Seven Ways the Insurance Industry has Changed in 30 Years

by Pam Haakenson, CIIP, CLP, DAE

  1. Remember when paper, fax, USPS, and in person meetings were the way of doing business 30 years ago? Quoted something by hand? Not anymore! Doing business in the insurance world has evolved to digital: internet, email, texting, digital signatures, and Zoom meetings.
  2. Remember delivering a paper insurance policy, mailing a paper check for payments, having to obtain wet signatures? Wow – so ancient! Now it’s e-policy delivery, e-payments, e-signatures.
  3. Remember loss control done on site? Risk predictions, loss control and prevention are now being done via AI, the IoT, drones, google anything!
  4. Remember the old cubicle days? Brick and mortar hybrid options and WFH (Work From Home) are here to stay. Our work force playbook has also changed. Focus is now on flexibility, diversity, talent development and re-defining employee value propositions, just to name a few.
  5. Cyber Insurance was created in the late 1990s with third party cyber insurance coverage. Soon after, first party cyber liability insurance was created which included business interruption, cyber extortion (ransomware), network asset damage and HIPAA liability language. Only in the last few years has cyber insurance evolved to address increasing real exposures needed for potential cyber-criminal activity.
  6. The Terrorist Attack on 9/11/2001. In 2002 US Congress enacted the Terrorism Risk Insurance Act (TRIA) in which the government shared the cost of large insurance losses. New laws were enacted to enforce electing or rejecting terrorism coverage.
  7. Covid19 Pandemic – This change was, and still is so massive, it’s impossible to tackle in one blog!

Pam Haakenson CIIP, CLP, DAE is a 30+ year insurance professional, an embracer of change, an insurance enthusiast.

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