Leveraging a convergence of data, technology, and human capital to transform underwriting in insurance: As the insurance industry adapts to shifting market conditions, some roles will likely need to be transformed as well. Learn how insurers could multiply value creation by modernizing the underwriting function now
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Winter weather takes a toll on houses, commercial buildings and other outdoor property, including fences, patios, pools and sheds. According to the Insurance Information Institute (III), winter storm damages exceeded $2.1 billion in 2019, down from $3 billion the year before. […]
By Max Schloemann According to reports, this year is looking to be one of changes and big possibilities for surgeons. While 2020 brought declines in surgical revenue and drops in patient intake, the COVID-19 pandemic caused a paradigm shift. Adaptations and innovations designed to cope with the pandemic could be a boon for the surgical […]
By Nigel Cannings
Ongoing investment suggests that the perception amongst insurance professionals is yes. According to a 2021 survey, approximately 31% of insurance CIOs reported that they had already deployed AI and an additional 23% will deploy in the next 12 months. Focusing on Fraud and a recent survey by the Coalition Against Insurance Fraud showed that 21% of respondents are planning on investing in AI for fraud detection over the next 2 years. Yet against this backdrop of adoption, we see that most insurance companies process only 10-15% of the data they hold.
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Colder temperatures can present challenges for business owners and their employees. With the COVID pandemic and the switch to more people working remotely, the challenges were increased. Employee and client safety are as important as profits to the conscientious business owner. […]
By Thomas Mason S&P’s latest Global Market Intelligence report on the insurtech market, sees the creation of U.S. insurtech companies that both sell and underwrite policies (a.k.a. full-stack) accelerated in 2020, aided by an abundance of venture capital.This trend is likely to continue in 2021, which will in turn spur more private capital raises, M&A […]
Seven Simple Ways to Turn Up the Volume on Leadership and Client Service By Richard Torrenzano Listening has been a problem since mankind developed ears. Sometimes, the results have been dire, particularly in military and risk management history. October 25, 1854, in the Crimean War, the British Light Brigade was ordered to attack from the […]
By Douglas Powell
A review of the reported financial results of risk retention groups (RRGs) reveals insurers that continue to collectively provide specialized coverage to their insureds while remaining financially stable. Based on reported financial information, RRGs have a great deal of financial stability and remain committed to maintaining adequate capital to handle losses. It is important to note that ownership of RRGs is restricted to the policyholders of the RRG. This unique ownership structure required of RRGs may be a driving force in their strengthened capital position.
by Joe Chvasta, JD, MBA, CPCU The use of Artificial Intelligence to review insurance contracts is growing as AI tools can rapidly compare a high volume of contract clauses and make human reviewers faster and more effective. First implemented in 2011, the technology automating the review of contracts has progressed dramatically, leading to the question […]
By Sue C. Quimby, CPCU, AU, CIC, CPIW, DAE – Assistant Vice President/Media Editor Today’s technology allows for virtually instant 24/7/365 access to information, entertainment, friends and family. Wi-Fi access is everywhere – from the donut shop to the mall to hotels and restaurants. As convenient as it may be to check your e-mail at […]
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