By Mark Breading, ReSource Pro — Agents and brokers are no strangers to whispers that their role may one day disappear. However, thus far, they continue to be a mainstay in insurance distribution and have successfully navigated significant industry transformation. But could the recent rise in embedded insurance solutions tip the scales? What is embedded… Read more »
Social Inflation: Decades Of Insurance Litigation Abuse
by Stephen Applebaum and Alan Demers — The scourge of legal abuse in insurance is hardly new or even recent but rather has been insidiously growing throughout the industry for decades. Referred to today as social inflation, the stakes are higher and so-called “tort reform” seems distant with no signs of slowing. Some 86% of… Read more »
Is instant quoting the future of cyber insurance and broker-carrier relations?
By Aaron Davidson, CEO, Relay Platform — For better or worse, the cyber environment is a place of constant evolution. On one hand, that evolution means tremendous innovation. However, those leaps forward are unfortunately opening the world up to increased threats of cyberattacks. For businesses, this increase in cyber threats has resulted in a corresponding… Read more »
Sales Leaders Must Harness the Power of AI While Keeping the Human Touch: Gartner
Gartner Q&A with Adnan Zijadic — As generative AI continues to disrupt the sales landscape, leaders are seeking ways to empower their sellers with the right content and tools to optimize AI capabilities in support of a wider revenue strategy. Despite the buzz, the salesperson role isn’t fading — it’s the human in the loop… Read more »
HR Revolution: The Era of the Global Platform for Managing Employee Benefits and Group Insurance
By Segic — In the current HR landscape, companies face a major challenge: meeting the diverse needs of four different generations in terms of employee benefits and group insurance. It is crucial to adopt an integrated and flexible approach to designing benefits programs that address these varied needs. Consider the differences between a young employee… Read more »
How Insurers Can Leverage Omnichannel Distribution
By Aaron Davidson, CEO, Relay Platform — Thriving in an ever-changing digital landscape relies heavily on how well insurers understand and reach their customers. A Google study showed that mobile searches for “insurance near me” have grown by over 100% since 2017. From there, the research stage for many buyers becomes more complex and nonlinear,… Read more »
Evolution of Data Extraction: From Optical Character Recognition (OCR) to Intelligent Document Processing (IDP)
By SortSpoke — Data extraction technology has evolved greatly over the years. For a long time, Optical Character Recognition (OCR) technology was the only reliable option beyond manual data entry. OCR systems identify characters in images or photos of text and convert them into a machine-readable format so that other software packages can save, edit,… Read more »
MGAs and Smaller Carriers Drive Growth in Core System Purchases
By Tom Benton, ReSource Pro — At ReSource Pro, we talk a lot about digital transformation as an enabler of business growth. This type of enterprise-wide transformation relies on core systems, like policy, billing, and claims solutions; these systems work together to help insurance companies improve efficiency, profitability, and customer experiences. Carriers and MGAs recognize… Read more »
Simplifying Risk Analysis with VIN Data
By Jim Vecchio, Head of VIN Products, Autodata Division, J.D. Power — The insurance industry needs dynamic auto pricing symbols. At the 2024 Casualty Actuarial Society’s (CAS) Ratemaking, Product & Modeling (RPM) seminar last month, I had the opportunity to join Martin Ellingsworth from Salt Creek Analytics and Liam McGrath and Clayton Spinner from WTW… Read more »
Why AI Governance is Important for P&C Insurers
By Tom Benton & Vinay Shah, ReSource Pro — The artificial intelligence landscape has changed significantly over the past year, presenting both fresh opportunities and new challenges to the property & casualty insurance industry. As AI continues to evolve, especially through advancements like GenAI, insurance companies must create strong governance frameworks to keep AI use… Read more »
Many See Embedded Insurance As A Disruptor – Is It?
