FinovateFall 2018 is upon us, and it’s fitting that it’s happening in New York City, the center of the universe for many things; certainly this week it’s the center of the fintech universe. More than 80 companies will have seven minutes to show how they can improve the space and move the industry forward. Beyond the individual demos, the collection of presenting companies paints a picture of where the world of financial services is headed and who is going to lead in the future. For those of us figuring out trends and the future evolution of the space, it’s perfect.
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To borrow a line from InsureTech Connect’s closing act by Salt-n-Pepa on October 3, 2018, in Las Vegas, it’s time to “Push It,” insurance industry! Of course, I am referring to boundaries, investments, partnerships, and the ability to open your mind. Insurance carriers across the globe are struggling with the need to change—change being a very broad term.
Hurricane Florence will once again expose the challenges insurance carriers face with the National Flood Insurance Program. It is shaping up to be a major storm, likely causing damage and flooding throughout North and South Carolina. While my first thoughts go out to all of those affected by this storm, we will soon begin focusing on the recovery efforts. Once again, the insurance industry will be called upon to help assess and cover the damage caused by this storm. Unfortunately, one of the primary risks associated with hurricanes is flood risk from storm surge, torrential rain, and overdeveloped watershed districts, which require coverage through the National Flood Insurance Program, leading to the following: