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Summer Journal

Volume 29, Issue 3

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Jon Seals

2016 LexisNexis Usage-Based Insurance Study finds new incentives, customer segments and marketing channels hold strong potential for market expansion

ATLANTA (Aug. 25, 2016) – A new LexisNexis Risk Solutions study on usage-based insurance (UBI) found that a surprising number of U.S. drivers (50 percent) report enrolling in pay-as-you-drive policies when offered, yet few are given the choice, revealing a significant market-building opportunity for auto insurers. The 2016 LexisNexis® Usage-Based Insurance Study on consumer sentiment towards telematics-powered insurance found that just one in five consumers say they are given an opportunity to purchase a UBI policy by their insurer. UBI enrollment, in turn, has remained steady, but opportunity for growth is evident.

LexisNexis Risk Solutions (PRNewsFoto/LexisNexis Risk Solutions)

Key findings from the fifth annual study include:

  • UBI awareness is up 10 percent
  • Other approaches such as discounting deductibles may be as successful as premium discounts.
  • Increased interest from consumers between the ages of 45 and 64 may offer carriers a new target market for UBI offerings.
  • Word of mouth, social media marketing and customer testimonials may be needed to increase UBI adoption.

"The study revealed untapped opportunities for insurance carriers to expand UBI into markets beyond tech-savvy, price-sensitive millennials and promote the benefits of UBI with the motivators that move their specific customers," said David Lukens, Director of Telematics at LexisNexis Risk Solutions. "New awareness-building and marketing approaches can lead to greater UBI adoption, giving carriers a better way to understand driver risk, price policies and speed the claims process. If they can capture and analyze vast amounts of driver data through telematics and analytics, they'll be better able to differentiate and deliver improved service in a competitive market."

Consumer Motivations for UBI
Today, discounting premiums continue to be the most popular benefits for UBI programs. Alternatives, such as discounting deductibles or offering roadside assistance, are affordable and attractive ways to acquire new UBI customers.  According to the study there are also other motivations besides financial and service incentives that are proving effective. Other factors that carriers should consider when promoting their UBI programs include:

  • Helping to determine fault in accidents (70 percent would be more interested in UBI).
  • Monitoring good driving behavior (64 percent would be more interested in UBI).
  • The technology's ability to provide immediate notification of an accident to expedite the claims process (68 percent would be more interested in UBI).
  • Receiving alerts of poor driving behavior (62 percent would be more interested in UBI).  

Optimizing New Markets and Channels
While enrollment remains strongest among consumers aged 21 to 25, increased interest from consumers aged 45 to 54 may offer carriers a new untapped market opportunity for UBI offerings, according to the study. With the highest increase in awareness of UBI programs over the past year (up 6 percent), consumers aged 45 to 54 may be more interested in UBI programs due to having younger drivers in their households, triggering interest in the safety and monitoring benefits of UBI, or they may just be getting more comfortable with UBI technology.

Finally, highly influenced by others, 56 percent of respondents said they wouldn't enroll in UBI unless consumer reviews or feedback are available. And 40 percent said they wouldn't enroll unless someone they knew participated first, which suggests that new marketing channels such as social media, word-of-mouth and customer testimonials may also be needed to increase UBI adoption.  

For more information, download the 2016 LexisNexis Usage-Based Insurance Study whitepaper.

About LexisNexis Risk Solutions
LexisNexis Risk Solutions is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk. Combining cutting-edge technology, unique data and advanced analytics, LexisNexis Risk Solutions provides products and services that address evolving client needs in the risk sector while upholding the highest standards of security and privacy. LexisNexis Risk is part of RELX Group, a world-leading provider of information and analytics for professional and business customers across industries.
http://www.lexisnexis.com/risk/

According to the results of a recent survey of 704 IT operations and security managers, 66 percent of respondents believe privileged users access sensitive or confidential data simply out of curiosity, and 74 percent think privileged users believe they're empowered to access all the information they can view.

Still, the survey, commissioned by Forcepoint and conducted by the Ponemon Institute, also found that just 43 percent of commercial organizations and 51 percent of federal organizations currently have the capability to monitor privileged user activity, and a majority of respondents said just 10 percent or less of their budget is dedicated to addressing the issue.

Only 18 percent of respondents are very confident that they have enterprise-wide visibility for privileged user access, and 46 percent believe malicious insiders would use social engineering to obtain privileged user access rights.

...

http://www.esecurityplanet.com/network-security/66-percent-of-it-pros-say-privileged-users-access-sensitive-data-simply-out-of-curiosity.html

If yours is like many IT organizations, with growing concerns about native email security risks, including unencrypted email messages, contacts, and attachments, you’ve probably had to ask employees to stop using native email. Instead, they should be using an email client that is included in your Enterprise Mobility Management (EMM) Suite. Unfortunately, when employees begin using the new EMM mobile email client they often give you the “deer in headlights” look, due to the challenging user experience.

