Insurers must be able to test new specialty lines without significant upfront capital investments
Boston, MA (May 30, 2023) – The specialty market requires significant operational flexibility to accommodate a wide variety of risks and meet the needs of the insurer and the insured. Specialty insurers are prioritizing cloud data warehouses, reporting tools, and data science investments to optimize their portfolios and improve underwriting, according to a new report from Aite-Novarica Group.
This report, which is part of a series on key business and technology trends in specific lines of business in the U.S. insurance industry, provides an overview of specialty lines insurer business and technology issues, data about the marketplace, and more than 10 examples of recent insurer technology investments. It draws from the expertise of Aite-Novarica Group’s experts, conversations with Aite-Novarica Group clients and Insurance Technology Research Council members, and a review of secondary published sources.
This report mentions Accident Fund Insurance Company of America, AF Group, AIG, Alleghany Corporation, Allianz Global Corporate & Specialty, Alianz X, Ambac Financial Group Inc., American Family Ventures, American Reliable Insurance Company, Amerisure, AmeriTrust Group, Aon, Applied Underwriters, Arch Insurance, Argo Group International Holdings, Ascot Group Ltd., Ascot Surety & Casualty Company, Aspen Insurance, Arthur J. Gallagher & Co., At-Bay Specialty Insurance Company, Ategrity, Attune, AXA XL, Beazley, Berkshire Hathaway, Berkshire Hathaway Specialty Insurance, Boston Indemnity Company, Brookfield Reinsurance, Cake, Canopius USA, Catapult Insurance Solutions Inc., Catlin Specialty Insurance Co., Chubb, Cirrata Group, CLIR, Coaction Specialty Insurance, Coalition Insurance Company, Core Specialty Insurance Holdings Inc., Coverys, Covr, Crum & Forster, Digital Affect Insurance Company, The Doctors, Duck Creek, EmPRO Insurance Company, Everest Re, Everett Cash Mutual, FCCI, Fidelis Insurance Holdings, The Fortegra Group, Fusion Specialty, GAINSCO, GBLI, Global Aerospace, Google, Great Midwest Insurance Company, Hallmark Financial Services Inc., The Hartford, Hartford Steam Boiler, HDI Global Insurance Company, Hiscox, Insurity, Intact, InvoiceCloud, io.insure, Jupiter Intelligence, kWh Analytics, Lancer Financial Group Inc., Ledgebrook, Liberty Mutual, Liberty Specialty Markets, Mosaic Insurance, Munich Re Digital Partners US Holding Corporation, Nationwide, Origami Risk, Pathpoint, Pinnacol Assurance, Praedicat, Privilege Underwriters Inc., PURE Specialty Exchange, REIN, Relay, Resilience, Risk Placement Services, Sequentis Financial, Skyward Specialty Insurance Group Inc., SkyWatch.AI, Sompo International, Sony Electronics, Stone Point Capital LLC, Specialty Program Group, Swiss Re Corporate Solutions, Tejas American General Agency LLC, Terrafuse, Thimble, Tokio Marine Group, Tokio Marine HCC, Travelers, Vantage Risk Specialty Insurance Company, Verisk, Warburg Pincus, Westfield Insurance, and XL Insurance America Inc.
Clients of Aite-Novarica Group’s Property & Casualty service can download this report and the corresponding charts.
Click here to access the report or download the table of contents.
About Aite-Novarica Group
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.
Source: Aite-Novarica GroupTags: AIG, Aite-Novarica Group, Allianz, Aon, Arch Insurance, Arthur J. Gallagher, At-Bay, Beazley, Canopius, Chubb, Coalition Inc., Google, Hartford Steam Boiler (HSB), Insurity, Intact, kWh Analytics, Munich Re, Swiss Re, The Hartford, trends, Verisk, XL Catlin