By Mark Breading, ReSource Pro — Today, ReSource Pro Insights, our research practice, announces a big milestone: the release of our 300th published research report, “Embedded Insurance: Disruptor or Distraction?” This research examines the future of embedded insurance, offering valuable insights into a concept that has recently gained significant traction across the insurance industry. From… Read more »
The Impact of Generative AI on enterprises
By Manav Gupta, CTO & VP, IBM Canada — 2023 was the year Generative AI made its way to the mainstream and rocketed up the business agenda. This year, almost two thirds (60 per cent) of C-suite leaders will be piloting Gen AI solutions, according to IBM’s Institute for Business Value. I had the pleasure… Read more »
Three Use Cases for API Technology in Insurance
By Aaron Davidson, CEO, Relay Platform — As cyber risk continues to evolve faster than many insurance carriers can keep up with, API technology in insurance provides a powerful way to stay ahead of the curve. An API is technology that connects two unrelated software systems. When we apply this to insurance, they enable greater… Read more »
Building A Data Strategy For Generative AI
By Manav Gupta, CTO & VP, IBM Canada — Artificial Intelligence is making headlines daily. It’s dominating business conversations and shooting to the top of the agenda for many corporates, if not already there. According to IBM’s Institute for Business Value, 60 per cent of C-suites will be piloting Gen AI solutions in their organizations… Read more »
A Beginner’s Guide to Cyber Insurance & Risk Management
By Aaron Davidson, CEO, Relay Platform — The cyber threat landscape is rapidly changing and presents an ever-growing challenge to mitigate risks with the right coverage. The complexity of the threat landscape continues to grow as new attack strategies are identified with alarming regularity. This guide will cover all the basics of cyber insurance and… Read more »
Artificial Insurance Trends in Insurance
By SortSpoke — The Property and Casualty (P&C) insurance sector faces many complex challenges. Inflation, climate change and social unrest have led to increasing losses, and a hardening reinsurance market makes it more difficult than ever to sustain growth. No wonder P&C carriers worldwide are looking for new, agile approaches to doing business. For many,… Read more »
Simplifying Risk Analysis with VIN Data: A CAS Seminar Recap
By Jim Vecchio, J.D. Power — The insurance industry needs dynamic auto pricing symbols. At last month’s Casualty Actuarial Society’s (CAS) Ratemaking, Product & Modeling (RPM) seminar in New Orleans, I had the opportunity to join Martin Ellingsworth from Salt Creek Analytics and Liam McGrath and Clayton Spinner from WTW for a panel discussion around… Read more »
The Top Five Benefits of InsurTech
By Aaron Davidson, CEO, Relay Platform — Technology helps every industry do things faster and better, and insurtech is transforming the insurance industry. Insurtech, short for insurance technology, was coined shortly after fintech reshaped traditional banking and financial services. In the not-too-distant past, insurance companies have viewed technology as something to dabble around with or… Read more »
Three Important Macro Trends Shaping Risk
Iryna Lozynska, Product Innovation Strategist, HSB Canada — Iryna Lozynska, Product Innovation Strategist New Solutions, helps us understand three emerging risks facing businesses and consumers, walking us through the most important macro trends she feels have implications for the risk landscape and insurance industry. 1. Hiring and employment regulation is becoming more complex Businesses… Read more »
Behind the Wheel: Navigating Hard Market Challenges in the Personal Auto Insurance Industry
Erik Bahnsen, Industry Analyst, CCC — It’s no secret that we’re in the midst of a uniquely challenging time for personal auto insurers due to a convergence of factors including risky driving and significant increases in the cost of auto repair/replacement, labor, and medical bills. The industry has reacted to those challenges with unusually steep… Read more »
Tough Times Call for New Priorities for P&C Personal Lines Carriers
By Meredith Barnes-Cook, Partner, Resource Pro Consulting — It has been quite a year for property & casualty personal lines carriers in the U.S., and the implications are showing in their strategic priorities for 2024. Last year, ReSource Pro’s Strategic Initiatives research revealed the key business drivers for technology investments: customer expectations and growth. A… Read more »
Coalition is Now Offering Premium Credits to MDR Customers
By John Roberts, General Manager, Security, Coalition Inc. — Small businesses are at a significant disadvantage when it comes to protecting against cyber risk. They often lack the necessary resources — time, money, expertise, and technology — to continuously shield themselves from the increasing risk of cyber attacks. Such a lopsided battle has prompted cyber… Read more »
Data Privacy’s Dirty Little Secrets: Big Implications for the Auto Insurance Ecosystem
by Stephen Applebaum and Alan Demers — Data privacy is a sprawling, multi-faceted, complex, and controversial issue which means different things to different audiences but has serious implications for businesses and consumers alike. And it is sure to continue to grow exponentially with the explosive adoption of data-driven technology and digitization which will drive ever… Read more »
CES 2024 And The Tech Revolutionizing Human Security
By Heather Turner, ReSource Pro — The Consumer Electronics Show (CES) has long been a beacon for groundbreaking innovations, showcasing the latest advancements in technology across various industries. This year was no different, but one topic stood out in particular. A major focus at CES 2024 was the new technologies addressing human security needs, from… Read more »
Tech Advances and Cool Products at CES 2024: Does it Matter to Insurance?
