|September 25, 2014||WRIN.TV Interview: Matt Power
In a recent WRIN.TV interview, Matt Power, head of Strategic Development at Lexington, speaks about how the development of big data and technology has become increasingly vital in the insurance industry. Matt focuses on the current state of the industry, what the future holds and the positive/cautionary risks that come along with big data involvement.
Underwriters have always been dependent on data — whether it is weather patterns, shipping lanes, or construction information — to help them in the underwriting process. Big data promises to analyze and correlate ever vaster amounts of information, and help underwriters make quicker, better, and more effective decisions, Matt said.
To view Matt's entire WRIN.tv interview, click here .
|September 20, 2014||A.M. Best Webinar: Nadine Silva
In A.M. Best's latest webinar, Nadine Silva, Property Division Executive, joined a panel discussion addressing what insurance professionals should know about resilience and infrastructure when planning to manage catastrophes. Accompanying Nadine on the panel were Kate Ascher, Principal, BuroHappold Engineering, and Laurie Johnson, PhD. AICP, Laurie Johnson Consulting.
Nadine and the panel discussed the challenges underwriters face in providing CAT coverages, emerging trends in the marketplace, demands for new products, and recent business interruption issues in the marketplace. They examined how insurers, public officials, and planners are learning and using their knowledge from past events to strengthen preparation and recovery for future catastrophes.
Among the noteworthy trends mentioned was the increase in floods in uncontrolled areas. "As a result of climate change, areas that weren't typically designated as flood risks are seeing increased flood activity," Nadine said.
On the topic of emerging risks, Nadine stressed the importance of innovation. "The demand for solutions is always changing; therefore we must change with it. Lexington was founded on innovation, and we're always looking for new ways to approach emerging risk," she said.
Nadine also shared her thoughts on the future of the industry. She explained that as exposures continue to grow in complexity, our capacity to work with our business partners to identify and provide innovative solutions will continue to expand as well.
To view the A.M Best webinar in its entirety, please click here .
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||Lexington Helps Beautify Rose Kennedy Greenway
In celebration of AIG's volunteer week, Lexington employees spent October 15 on the Rose Kennedy Greenway, where they helped beautify the area. The greenway is made up of six different parks throughout Boston and is public and organically-maintained.
It was a great turnout, with 15 Lexington employees on hand, and everyone enjoying the unseasonably warm weather. Volunteers arrived at 8:30 a.m. and spent hours on gardening tasks such as planting, mulching, raking, and weeding the area. The volunteers planted some 270 new plants which will be in full bloom next spring. Read more >
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