In the latest episode of The Connected Podcast, we delve into some notable events in the insurance ecosystem. Beginning with YouSet, a Canadian startup that's transforming insurance procurement, they have successfully raised $3.5 million in a seed funding round. This financial boost is set to help YouSet enhance their technology and streamline the insurance buying process, making it more transparent and user-friendly.
In the commercial property and casualty (P&C) insurance sector, the latest data from The Council of Insurance Agents & Brokers highlights a softening market. Premium increases have slowed down in Q2 2024, with medium-sized accounts experiencing a significant deceleration. Notably, premiums for workers’ compensation and cyber insurance have dropped, driven by increased capacity in the market.
The discussion also touches on J.D. Power's 2024 U.S. Small Commercial Insurance Study, which finds that trust plays a pivotal role in customer satisfaction and loyalty. Small businesses with high trust in their insurers are more likely to renew and recommend their carriers, suggesting that trust is crucial for premium retention and overall customer advocacy.
Lastly, a LendingTree® analysis reveals a trend among drivers involved in minor accidents opting to pay for repairs out-of-pocket rather than filing insurance claims. The primary reasons include avoiding higher deductibles and potential rate hikes. This behavior points to a broader reluctance among drivers to engage their insurers for minor damages.
Overall, these developments underscore the evolving landscape of the insurance industry, shaped by innovation, market trends, trust, and shifting consumer behaviors.
In this episode of The Connected Podcast, the hosts delve into significant news and events shaping the insurance ecosystem. They discuss the sharp rise in insurance costs post-pandemic, highlighting how car insurance prices have increased by 18.5% over the past year and 75% since 2020, according to the U.S. Bureau of Labor Statistics. Homeowners insurance has also surged, with the average premium doubling from $1,272 in 2019 to $2,511 today. The increases are even more pronounced in states like Florida and Nebraska.
The podcast then shifts to a reflective discussion with Robin Merttens, executive chairman of InsTech, who shares insights from his extensive career in driving digitalization within the insurance sector. Robin notes a positive shift in alignment and reduced friction in adopting technology and innovation in the industry, reflecting on changes witnessed during the first half of 2024.
In an alarming climate-related segment, the hosts highlight Las Vegas setting a new heat record in 2024, reaching 120 degrees Fahrenheit, exceeding the previous record of 117 degrees held since 1942. This underscores the intensifying impacts of climate change.
Finally, the episode previews the ClimateTech Innovation Showcase scheduled for September 23 during Climate Week NYC. This event, held at Newlab in Kings County, NY, promises to bring together over 100 innovators, investors, and industry leaders to present cutting-edge climate technology solutions in buildings, transportation, the grid, and industry sectors.
In this episode, we
