For many years, the Florida property insurance market has been waiting for relief to its number one problem – assignment of benefits (AOB). It’s a problem that has affected both insurance companies and policyholders alike. Governor Ron DeSantis and Florida Insurance Commissioner David Altmaier have asked the Florida Legislature to enact reform, and they have finally delivered by passing CS/CS/HB 7065. Pinnacle has been following this issue for many years and it has been a main topic in multiple presentations, including our State of the Florida Homeowners Market APEX webinars.

Lemonade Insurance Company is making noise in the homeowners and renters insurance markets as a pioneer in the Insurtech space. Lemonade opened its doors in 2016, supercharged with venture capital horsepower, strategic partnerships with global reinsurance giants, and an idea. Management aimed to take a fresh perspective on homeowners insurance by leveraging high-tech and behavioral economics. Not only is the front end of the insurance process automated, but so is the claims handling process. Utilizing artificial intelligence (AI) and blockchain-backed anti-fraud algorithms, Lemonade is able to pay out 25% of claims in three seconds of receiving first notice of claim. The remaining claims are handled by Lemonade’s claim department staffed by human beings. 

Our annual “Pinnacle U” pairs small groups of college students with one or more of our actuarial analysts in order to research a topic of interest, culminating in a day full of presentations. The format of Pinnacle U hasn’t changed much over the years, but our approach to the event has evolved to foster a real-world business experience for everyone involved.

In the February APEX, “The Actuary’s Evolving Role in Today’s Dynamic Industry Landscape,” we discussed the ever-evolving professional expectations of today’s actuary. We also discussed our outlook on the future of predictive analytics in light of so many technological changes. As a follow-up to the February APEX, we’re sharing the results of the live polling questions.

When we remember 2018, its events and circumstances have been more varied and challenging than one might imagine. Hacks, ransomware and data intrusions were announced weekly. Volcanic eruptions, wildfires and mudslides decimated a record number of homes and forest acreage. The entire island of Puerto Rico continues to suffer Hurricane Maria’s devastating effects. We have also become numb to the numerous senseless shootings in places where we used to feel safe.