You may be wondering whether, despite the security risks, you should allow users to revert back to native email. Certainly, with newer versions of iOS and Android for Work, the security risks are lower, but risks still exist.

...

https://www.citrix.com/blogs/2016/08/25/worx-mail-setting-the-bar-higher-for-enterprise-class-mobile-email/

A lot about data center connectivity, WAN, and how businesses utilize the cloud will change between now and 2020. Cisco’s recent Visual Network Index report outlined some of the biggest changes that are coming your way:

  • Global IP traffic will increase nearly threefold over the next five years.
  • Smartphone traffic will exceed PC traffic by 2020.
  • Traffic from wireless and mobile devices will account for two-thirds of total IP traffic by 2020.
  • The number of devices connected to IP networks will be more than three times the global population by 2020.
  • Globally, virtual reality traffic will increase 61-fold between 2015 and 2020, potentially serving up hundreds of petabytes of traffic per month.

Square in the middle sits the business and the users they’re trying to support. This is why, over the next four years, organizations are going to use data center connectivity and WAN technologies to create real-world competitive advantages. With this in mind, let’s examine how companies can use WAN technologies to their benefit and where they can create even more optimization.

...

http://www.datacenterknowledge.com/archives/2016/08/25/data-center-connectivity-how-to-use-wan-for-competitive-advantage/

Thursday, 25 August 2016 00:00

Your Strategy for Shadow IT Sourcing

Wait a moment, does it actually make sense to talk about shadow IT and sourcing strategy in the same breath?

Isn’t shadow IT all about undisciplined end-users bypassing the IT department to sign up with the first shark, sorry, cloud vendor who comes along – end-users who wouldn’t know an IT sourcing strategy if it bit them in the hard drive?

People in enterprises are going to use shadow IT whatever happens, even if it’s a personal app on their personal mobile computing device, into which they then start to enter corporate data.

So, if you can’t beat them, maybe you should join them, as follows.

...

http://www.opscentre.com/strategy-shadow-sourcing/

The Business Continuity Institute’s Australasian Awards aim to recognise business continuity and resilience excellence. They will be presented on 8th September at a ceremony at the Museum of Contemporary Art in Sydney.

The BCI has now published the shortlist of individuals and organizations that have been shortlisted for the awards. This is as follows:

Continuity and Resilience Consultant
Anita Gover CBCI, Technology Manager, RiskLogic (Pty) Ltd
Oliver Pettit AMBCI, Director, Crisis Management, Deloitte
Paul Trebilcock FBCI, Director, JBT Global
Roger King MBCI, IT SCM Consultant, TasNetworks
Simon Jordan AMBCI, Consultant and Director, Resilient IT Ltd

Continuity and Resilience Professional (Private Sector)
Dale Cochrane AMBCI, Senior Consultant Business Continuity, NAB
Wasim Malik MBCI, DR/BCP Specialist, Bravura Solutions

Continuity and Resilience Newcomer
Madeleine Gin CBCI, Business Continuity Consultant, RiskLogic
Tammie Horton AMBCI, Business Continuity Manager, Shared Services Centre
Tarah Unn CBCI, Analyst – Business Resilience & Crisis Management, Deloitte Risk Advisory (Pty) Ltd

Continuity and Resilience Professional (Public Sector)
Ognjen Stricevic, Senior Risk Analyst, Family & Community Services NSW
Roger King MBCI, IT SCM Consultant, TasNetworks

Continuity and Resilience Team
Dekin University, Critical Incident Management Team & Business Recovery Team
NBN Business Continuity & Resilience Team, NBN
Telstra Business Continuity Program Office, Telstra Corporation Ltd
Westpac NZ Business Continuity and Security Risk Team, Westpac New Zealand Ltd

Continuity and Resilience Provider (Service/Product)
Avalias, Avalanche TTX
Interactive (Pty) Ltd
RiskLogic, BC-3 Business Continuity Software

Continuity and Resilience Innovation
Riskcloud.NET PocketBCP
Westpac Group Protective Services, Education & Awareness Team, The Westpac Group
The Australian Taxation Office (ATO) The Business Continuity Team

Industry Personality
Andrew Darby MBCI, Managing Director, Darby BCM (Pty) Ltd
Brendan Jones MBCI, Director, Business Continuity Management, Australian Taxation Office (ATO)
David Tickner FBCI, Independent Business Continuity Consultant & Strategist

More details.

