavirus litigation

Among the event participants was Insurance Information Institute (Triple-I) CEO Sean Kevelighan. In a discussion with AAF’s Director of Financial Services Policy Thomas Wade, Kevelighan provided an overview of the business interruption (BI) insurance landscape in the context of the pandemic. Key highlights included:

  • Global pandemics are largely uninsurable. “Compared to other covered catastrophes—hurricanes, wildfires, vandalism from civil unrest—a pandemic is not limited to time or geography. What we’re seeing now with COVID-19 is impacting every community, every economy, and all at the same time. And with this, from an industry that relies on the law of large numbers, you simply can’t price risk in a way that would be efficient.”
     
  • Standard business interruption (BI) insurance necessitates direct physical damage. “Beyond the enormity of a pandemic catastrophe, a virus does not cause direct physical damage, which is nearly always needed to trigger a property insurance policy, particularly for businesses insurance and business interruption insurance policies.”
     
  • The lack of a federal system to provide the critical financial relief businesses has created an opportunity for trial attorneys to capitalize on business owners’ desperation. “Sensing [business owners’] desperation, trial attorneys have unfortunately dusted off their playbooks and seized on the opportunity. They’re selling a false sense of hope to consumers; they’re filling court houses with litigation that is attempting to retroactively rewrite contracts by manipulation of language and interpretations.”
     
  • As insurers work to meet promises for policyholders facing covered events such as wildfires, forcing insurers to retroactively cover pandemic-related losses is detrimental to the insurance industry—a backbone of the economy. “The insurance industry is concerned about these misguided and costly attempts—mainly by trial attorneys—to take capital away that we’ve set aside for claims that are actively being paid right now as we are in the midst of extreme seasons of hurricanes and wildfires. We’ve also seen incidents of rioting and civil unrest. To be clear, our own economic analysis at Triple-I shows that any attempt to retroactively pay business interruption claims would put systemic strain on the insurance industry. Notably, this industry was one of the financial services industries that weathered our previous recession well because of how safely we manage our capital. But in this case, it would only take a matter of months to bankrupt the industry.”

More about this discussion and the broader state-of-play for business relief is available from a companion report released by Thomas Wade. For more information on the ongoing business interruption debate, visit fairinsure.org

A recording of the event can be viewed below.

Business Insurance, Business Risk, Disaster Preparedness, Insurance Industry

Small businesses share how they prep for and successfully recover from disaster

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September is National Preparedness Month, and this years’ theme of “Disasters Don’t Wait. Make Your Plan Today” could not be more timely as many areas of the country experience record-breaking wildfires and storms.

On September 16, the Insurance Institute for Business & Home Safety (IBHS), the Small Business Administration (SBA), and the Insurance Information Institute (Triple-I) conducted a live webinar on how to prepare for severe weather, COVID-19 interruptions, and other forms of disaster that can have significant impacts on small businesses.

A recording of the webinar is available here.

The webinar showcased two small businesses’ stories of preparation and recovery from disaster. The webinar also covered small business loans that are available after a disaster, tools are available to help businesses prepare, and what you need to know about insurance coverage.

Alex Contreras, Director of the Office of Preparedness, Communication and Coordination in the SBA’s Office of Disaster Assistance (ODA), was the first speaker. The SBA offers low-interest disaster loans to businesses of all sizes, as well as to homeowners and renters. These loans are the primary source of federal assistance to help private property owners pay for disaster losses not covered by insurance.  Borrowers are required to obtain and maintain appropriate insurance as a condition of most loans.

The SBA can also fund disaster mitigation efforts, such as installing fire-rated roofs, elevating structures to protect from flooding or relocating out of flood zones.

Janice Jucker, co-owner at Three Brothers Bakery in Houston, TX is the  2018 Phoenix Award Winner for Outstanding Small Business Disaster Recovery. After Hurricane Harvey, the bakery had five feet of water. Thanks to a business recovery plan, the business was fully operational after six weeks.

