Some changes that will affect the insurance industry are still years away. Others are probably in the foreseeable future. Many we can't do anything about, other than respond and act, or react, accordingly. The immediate problem is that we're all so involved in day-to-day activities and pressures that sometimes we can't see the forest for the trees anymore.
In publishing, we have deadlines and coverage commitments to deliver timely editions on time. Personally, I've worked in and reported on a number of industries throughout my career. For instance, I started in the transportation and distribution industry, then moved to the design and construction industries, and finally into insurance. They've all been challenging endeavors, but nothing as much as insurance claims.
Before I started working in the insurance industry, I'd never experienced such rapid changes in priorities, such moving forces demonstrated in readers' attempts to be thorough and responsive. You'd think that after 9/11′s challenges, followed by all these "perfect storm" seasons, that you had seen everything. Unfortunately, I suspect that you and me ain't seen nothin' yet.
The popular press has been warning us for months of the newest onslaught of challenges we'll be facing. First of all, the 2006 hurricane season is upon us. Already! They're predicting it will be as bad as ever, and it's a trend that will continue for over a decade, possibly two. But haven't we already had an onslaught of tornadoes? I guess that's another story!
What we're facing is the challenge of changing weather patterns that will confront the industry for years to come. Yes, the immediate challenge is already upon us; it's here and now. And we have to adjust to the difficult days ahead.
Flood insurance: difficult to obtain and full of addendums. Wind: almost the same scenario (and God help you if you live in Florida coastal areas). And then there's business interruption coverage. BI coverage will be most challenging as we move into the precarious future. Learn all you can about BI claim processing! It can be tricky.
Are you up to date on these coverages and ready to address claim questions in these areas? You're already aware of some of these various challenges, but not all. Think about those BI coverages and claims to come. This is probably one of the biggest hurdles you'll be facing in the near future. Whatever happens in the coming months and years, we owe it to our families and to future generations to do what we can now to make for smooth sailing. The insurance industry will survive and prosper — and change dramatically.
Global warming will continue, and its effects will be felt for generations. Coastal cities throughout the world will face astronomical challenges. As citizens of the world we need to unite. As citizens of the insurance industry, we need to re-educate ourselves to meet these imminent challenges.
For the immediate future, learn all you can about the issues facing our industry in the foreseeable future. Fight within your companies to get them to prepare for a new era of coverages and claims through continuing education. You'll be doing one and all a favor.
Maybe you think you can't make a difference. Maybe you're wrong.
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