Thursday, 25 August 2016 00:00

What You Need to Know About Mold

Mold has been around for millions of years. It is everywhere. It floats in the air and lurks on surfaces, flourishing whenever is comes in contact with moisture. Even indoor spaces are not safe. Mold can infiltrate homes through doorways, windows and vents left open to allow in fresh air. It can be carried in on clothing, shoes or pets. It can also gain access were particularly vulnerable to heating and cooling systems.

Mold and Your Home
Once inside, mold quickly makes itself at home. This unpleasant invader can grow on a variety of common surfaces, including paper, paints, ceiling tiles, carpet, fabric, upholstery, drywall, insulation, and wood. Even dust can provide a welcome harbor. Areas that have a lot of dampness or moisture like bathrooms and kitchens are at greater risk for mold issues. Locations where a leak has occurred, and any areas that have flooded are especially vulnerable to infestation.

...

http://nationaldisasterrecovery.org/what-you-need-to-know-about-mold/

AUSTIN, Texas—Three major disaster declarations affecting dozens of Texas counties—some on multiple occasions—will result in nearly one quarter-billion dollars in federal assistance to repair or replace damaged infrastructure.

FEMA said today that combined federal aid for severe weather disasters in May-June 2015; October 2015, and January 2016 will help fund recovery efforts for 3,087 individual projects among 569 applicants for Public Assistance.

Public Assistance is an element of FEMA’s disaster response that benefits everyone—neighborhoods, cities and states, as well as certain private nonprofit organizations—by reimbursing eligible work on damaged publicly-owned infrastructure.

PA dollars:

  • clean up the community and repair bridges

  • put water systems and utilities back in order

  • repair hospitals and emergency services

  • rebuild libraries and replace damaged books

  • rebuild schools and universities and

  • restore damaged public parks so families can enjoy them again.

FEMA provides a minimum of 75 percent of the cost to repair or replace disaster-damaged infrastructure.

PA projects are developed and approved by local, state, and federal officials and work is continuing on many. Payments are usually made on a reimbursement basis.

Public Assistance funding applicants can include:

  • state agencies

  • local and county governments

  • private nonprofit organizations that own or operate facilities that provide essential government-type services

Recovery work also continues on disasters resulting from storms this year in March, April and May-June.

Summary of Public Assistance to Three Texas Disasters

Severe Storms, Tornadoes, Straight-line Winds and Flooding

Counties

Applicants

Projects

Federal Share*

May-June 2015

110

381

2,265

$175.9 million

October, 2015

57

85

486

$40.1 million

January, 2016

51

103

336

$32.5 million

TOTALS

178

569

3,087

$248.5 million

*Current estimate

# # #

FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.

Thursday, 25 August 2016 00:00

Planning for Extreme Floods

Companies in the United States should begin preparing now for climate change, which is predicted to cause extreme weather conditions, according to FM Global’s report, The Impact of Climate Change on Extreme Precipitation and Flooding. As the climate warms, areas that are dry will become drier and moist areas will see higher precipitation. The characteristics of precipitation will also change. “We feel cli­mate change not so much through subtle changes in the mean, but through changes in the extremes,” MIT Prof. Kerry Emanuel said in the report.

While the overall amount of precipitation might remain the same, it will become less frequent but more intense. A specific region of the country that has historically seen 10 inches of rain each May might see the same volume that month, for example, but those 10 inches may occur in a much shorter period of time, increasing the risk of flooding, according to the study.

By the end of the century, as temperatures rise, it is possible for precipitation to change by 8%, which could exacerbate wildfires in some areas and flooding in others. The danger is that, because these extreme events are infrequent, they lack urgency, so planning can easily be put off. Risk managers are advised to check their facility’s resilience in terms of the building’s ability to withstand flooding, focusing on 500-year flood levels rather than 100-year.

...

http://www.riskmanagementmonitor.com/planning-for-extreme-floods/

(TNS) - Emergency response teams from across the state were in Sedalia on Tuesday to help fake victims of a fake earthquake as part of a National Mass Care Series Exercise.

From Monday through Wednesday, teams are testing plans for evacuating and sheltering potential victims of a New Madrid Seismic Zone earthquake. The zone, located in New Madrid, Missouri, in the southern part of the state, has not produced a major earthquake since 1812, but the exercises are meant to help responders be prepared in case another ever occurs.

“What I understand is that they have been able to look back, digging in the ground, and they think it goes off in a big event once every 250 years,” said Sedalia-Pettis County Emergency Management Agency Director Dave Clippert. “Now will that happen like that, no one really knows, the thing about earthquakes is there is no warning. A big quake happens, then a large number of aftershocks after that. It is more we needed to put a plan together and understand what we are facing with this … This is the ground floor, it will go on for a number of years adding on to (the plan).”

...

http://www.emergencymgmt.com/disaster/-Sedalia-practices-for-earthquake-response.html

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