Social inflation, litigation, jury awards: External factors reshaping insurance landscape
Social inflation, litigation, jury awards: External factors reshaping insurance landscape | Insurance Business America
Property
Social inflation, litigation, jury awards: External factors reshaping insurance landscape
VP of property and casualty division on the changing nature of property risk in 2024
With a focus on commercial property casualty, Britany LaManna (pictured) believes that the complexity of the insurance landscape has been a significant growth driver. As VP of the property and casualty division at The Loomis Company, LaManna told IB this growth is only set to continue.
The firm’s nationwide operations include a significant presence in Florida, a state that presents both challenges and opportunities due to its unique insurance environment.
“We’ve observed an evolving insurance environment”
The Loomis Company has a national presence, with a significant footprint in Florida. The Florida insurance market offers unique opportunities due to environmental and legal challenges. “The cooling CAT property market has provided some relief,” Loomis said. “We stay attuned to global trends and carrier partners to ensure we offer our clients the best terms and set realistic expectations for their fiscal year.”
LaManna also pointed out the impact of a host of external factors on the insurance environment, particularly in the Northeast, where Loomis is headquartered.
“We’ve observed an evolving insurance environment characterized by social inflation, higher jury awards, and increased litigation,” she stated.
‘We’re not an aggregator’
Discussing the diversity of their client base, LaManna highlighted how Loomis excels by providing complex solutions to clients with intricate needs.
“We’re not an aggregator; we are third generation, privately owned and highly service oriented,” she said. “Our growth is driven by catering to clients who require complex solutions, often providing a level of service that surpasses that of our competitors. This approach is fundamental to our existence and reflects our commitment to being stewards for our clients.”
And this client-centric approach also depends on one core factor – state of the art technology. Innovation and tech have been pivotal in enhancing client services and risk management at Loomis.
“We leverage technology both internally and externally to enhance value,” LaManna explained. “By automating mundane tasks, our service teams can focus on value-added activities. Our goal is to ensure our clients receive first-class service, emphasizing the value and relationship aspects of our process.”
“The potential use of AI and other tools is exciting”
The transition to a hybrid workforce post-pandemic posed challenges, but also opportunities, for enhancing company culture and employee satisfaction at Loomis.
“Reuniting our teams in a fair and equitable manner while maintaining our strong culture has been an ongoing opportunity,” LaManna notes. “Additionally, we’ve integrated basic technology for effective remote work and are exploring advanced AI processes, with the goal to enhance efficiency and profitability.”
And, as trends continue to evolve, Loomis remains at the forefront by leveraging technology and maintaining close client relationships.
“The potential use of AI and other tools is exciting,” she said. “Leveraging this technology responsibly can enhance our efficiency, allowing our teams to focus on value-added tasks, reduce low-level grunt work, and ultimately create happier teams and better client interactions. The future of AI and other tools may not only boost efficiency but also improves overall satisfaction and service quality.”
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