Noteworthy news: What we’re reading
Emerging threats: Will the subscription formula that's catapulted Netflix to success also work for the auto industry? Several business think that an auto subscription model will hold appeal to younger demographics - particularly when bundled with insurance, maintenance and routine trade-ins. Michael Leidtke talks about these plans in Insurance Journal: Averse to Owning? Auto Subscription Services Bundle Car, Insurance, Maintenance.
Claims experience: When is the last time that you actually filed a claim and experienced the process first-hand? Hear what Bill Wilson, former founder & former director of the Big “I” Virtual University says about the experience of filing his first auto claim in 50 years in his op-ed at Agency Checklists. Spoiler alert: mixed reviews.
Industry 4.0: Wondering what the buzz around the term "industry 4.0" is all about? Leo Ronken senior consulting underwriter at General Reinsurance offers an explainer at Insurance Thought Leadership: Industry 4.0: What It Means for Insurance. He includes a chart with a definition and quick overview of industrial evolution. He discusses potential insurance implications, among them the potential for more complicated claims settlements and the probability of more business interruption losses.
Fraud alert: We talked about recent scams in our Consumer Blog this week but in case you missed it, we want to point out a new scam that is affecting businesses: Hackers increasingly target reputations through reviews sites, experts say, Cyber criminals extort business that depend on a good reputation by threatening to flood popular review sites with negative reviews, replies and fraud reports. The FBI sais they received nearly 15,000 “extortion-related complaints” in 2017, estimating related financial losses at over $15 million.
Nonprofits: Do you insure nonprofits? Risk & Insurance talks about 7 Critical Risks Facing Nonprofit Organizations, noting that although nonprofits face risks similar to those of for-profit businesses, "the impetus to honor donors’ contributions of time and money make those risks even harder to mitigate within constrained budgets."