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 »
Covergence and the Insurance Ecosystem
by Stephen Applebaum and Alan Demers — The violently disruptive and confusing shifts we are all experiencing are in large part a result of accelerating convergence. According to Marc Benioff, founder, chairman and CEO of Salesforce, Inc., “The world is being re-shaped by the convergence of social, mobile, cloud, big data, community and other powerful… Read more »
AI is changing the nature of work in the insurance industry
by Tracey Malcolm , Max Fogle & George Zarkadakis, WTW — With applications of artificial intelligence technology spreading throughout the insurance industry, fresh approaches to job design, talent acquisition and training are needed to take full advantage Cost containment or reduction is a constant challenge for insurers, particularly in light of recent inflationary pressures. Innovation… Read more »
Auto Insurance In An Existential Crisis
by Stephen Applebaum and Alan Demers — The phrase “existential crisis” has been admittedly overused in recent years, and sometimes for good reasons, but it is no less apt when applied to today’s P&C insurance industry. Macro Influences After many long years of stability, the 125-year-old, $300 billion U.S. auto insurance industry is caught between… Read more »
Protecting Your Precious Furry Cargo On The Go
Car safety tips for your pet — By The GOOD HANDS® Advice Team — Many pet owners consider their furry friends as part of the family, deserving of all the love and care a family member should expect. However, some pet parents might not be fully aware of how to protect their animal when in… Read more »
Economic Uncertainty Presents Opportunities for Agency & Carrier Partnerships
By Heather Turner, ReSource Pro — We all know of the traditional carrier/agent relationship – it may, in fact, be the first thing that comes to mind when you think of insurance distribution partnerships. But rapid technological advancements, changing customer expectations, and economic headwinds are reshaping how insurance products and services are distributed. Today, many… Read more »
Accelerate your lead conversion process with Generative AI and Compelling Touchpoints
by Domitille Dien, Marketing Manager, Zelros — In today’s fast-paced digital age, insurance companies are facing intense competition and must continually improve their lead generation strategies to stay ahead of the game. The pressure is on for sales agents, customer service representatives (CSR), and marketing teams to identify which leads are most likely to become… Read more »
Uncovering Connections: How Link Analysis Can Streamline OSINT Investigations
By Stephen Adams, Product Marketing Manager, Skopenow — Connections are the lifeblood of the internet, with people and businesses interacting and leaving digital traces across social media platforms, online marketplaces, websites, and forums at all hours of the day. For OSINT professionals, these countless interactions are not merely noise—they’re critical data points that can reveal… Read more »
The Long and Winding Road to Claims Resolution
By Raymond Mazzotta and Richard Vonesh, ReSource Pro — It’s almost impossible to turn on the news and not hear about supply chain issues or inflation affecting everything from food, gasoline, and building materials to housing costs and automobile parts. But nowhere is the impact of these disruptive winds felt more than in the claims… Read more »
Everything You Need to Know about IoT in Insurance
By Brynne Ramella, Content Marketing Manager, ProNavigator — Technology is pushing the insurance industry forward. One such advancement is the Internet of Things (IoT). As NAIC says, IoT refers to a network of internet-connected devices transmitting, collecting, and sharing data. The software within these applications analyzes and sends data to cloud servers and large databases…. Read more »
The Risks of Smart Devices in Your Home
by Jamie Ross, Marketing & Communications Manager, Wedgwood Insurance — Smart devices, from voice-activated assistants to smart bulbs and thermostats, are increasingly prevalent in our homes. While these devices offer convenience and more control over your home, they can leave you at risk for privacy and security issues. Before you invest in the latest smart… Read more »
Roadblock Ahead! MGAs’ Digital Plans Encounter Technology and Cultural Hurdles
By Heather Turner, Lead Analyst – Research, ReSource Pro — Positioned at the intersection of retail agents/brokers and insurers, Managing General Agents (MGAs) and Managing General Underwriters (MGUs) have unique vantage points in the distribution ecosystem. As the MGA/MGU channel grows, these companies are investing in technology solutions to support the customer experience for agents/brokers… Read more »
Core Systems Are More Critical Than Ever For Enabling Digital Transformation
New SMA Blog by Tom Benton, Partner, Strategy Meets Action — It would be difficult to dispute how critical core systems are in the insurance business – they are the enablers of significant in-and-out interactions and help drive efficiency and profitability for an insurance company. Today, many insurers and MGAs are accelerating their transformational journeys… Read more »
What to Look for in Claims Management Software
By Brynne Ramella, Content Marketing Manager, ProNavigator — Getting reimbursed for claims is a high priority for your insureds. That puts a lot of pressure on your adjusters. Traditional insurance claims processing involves adjusters working through large volumes of paperwork. Relying on those manual processes or legacy software can lead to wrongful claims, incorrect quotes,… Read more »
7 Fallacies About Cybersecurity Putting Your Business At Risk
By Wade Billotte, Fortify — Cyber threat actors, who attack organizations with seeming impunity, have become the boogie man of the technology world. Fear pulls us in a direction that seeks solutions and protection, but, we are always drawn to a natural state of comfort and calmness that everything will be okay. This state of… Read more »
How My View of ChatGPT Changed in 90 Days … And What It Means For Insurance
New SMA Blog by Mark Breading, Partner, Strategy Meets Action — When I was asked in late 2022 and early 2023 about the implications of generative AI for insurance, my reply was always two-fold. First, I advised that it is absolutely a technology space to monitor closely, given the rapid advancement, broad application, and unlimited… Read more »
