November 3-6

Lending Council Conference - Nashville, TN

November 7-8

Small Credit Unions Big Impact - Kansas City, MO

November 13-15

LSCU INSPIRE Conference - Tampa, FL

November 13-15

Bank Secrecy Act (BSA) Conference - San Antonio, TX

November 19-21

big.bright.minds.2024 - San Diego, CA

November 21

NCUA Board Meeting

Join Us in Welcoming Jon Creel to the Team!

We are absolutely THRILLED to announce the newest addition to our leadership team, Jon Creel, as our Vice President of Business Development!

With over 20 years of extensive experience in the financial institution industry, Jon is no stranger to the complexities of lending, sales, and customer success. His wealth of knowledge and proven track record not only establish immediate credibility, but also perfectly align with ISI's commitment to expertise and service. Jon's appointment is a testament to our dedication to growth and enhancing client relationships and reinforcing our customer-centric approach.

We are filled with optimism about the future with Jon's leadership approach, as we look forward to building even stronger partnerships with our clients and future partners!

To learn more: Read Jon's Official Announcement!

Welcome to the Team Jon!

Connect with Jon on LinkedIn

Auto Insurance Repair Cycle Times Improve but Price Increases Take a Toll

The J.D. Power 2024 U.S. Auto Claims Satisfaction Study reveals a mixed landscape for auto insurers. On the positive side, the average repair cycle time for claims has improved significantly, dropping to 18.9 days, which is a reduction of 5 days from earlier this year. This decrease has led to an overall average of 22.3 days for repair cycles, offering some relief to both insurers and customers. However, this good news is tempered by a 26% increase in average repair costs over the past two years, resulting in a 15% rise in premiums this past year. Nearly half of respondents experienced a premium increase, which has negatively impacted customer satisfaction, particularly for those who filed claims.

Effective communication remains crucial in the claims process, especially for customers facing premium hikes. Those who had to deal with increases before submitting claims often report more difficulties in communication and managing expectations. While digital claims processing has shown improvement—especially through mobile apps—generational differences persist, with older customers preferring traditional methods. NJM Insurance Co. leads in overall customer satisfaction with a score of 782, followed by Amica and Erie Insurance. As the auto insurance industry grapples with rising costs and changing customer expectations, strong communication and efficient claims handling will be essential for retaining customer loyalty.

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jdpower.com

Florida Insurance Market Faces Pressure as NFIP Struggles with Flood Risk

As hurricanes become more powerful and unpredictable, their impact on the insurance industry is intensifying. Hurricane Milton, which quickly reached Category 5 strength, caused unprecedented inland flooding and $50 billion in damages. Insurance markets, especially in Florida, are now grappling with the challenge of adjusting claims, particularly as Hurricane Milton hit regions already impacted by another storm, Helene. This may lead to delays in estimating losses.

Experts like Susan Flemming and John Tolland from Amwins highlight that reinsurance treaty renewals will be crucial in assessing Milton's long-term effects. Additionally, concerns about the sustainability of the National Flood Insurance Program (NFIP) grow, as its funds are quickly depleting. Alternative solutions, like parametric insurance for quick flood damage payouts, are emerging but should complement traditional coverage.

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insurancebusinessmag.com