Our customers desperately need us to help them through this difficult time , and our success depends on how we innovate while managing these competing interests . •
modeling along with a variety of other data and in combination with artificial intelligence to better predict shifts and trends impacting loss outcomes . As an example , since the likelihood of a roof claim is not dependent on merely knowing the age of the roof , but more importantly the condition of the roof , and the location of the risk , AI powered technology using critical risk insights can make specific evaluations of the degree of risk in writing insurance on a particular home or building .
Vulnerability to perils can now be measured so underwriters can better select and price the risks they quote . This is a technology that we ’ ll be hearing more about going forward . Additionally , insurance companies have offered discounts for loss mitigation efforts such as smart security systems , water leak detectors , and smoke and carbon monoxide detectors . Again , these have been voluntary on the part of the customer up to now , so time will tell if we ’ ll continue to see if these remain to be voluntary .
As for innovation in our own agencies , we ’ ve all had to face the challenges of maintaining profitability ; Doing so while serving our customers , keeping our renewals and writing new business as premiums increase dramatically , and insurance company appetites change rapidly in this new normal marketplace . This marketplace is forcing us to do much more outreach with our customers , including remarketing efforts . This is a time more than ever before that we must turn to our own technology , as well as the data it can provide . This data can help us better understand the kind of business we write most profitably so we can prioritize the most effective allocation of our limited human resources . We ’ re also having to innovate the roles of our staff to meet the needs of our customers .
Our customers desperately need us to help them through this difficult time , and our success depends on how we innovate while managing these competing interests . •
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