According to Jucker, part of an effective recovery plan is building a recovery team that includes a restoration company (find one now, don’t wait) an accountant, a contractor, an SBA loan officer and an insurance agent. Another important recovery team member is your local lawmaker – know who they are and make sure they know you, regardless of whether you agree with their politics. They can play a key part in making sure you get what you need to recover from a disaster.

Gail Moraton, business resiliency manager at IBHS, talked about the free business continuity planning tool called OFB-EZ (Open for Business E-Z) available from the IBHS.  The first step to planning is to know your risk – both the likelihood of each type of disaster for your location and the amount of damage it could cause your business. Another step is having an up-to-date list of all your employees, vendors and other important contacts. A training exercise is also included with the planning tool.

Alison Bishop, internal operations manager at Spry Health Inc., talked about her company’s use of OFB-EZ. “It takes an overwhelming concept and makes it accessible and achievable,” she said.

Loretta Worters – vice president, media relations at Triple-I, went over different business insurance coverages that are available and pointed out that having the right coverage is a crucial part of disaster recovery, as well as an essential element of an overall business plan.

Like the other speakers, Ms. Worters said having a thorough inventory of all your business assets is of paramount importance. She listed different types of business policies that are available, including: property, business income interruption, extra expense, flood and civil authority. Separate coverage is also available for items that are frequently damaged in a storm, such as fences and awnings.

Click here to listen to a recording of the webinar, which offers many more useful tips for seeing your business through a disaster.

Floods, Insurance Industry

Tropical Storm Beta Moves Toward Texas Coast

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The outer bands of Tropical Storm Beta are lashing the Texas coast but official landfall is forecast to be late this evening. Beta is also bringing tropical storm conditions to parts of the southwestern Louisiana coast where 2 to 4 feet of storm surge is possible.

The storm is going to bring heavy rainfall to areas that were hit by Hurricane Laura.

High tide on Tuesday could bring “life-threatening storm surge” in areas of Texas and Louisiana, according to the National Hurricane Center (NHC). “Persons located within these areas should take all necessary actions to protect life and property from rising water and the potential for other dangerous conditions,” NHC said. “Promptly follow evacuation and other instructions from local officials.”

The storm could also create tornadoes near the middle-to-upper Texas coast or the southwestern Louisiana coast, NHC said.

Please click on the links below for Triple-I’s hurricane preparedness guides:

Business Insurance, Disaster Preparedness, Insurance Industry, Webinars

Is Your Business Ready for Disaster? National Preparedness Month Webinar

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September 16, 2020 2:00 PM – 3:00 PM EDT

This year’s National Preparedness Month theme of “Disasters Don’t Wait. Make Your Plan Today” has never been more appropriate. Join the Insurance Institute for Business & Home Safety (IBHS), the Small Business Administration (SBA), and the Insurance Information Institute (Triple-I) during National Preparedness Month for a live webinar on how to prepare for severe weather, COVID-19 interruptions, and other forms of disaster that can have a significant impact on small businesses.

The webinar will showcase small businesses as they share their stories of preparing for and successfully recovering from disaster. In addition to these stories, the webinar will also cover what small business loans are available after a disaster, what tools are available to help businesses prepare, and what you need to know about insurance coverage.

SPEAKERS

Gail Moraton, CBCP – Business Resiliency Manager at IBHS

Alison Bishop, Internal Operations Manager at Spry Health, Inc. (https://spryhealth.com/)

Alejandro Contreras – Director of the Office of Preparedness, Communication and Coordination in the U.S. Small Business Administration’s (SBA) Office of Disaster Assistance (ODA)

Janice Jucker – Co-Owner at Three Brothers Bakery, Houston, TX – 2018 Phoenix Award Winner for Outstanding Small Business Disaster Recovery (https://3brothersbakery.com/)

Loretta Worters – Vice President, Media Relations at Triple-I

From hurricanes to wildfire, tomorrow’s webinar with IBHS, Triple-I and Small Business Administration will cover all disasters and how you can prepare your business.