By Mark Breading, ReSource Pro — Every year at this time, we are treated to many articles, videos, and news accounts of the developments at CES, formerly known as the Consumer Electronics Show. The event long ago expanded beyond just consumer tech to tech relevant to businesses and individuals alike. This year, you may have… Read more »
CES 2024: Big Themes for Insurance and How They’ve Changed
By Mark Breading, ReSource Pro — I’ve been attending CES for many years, always looking at the advancements in technology through an insurance lens. As might be expected, the insurance lens is very broad, given that P&C insurers cover every industry. New technologies are reshaping segments like manufacturing, retail, construction, and many more – understanding… Read more »
New Digital Solutions are Transforming Insurance Distribution
By Mark Breading, ReSource Pro — At ReSource Pro, we talk a lot about the technological innovations underway across the insurance industry. However, the reality remains that many processes continue to involve manual paperwork and legacy systems, leading to reduced efficiencies and increased chances of errors. While carriers have invested heavily in distribution capabilities and… Read more »
Reinsurance in uncertain times calls for risk expertise and financial strength
Reinsurance capacity recovering as demand increases Inflation falling, but remains a source of uncertainty Reliable partner Munich Re providing high capacity over the cycle, focused on disciplined underwriting Growing need for future investment The market environment for reinsurers remains promising but faces heightened uncertainty. In the period 2023–2025, the global reinsurance market is expected to… Read more »
2024 And Beyond: Change Becomes Non-Negotiable
by Stephen Applebaum and Alan Demers — We cannot imagine a riskier undertaking than predicting the future given the totally unforeseeable events of recent years, the current state of the insurance industry and the world in general. On the other hand, there are some basic principles that help guide us through the exercise. In addition,… Read more »
GenAI, Transformers, Foundation Models, and LLM – in Plain English
By Mark Breading, ReSource Pro — It seems like Generative AI emerged from nowhere in November 2022 with the introduction of ChatGPT from OpenAI. It certainly has made artificial intelligence much more visible in the public eye, resulting in its great democratization. However, the big data revolution of the last decade-plus is really the basis… Read more »
AI Delivers New Transformative Benefits to Personal Lines
By Heather Turner, ReSource Pro — Personal lines carriers face a range of challenges and mounting pressures. Rising premiums and customer service issues are leading to increased insurance shopping, while inflation causes auto and home repair costs to soar. Complicating these issues are more frequent and severe weather events due to climate change. For better… Read more »
Shopping for cyber coverage? Buyer beware
by Miki Ho, Head of Underwriting (Canada), Resilience — Changes in the cyber insurance marketplace are increasing competition among insurers, prompting more Canadian organizations to expand their search for competitive cyber coverage. With increased capacity leading to more competitive pricing and broader coverage offerings, buyers are interested in exploring their options. Seeking alternative options from… Read more »
How Shared Mobility Impacts The Global Urban Landscape
by Andreas Nienhaus, Steffen Rilling & Felix Orth, Oliver Wyman — Today, more than four billion people live in cities. By 2050, the United Nations (UN) estimates the number will grow to six billion, which amounts to adding eight cities the size of London every year. At that point, 70% of the world’s population will… Read more »
AI: At the Center of Claims
AI at the center of CLAIMS — by Stephen Applebaum and Alan Demers — Exactly one year ago today, ChatGPT was officially introduced, sending the business world, pundits and laypersons alike into a frenzy. It’s truly an understatement considering how many aspects of work, life and business are projected to be at risk or at… Read more »
Crash Detection: Real Transformation For Auto Claims – No, Really
by Stephen Applebaum and Alan Demers — Too many headlines contain wild hyperbole meant to grab readers’ attention while also conveying the enthusiasm of the author. In particular, the word “transformation” has been severely overused and often misplaced, particularly when applied to the auto insurance claims process. That is not the case here. It is… Read more »
Solving for ‘X’: The Why of Embedded Insurance in Vertical Industries
By Paul Prendergast, CEO & Co-Founder, Kayna — Embedded insurance is one of the fastest-growing digital distribution methods in property and casualty insurance and is forecast to reach more than USD$722 billion in gross written premium worldwide by 2030. There is a fundamental reason for this tremendous growth. The embedded channel is an innovative way… Read more »
AI + Data is a Force Multiplier for P&C Commercial Lines
By Meredith Barnes-Cook, Partner, Resource Pro Consulting — Data-driven decision-making has long been the goal of P&C commercial lines carriers. There has never been a shortage of data within a carrier’s own walls, and decades ago, some sought to create a competitive advantage through the use of predictive models. However, it was a considerable challenge… Read more »
