Recent online conferences of the Risk and Insurance Management Society (RIMS) and the National Conference of Compensation Insurers (NCCI) provide insights from insurance leaders as to where the industry is heading. Here is a summary:
- Safety protocols for dealing with COVID-19 will probably continue as they have proven effective in reducing employee illness and absenteeism.
- Telehealth will continue to be used in both workers compensation and medical leave claims.
- Working from home will be the top injured worker accomodation request.
- With driverless cars programmed to make decisions, liability for accidents will shift to manufacturers. This will probably change auto liability insurance.
- The use of facial recognition software by law enforcement agencies creates privacy issues which could lead to claims. (Some cities have banned this practice.)
- Improved modeling will change the market for terrorism and political violence insurance.
- The effects of COVID-19 will still be felt. Ongoing issues include long-term claims, the impact of presumption laws and whether there will be future spikes in infections.