Anything but boring: Electric underground shuttles in LA
Elon Musk has an infrastructure firm called the Boring Company – and it's about to bore some tunnels under Los Angeles. In the works is a mass transit system which would propel electric shuttles from LA to LAX in eight minutes, eleven miles, at 150 mph, for one dollar. "Musk claims underground transportation is the most effective solution to issues plaguing the transportation industry," as it doesn't "have the same limits as traditional infrastructure," Business Insider reported.
Auto insurance: Pricing for the elimination of human error
Auto insurance is the business of covering a large number of not-so-large risks, but the self-driving wave may change that. Currently, human error contributes to 94 percent of all car accidents; the entire auto industry is built on a human error-driven model. Well, what happens to the structure of P&C if autonomous cars can push that number down? Insurers will need to price for a few big risks, rather than many potential human errors. Here are some ideas on how that might look from Insurance Thought Leadership.
Housing: Insuring homes that are printed … not built
3D-printed housing is making waves as a potential solution to the global housing crisis, according to Houzz. The technology significantly decreases the time and cost to build and may improve overall quality. In fact, the model home was created in just 48 hours and even meets local building codes! Are you ready to insure a 3D-printed home?
Dockless bikes: Making waves and messes
Dockless bikes. Grab 'em and go. According to NBC, the bikes are everywhere in downtown Dallas, "leaning against cement planters, outside parking garages and cafes, lined up at Dealey Plaza." Just enter your credit card number into a smartphone app, the bike unlocks, and you can zip around for $1 an hour. The problem is – the bikes are everywhere. Those who use them leave them around like litter, turning a convenience into a bit of a plague. According to Mayor Mike Rawlings, they seem to "asexually reproduce or something."
Auto innovation: Meet the 24-year-old who may design your next car
That is, if you buy a Ford. Research engineer Victoria Schein "has been at Ford for less than two years and already is credited with 40 patents," NBC said. According to her bio, Schein "combines her passion for art with her engineering expertise" to innovate, drawing from her "unique experience as someone without a driver’s license."
Air Travel: Do you prefer to fly standing or stacked?
Your airplane seat may soon look and act a little different. According to Smithsonianmag.com, Sky Rider 2.0 seats are “saddle seats” which allow people to comfortably lean/stand while flying. A stacked, mezzanine-style seating model is also under development. The best news: If you don’t like germs, self-cleaning seats may be available in a year or two.
The FedNat Insured Web is a great tool for our insureds!
They like having a centralized location to view policy info, make payments, upload policy documents, and elect to become paperless to receive a discount.
The insureds also can file a First Notice of Loss for a claim and access exiting claim info. Silvervine recently enhanced the site which allows insureds to upload policy documents directly to their policy. The uploaded docs go directly into our workflows and save a lot of manual effort on our part.
From my visits with agents, the agents appreciate the app for the amount of time saved on having to download and attach photos directly to the policy.
The app can also reduce the amount of staff required for a busy office to fulfill underwriting requests for photos.
When training agents they are amazed at how quickly the photos attach directly to the policy. After taking photos using the app and before they make it back to their desk, the photo is already attached to the policy. They also like the ability to attach additional photos for pre-existing damage.
Customer Service is seeing an improvement with retention as the text message definitely triggers phone calls from insureds to make payments.
The insureds love the fact that we notify them on their phones because they state that sometimes they don’t receive their mail for various reasons.
The insureds are paying more attention to the texts then to their actual mail. We try to set all of our customers up on that option if we notice that they are not currently enrolled, as it builds great customer relations as well as retention.
As a company we have adopted the use of Policy Scan for all our policies, and our agents have adopted the use of the app as well.
Not only is it easy to use, there is also no more worrying about losing photos, having to store photos or photos being attached to the wrong policy.
With Policy Scan we have increased efficiency in our workflow and reduced our exposure on the risk.
Silvervine’s core administration solutions easily handles multiple carriers within multiple states, including accounting, payment processing, immediate policy issuance and endorsements.
What started out writing one product, one line in one state has now grown into mulitple products, multiple lines and writing in multiple states. We have over $95 million in annualized premium in-force and we expect to grow by 20% during the next year all serviced by Silvervine.
Silvervine was our insurance software system of choice when we started the company in 2006. Silvervine enabled us to begin business within a few months of licensing the company. Today, we are one of the top 20 homeowner’s writers in Texas and SIlvervine’s solutions have been an integral part of our success.