Insurance

Social Inflation, Litigation, and Jury Awards: External Factors Reshaping the Insurance Landscape

Social Inflation, Litigation, and Jury Awards: External Factors Reshaping the Insurance Landscape

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Written by Chris Davis



With a focus on commercial property casualty, Brittany Lamanna (pictured) believes the complexity of the insurance landscape has been a significant driver of growth. As vice president of property and casualty at Loomis, Lamanna told International Baccalaureate This growth is expected to continue.

The Company’s nationwide operations include a significant presence in Florida, a state that presents both challenges and opportunities due to its unique insurance environment.

“We have noticed an evolving insurance environment.”

Loomis has a national presence, with a significant footprint in Florida. The Florida insurance market offers unique opportunities due to environmental and legal challenges. “The refrigerated property market has provided some relief,” Loomis said. “We are following global trends and carrier partners to ensure we are offering the best terms to our clients and setting realistic expectations for their fiscal year.”

Lamanna also pointed to the impact of a range of external factors on the insurance environment, particularly in the Northeast of the country, where Loomis is headquartered.

“We have observed an evolving insurance environment characterized by social inflation, higher jury awards, and increased litigation,” she added.

“We are not assembled”

Speaking about the diversity of their client base, Lamanna highlighted how Loomis differentiates itself by providing complex solutions to clients with complex needs.

“We are not an aggregator; we are a privately owned, third-generation company that is very service-oriented. Our growth is based on meeting the needs of clients who require complex solutions, often providing a level of service that exceeds that of our competitors. This approach is fundamental to our existence and reflects our commitment to being loyal to our clients,” she added.

This customer-centric approach also relies on one key factor – modern technology. Innovation and technology have been pivotal in improving customer service and risk management at Loomis.

“We leverage technology internally and externally to drive value,” Lamanna explained. “By automating routine tasks, our service teams can focus on value-added activities. Our goal is to ensure our customers receive first-class service, while focusing on the value and relationship aspects of our operation.”

“The potential use of AI and other tools is exciting.”

The shift to a hybrid workforce post-pandemic has presented 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. “In addition, we have effectively integrated core remote work technology and are exploring advanced AI processes, with the goal of enhancing efficiency and profitability.”

As trends continue to evolve, Loomis stays ahead of the curve by leveraging technology and maintaining close relationships with customers.

“The potential use of AI and other tools is exciting,” she added. “Leveraging this technology responsibly could boost our efficiency, allowing our teams to focus on value-added tasks, reduce low-level routine work, and ultimately create happier teams and better customer interactions. The future of AI and other tools could not only boost efficiency, but also improve overall satisfaction and service quality.”

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