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Developing Insurance Trends & the Impact on Restorers

Explore the talent gap, technology, workers' compensation, medical costs, changing workforce, cyber issues, marijuana, fracking, wildfires, and supernatural catastrophes in the insurance industry. Stay informed on the latest developments and their implications for restorers.

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Developing Insurance Trends & the Impact on Restorers

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  1. Developing Insurance Trends & the Impact on Restorers

  2. Issues • Talent gap • Technology • Workers’ Compensation • Medical Costs • Changing Workforce • Cyber Issues • Marijuana • Fracking • Wildfires • Supernatural Catastrophes

  3. 1. Talent Gap 25% of the industry retires by 2018 Changing how they hire Make insurance attractive to millennials

  4. What millennials want Life/Work Balance Flex time Technology Helping others

  5. Strategies Keep employees engaged Mentoring programs Cross-training Specialized adjusters Self-adjusting Adjusting pool

  6. 2. Technology

  7. Technology

  8. 3. Workers’ Compensation The Demolition of Workers’ Comp by Michael Grabell, ProPublica, and Howard Berkes, NPR March 4, 2015

  9. 4. Medical costs & issues

  10. 5. Changing workforce • Employees – contractors & subcontractors • Independent contractors • Temporary workers • Older workers • Exempt vs. non-exempt

  11. 6. Cyber Issues $850 M→$3.25 B $2.5 billion U.S. $445 billion→$2.1 T 781 breaches in 2015 522 by mid-July All data has value $1,000-$2,000

  12. Cyber Threats

  13. Fraud Schemes Ransomware Social engineering fraud – BEC/CEO Employees

  14. 7. Marijuana • Auto, P&C and Workers’ Comp • Injuries suffered under the influence are compensable • Employees can use medical marijuana • Can be terminated following post-injury drug tests • Affects employers • Not regulated, no efficacy studies • Can’t tell who’s under the influence • Docs can’t prescribe & insurers won’t cover

  15. Drugged Driving

  16. Drugged Driving

  17. Drugged Driving

  18. 8. Fracking Oklahoma – 1975-2008 – 1-3 earthquakes 2009-2014 – 40/year 890in 2015 More 3.0 earthquakes than California Oil tank storage Disaster plans

  19. 9. Wildfires

  20. 10. Super CATS • 2015 – 40 CAT events • Avg. $360 million insured losses • $14.3 billion • Impacted 43 states • Hermine - $500m insured losses • $1b – economic losses • La. - 110,00 homes/$20b • $31b in disasters – June • Opportunities for restorers

  21. Leaders must be close enough to relate to others, but far enough ahead to motivate them. -John C. Maxwell

  22. More information Editor Patricia Harman pharman@alm.com

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