Register now at: http://bit.ly/npm-webinar

Disaster Resilience, Insurance Industry, Technology

Disaster Resilience Is Focus of Triple-I, U. Penn Student Competition

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By James Ballot, Senior Advisor, Strategic Communications, Triple-I

For the third year straight, the Insurance Information Institute (Triple-I) and the Wharton Risk Management and Decision Processes Center (Wharton Risk Center) at the University of Pennsylvania are co-sponsoring a student competition aimed at developing innovative solutions to real-world disaster resilience problems.

Held virtually, the third annual “Hack-for-Resilience” begins on Friday, Sept. 11 and concludes on Sunday, Sept. 13 as part of PennAppsXXI, the nation’s oldest student-run hackathon. The word “hack,” in the context of a hackathon, describes how multiple technologies can be used in new and innovative ways.

“This event allows the Triple-I and its Resilience Accelerator partners to bring together insurers and student innovators who have the same goal—to create new products and services that will reduce the risks people face from natural disasters,” said Sean Kevelighan, CEO, Triple-I. The Triple-I’s Resilience Accelerator was launched in 2019 to reduce the impact of extreme weather events on households and communities through insurance. 

The 2020 edition of this competition will give entrants from midnight on Saturday, Sept. 12 through 9 a.m. on Sunday, Sept. 13 to show their skills. During this time, teams of up to four students will conceive, test, and deliver working apps while others develop hardware solutions, Internet of Things (IoT) protocols, and data tools that can save lives and reduce property damage in the wake of a natural disaster.

 “Building resilience to disasters is more important than ever,” said Dr. Carolyn Kousky, Executive Director, Wharton Risk Management and Decision Processes Center, University of Pennsylvania.

A team of judges from Wharton Risk Center and Triple-I will award first- and second-place cash prizes in two categories: “Best Overall Hack” and “The Most Outstanding Application of Insurtech,” which is defined broadly as either a product or service that improves the insurance customer experience. The winning teams will be announced on Sunday evening, Sept. 13.

New to this year’s “Hack-for-Resilience” is that both first-place prize winners will participate in the Resilience Accelerator’s Lightning Round innovation showcase on Thursday, Oct. 22, 2020.

The first-place prizes in 2019 were awarded to the creators of Phoenix, an autonomous drone with the capacity to track and extinguish fires (Best Overall Hack) and WildFire Protect, a parametric insurance product which would pay a policyholder immediately after they incurred a wildfire-related property loss (The Most Outstanding Application of Insurtech).

You can follow this year’s competition on social media via the hashtag #H4R2020

Business Insurance, Insurance Industry

Poll: Government should provide business interruption support

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Business interruption losses from a global pandemic are uninsurable due to their sheer scope.  Business interruption losses (in the U.S. alone) from the coronavirus are estimated at $220-$383 billion per month — an amount the industry  could not and should not be expected to  cover.

Americans across the country appear to recognize that only the federal government has the capacity to provide the relief business owners need. A recent poll initiated by Future of American Insurance and Reinsurance (FAIR) found that the majority of Americans believe the government should bear the financial responsibility for helping businesses stay afloat during the coronavirus pandemic.

The poll, conducted by CivicScience, found that only 16 percent of respondents said they believe insurance companies should bear the responsibility for helping businesses during the pandemic, and only 8 percent believe lawsuits against insurers are the best path for businesses to secure financial relief.

Business interruption insurance contracts were not priced to cover global pandemic risks, so forcing insurers to pay for claims their policies weren’t priced to cover would harm all policyholders, said FAIR in their commentary on the poll results.

A government-backed policy solution can provide immediate relief to struggling business owners and protect insurers’ ability to keep promises to policyholders for covered catastrophe losses, like damage from wildfires and hurricanes.

Trial attorneys’ attempts to retroactively force uninsurable pandemic coverage in business interruption insurance contracts are detrimental to policyholders, communities, insurers, and economic growth. A government-backed solution for struggling businesses in need of relief has never been more urgently needed, FAIR concluded.

ABOUT FAIR
FAIR is an initiative of the Insurance Information Institute and its member companies whose mission is to ensure fairness for all customers and safeguard the industry’s longstanding role as a pillar of economic growth and stability.