We often see press reports about the average reading age of individuals, usually being between 7 and 11 years old. Couple this with the complex nature and desire to not exclude folks - I love all the work right now with regards to policy wording simplification.
Both Beazley & Lemonade have made a splash with this.
Couple this with new products, such as Parametric products and, here, Weather Guard, we have more niche and better serving options for our customers. It's a great move all round in my view.
Specialist insurer Beazley has launched a digital insurance policy in the U.S. that can be customized and describes in plain English precisely what coverage the customer has bought. Beazley Weather Guard protects U.S. event organizers against the effects of severe weather that may cause the cancellation of an outdoor event. It can also be used by U.S. retailers to insure weather-related sales promotions, linking a sales refund to an unusual weather event.