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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 »

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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 »

Commercial Lines Distribution: Agencies and Carriers Diverge on Digital Investment Priorities

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — It’s not uncommon for agents/brokers and carriers to express frustration with one another. For many risks, especially those more complex, agents are prone to gripe about carriers’ submission process, which is often laborious and requires a lot of back and forth with the underwriter…. Read more »

How Insurers Can Protect Loss Ratio with Construction IoT Technology

by Alex Fuentes, EVP – Strategic Growth & Business Development, Brickeye —  Water damage, concrete rework, environmental impacts – the list of risks associated with construction is extensive. Insurers of high-rise and multi-family building projects are faced with increasing underwriting risk while trying to maintain a healthy loss ratio. Recent “Internet of Things” (IoT) technology… Read more »

Active Cyber Risk Modeling: A New Approach To Aggregate Risk

Cyber risk is insurable, if you have the correct data and approach — by Joshua Motta, CEO, Coalition — Cyber threats are among the most pervasive facing most organizations, with cybercrime and cyber insecurity ranked as the 8th most severe global risk, according to the World Economic Forum. Across the insurance industry, there is much… Read more »

InsurTech: Not Dead, But Different

by Stephen Applebaum and Alan Demers — The title of this article brings to mind two famous quotes from American culture. Mark Twain is reputed to have said, “the reports of my death are greatly exaggerated.” The saying could also apply to the frequent statements made by InsurTech detractors who have recently pronounced its death,… Read more »

It’s time to invest in a national flood insurance program

By Celyeste Power, President & CEO, IBC — Canada is becoming a riskier and more dangerous place to live. That’s not an opinion – it’s a fact. Severe weather events in 2022 caused approximately $3.1 billion in insured losses, one of the highest annual totals on record. Disasters affected almost every part of Canada, disrupting… Read more »

Adapting to Uncertainty: Commercial Lines Insurers are Approaching Strategic Initiatives Differently

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — If you were to ask us to describe the transformational activity of commercial lines insurers in the past few years, acceleration would be the first word to come to mind. But in 2023, another word may be more accurate – adapting. Economic pressures, such… Read more »

The Metaverse: Closer Than You Think, or Further Than You Can Imagine?

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — The Metaverse was one of the major themes at CES2023, as evidenced by a wide range of sessions and tech solutions. The keynote from the Consumer Technology Association identified Metaverse as one of the top themes with the tagline of “Closer Than You Think.”… Read more »

The Evolution of Mobility and Transportation: What it Means for Insurers

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — In part one of this blog series, we discussed major trends spotted at CES, including mobility, electrification, sustainability, and digital experience. But how will these emerging trends impact P&C insurers now and in the future? I categorize the implications into the good, the bad,… Read more »

New Trends in the Evolution of Mobility and Transportation

Spotted at CES 2023 — New SMA Blog by Mark Breading, Partner, Strategy Meets Action — CES has become one of the biggest auto shows in the world – but rather than focusing on new models and styling, the orientation is toward the most advanced technology capabilities and the user experience. Among the many sessions… Read more »

Major Themes In Technology From CES 2023

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — The CES event in Las Vegas always provides a good window into technological advancements and innovation. The over 3200 exhibitors and hundreds of sessions once again provided all-encompassing views of the current state of tech and the future possibilities. As usual, it was also… Read more »

Are Personal Lines Insurers Accelerating Transformational Tech Plans Post-Pandemic?

New SMA Blog by Heather Turner, Lead Research Analyst, Strategy Meets Action — The COVID-19 pandemic was a catalyst for technological change across the insurance industry, especially within personal lines. Customers demanded virtual and digital interactions, so insurers responded by accelerating the development and investments in transformational technologies. Although it may not be accurate to… Read more »

Property/Casualty Insurers Aren’t Slowing Down in 2023

By Martina Conlon, Head of P&C Insurance Practice, Aite-Novarica Group — Insurance has traditionally been viewed as resilient to recession and economic uncertainty. Yet, besides the tough economic conditions, the insurance industry is facing an unprecedented number of business challenges: increasing claims severity rates due to supply chain issues and rising inflation, climate risk and… Read more »

Distribution Technology: Where Personal Lines Insurers Are Investing Today

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — We say it often here at SMA – the personal lines segment frequently leads the insurance industry with deploying new innovations, particularly within distribution. Over the next five years, insurers focused on personal lines will likely continue to spearhead the distribution revolution through new… Read more »

Business Drivers Shift for Small Commercial Distribution Tech Investments

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — Small commercial insurers are in a unique position in the insurance industry. While the personal lines segment often pioneers the latest innovations first in the industry, small commercial carriers are frequently at the forefront of change in the commercial market before technologies reach mid/large… Read more »

Are Transformational Tech Plans Still Important in Commercial Lines Amid Economic Turbulence?

New SMA Blog by Heather Turner, Lead Research Analyst, Strategy Meets Action — Commercial lines insurers have endured their fair share of ups and downs since COVID-19 was declared a global pandemic over two years ago. And through the course of 2022, geopolitical conflicts and inflation have rocked economies, leading to further uncertainty about the… Read more »

Are Insurers Satisfied with Their Digital Offerings for Mid/Large Commercial Distribution?

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — In recent years, the mid/large commercial lines segment has worked extensively to evolve the distribution ecosystem through new partnerships and expansion strategies. Additionally, carriers in the segment have been deploying new technologies for distribution to not only enhance internal operations and processes but to… Read more »

Outsourcing 2.0: Suddenly A P&C Best Practice For A New World

by Stephen Applebaum and Alan Demers — We have all been living through a period of intense uncertainty for almost three years and the pace of disruption shows few signs of slowing; instead it is morphing. Our New World The degree to which the post-COVID world in which the Property & Casualty insurance industry operates… Read more »

Personal Lines Underwriting is Entering a New Age of Data

New SMA Blog by Deb Smallwood, CEO & President, Strategy Meets Action — It would not be an understatement to say that the insurance industry is built on data. For decades, insurers have harnessed data and analytics to drive risk analysis decisions, and perhaps no other segment has done that better than personal lines. In… Read more »

Commercial Lines Insurers Cannot Afford to Stand Idle in Today’s Channel Environment

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — According to a recent SMA survey of executives, ninety-one percent of small commercial lines insurers and 82% of mid/large commercial lines insurers have plans to expand their channel partnerships. When you consider the evolving distribution landscape, including increased consolidation, new entrants, and more sophisticated… Read more »

Canadian Insurance Industry: 2022 InsurTech Trends Impacting Insurance Carriers

By Jenna Earnshaw, Head of Revenue, Wisedocs — As we near the end of 2022, the Canadian insurance industry is in a positive place, setting itself up for long-term success in a remote-first and digital-forward environment. Globally, the insurance market has transformed into a digital business model. The digital insurance landscape had an estimated worth… Read more »

Automation Accelerates in Small Commercial Lines Underwriting

New SMA Blog by Deb Smallwood, CEO & President, Strategy Meets Action — Over the past few years, insurers reexamined their strategies amid new demands and increasingly digital customer interactions, with underwriting departments, in particular, experiencing waves of changes. Now, new research shows the results of insurers’ efforts in transforming their underwriting businesses, and the… Read more »