Beneva Implements Guidewire Cloud to Strengthen Claims IT Operations
Largest Canadian mutual insurer leveraging Guidewire Cloud to enhance business processes and customer service Quebec City, QC (Oct. 31, 2023) – Beneva, the largest mutual insurance company in Canada, and Guidewire are pleased to announce that Beneva has successfully deployed Guidewire ClaimCenter on Guidewire Cloud to power and simplify its claims business and related IT… Read more »
Re-think, Re-set, Re-engage: KRGinsure
By KRGinsure — The insurance brokerage industry faces numerous challenges, and consequently, it must adapt at a reasonable pace to the evolving market conditions to remain competitive and relevant. At KRGinsure, we explored such a strategy, with the help and guidance of a nationally recognized consulting firm, and we embarked on a plan to “re-set”… Read more »
Vitality Members Want To Share Data With Their Insurer
A behavioral change model successful in promoting healthier behaviors and successfully implemented in all the continents — By Matteo Carbone, Founder & Director, IoT Insurance Observatory — About 30 years ago, Adrian Gore and Barry Swartzberg harbored an intuition that introduced a different perspective on people’s well-being. This approach, known as Vitality, has since matured… Read more »
Capacity Management is Carriers’ Secret Weapon
By Steve Murphy, Partner, Resource Pro Consulting — It’s no secret that the insurance industry is ever evolving. Talent dynamics and customer expectations are changing, and advancing technology continues to reshape roles. While these changes have been afoot for many years, the pandemic was certainly an accelerator. Now, three years later, many carrier leaders continue… Read more »
Structural Insurance Transformation Needed: “Predict and Prevent” To the Rescue
by Stephen Applebaum and Alan Demers — In 1735, Benjamin Franklin wrote that “an ounce of prevention is worth a pound of cure”. He was referring not to medicine but to fire safety, since central Philadelphia where he lived consisted of connected wooden row houses. In fact, he was a founding member of The Philadelphia Contributorship,… Read more »
How Do You Adjust To Cyber Risk?
By Aaron Davidson, CEO, Relay Platform — Welcome to October, the scariest month of the year (or at least the last day). But do you know what’s really scary? The softening cyber market in spite of the the continued increase in cyber attacks (up 15% this year). Over 70% of organizations have experienced a cyber… Read more »
How Insurance Marketing Teams Can Use A.I. Today
By Jennifer Pugsley, VP Customer Success, Goose Digital — In today’s marketplace, a diverse range of AI tools stands ready to empower marketing teams in ways previously unimagined. The output is similar to having a team of digital experts conveniently within reach. Yet AI’s impact goes beyond fleeting trends; it represents a profound transformation. Consider… Read more »
A Beginner’s Guide to Cyber Insurance & Risk Management
By Greg Boutin, CEO, Relay Platform — The cyber threat landscape is rapidly changing and presents an ever-growing challenge to mitigate risks with the right coverage. The complexity of the threat landscape continues to grow as new attack strategies are identified with alarming regularity. In this guide, we will cover all the basics of cyber… Read more »
How embracing standardisation will help to unlock and accelerate growth in IoT development
By Neil Tyler, Editor, New Electronics — More and more new devices are being designed with the aim of simplifying the development of IoT and industrial IoT solutions. Last year saw the launch of the Matter standard, developed within the Connectivity Standards Alliance by a consortium of industry leaders, to ease device interoperability in the… Read more »
Generative AI Reveals Six Insurance Industry Innovation Trends
By Kenneth Saldanha & Anna Benetto, Accenture — We are delighted once again to see the spirit of innovation on display in the Qorus-Accenture Innovation in Insurance Awards. This year, through the power of Generative AI, we also uncovered six key trends shaping the future of the insurance industry. Since their inception in 2016, the… Read more »
MGA Market Boom Fuels Channel Distribution Plans
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — There is no arguing about the strength of the managing general agent (MGA) market in 2023. MGAs’ agility, innovation, and focus on specialty and complex lines have positioned them for continuous year-over-year growth. Conning reported the MGA market grew by 24% in 2022,[1] with… Read more »
Advancing Claims Processing: The Impact of Generative AI in Medical Summary Creation
By Connor Atchison, Founder & CEO, Wisedocs — In what seemed like a matter of months across the end of 2022, talk of artificial intelligence (AI) flooded the globe. While AI has been around since the 1950s, the last part of 2022 brought more high-profile technologies to the fore, including generative AI “chatbots” such as… Read more »
Navigating the Insurance Talent Crisis for a Resilient Future
By Meredith Barnes-Cook, ReSource Pro — The insurance industry continues to find itself in a talent crisis. The workforce challenges we are facing are not entirely new. Some of them are the lasting impact of the pandemic, while others have come and gone over time as the result of a changing world. There are some… Read more »
