Happy Wednesday - we hope everyone is staying warm this week! In this week's Big I Buzz, we are discussing how COVID-19 will continue to impact the insurance industry in 2021, Flood Insurance Awareness Week and two webinars you'll want to register for right now.

3 Ways COVID-19 Will Continue to Impact Insurance Industry in 2021

TransUnion has conducted a survey of 3,148 US consumers with active auto, homeowners, renters and/or life insurance policies during the first week of December. Their findings revealed several trends they believe the insurance industry can expect to see play out during 2021.

According to Insurance Journal, the first trend to watch will be, "The financial and economic challenges brought forth by COVID-19 will continue to impact consumers and businesses, potentially leading to profitability impacts for insurance carriers down the road." The TransUnion survey found that respondents were primarily worried about being able to pay for their car insurance, their car payment, their mortgage payments and life insurance bill. The second trend their survey found was, "Consumers and businesses expect insurers to have a greater understanding of their individualized needs in light of shifting behaviors and preferences." Their survey found that many consumers may be interested in user-based insurance and telematics programs. According to Insurance Journal, 61% of drivers would allow their insurance carrier to collect real-time information about their mileage and driving habits if it could lower their premium. The third and final trend they found was that insurance digitization efforts will continue to strengthen in 2021. All the way from marketing to claims submissions and digital policy servicing, there's a digital transformation. "TransUnion's survey found that almost half of respondents (47%) filed an auto and/or property claim in the last year, and of those, nearly four in 10 (39%) used a mobile app, website portal or e-mail. Read more about the TransUnion Survey and its findings here.

Flood Insurance Awareness Week

OCI is encouraging Wisconsinites to consider flood insurance before spring flooding. Commission Mark Afable said, "This week, we are encouraging Wisconsin consumers to learn more about the importance and benefits of flood insurance before the snow starts melting and the rain starts falling. With precipitation on the rise due to a changing climate, proper insurance coverage is a great step to secure the financial stability of families and communities that may be impacted by flooding." Gov. Evers has proclaimed February 7-13 Flood Insurance Awareness Week in Wisconsin to underscore the importance of obtaining flood insurance early. Some flood insurance policies, including the policies from the National Flood Insurance Program have a 30-day waiting period before they take effect. On Monday, the IIAW posted a graphic to help encourage Wisconsinites to consider flood insurance. You can visit our Facebook page to share that graphic to your own pages, hopefully reaching more customers to get the word out!

Upcoming Webinars

Next Tuesday, February 16th from noon to 1 p.m., you can learn more about the Paycheck Protection Program with a webinar brought to you by the UW-Madison Extension Community Development Institute. During this meeting, you'll hear from SBA officials, Wisconsin business owners and a regional banker. Wisconsin business owners will be able to ask questions and receive guidance on how the application process works, highlighting strategies, hurdles and common mistakes. You can learn more and register for the webinar here.

Block off your calendar on Wednesday, February 17th at 10 a.m. for the latest installment of our Agency Leadership Webinar Series. As we stated above, one of the trends to be aware of through 2021 is the digitization of the insurance industry. How do you prepare? Well, you can learn more about Agency Technology from our webinar's featured speaker, Steve Anderson. Steve has spent his 35+ year career helping the insurance industry understand, integrate and leverage current and emerging technologies. From business management systems to social platforms, Steve can analyze what's happening now and explain its implications for the future. Register for this webinar here.

For more news, check out the Action News section of our weekly e-newsletter Big I Buzz. If you aren't subscribed, click here to add your email to our emailing list. Don't forget you can stay up-to-date on other industry news and conversation by joining the IIAW's Online Community, exclusively for IIAW members. You can join the Online Community here. We hope that everyone has a great rest of their week!