The biggest issues facing home insurance carriers today fall into two categories, according to George Hosfield, Senior Director of Home Insurance for LexisNexis Risk Solutions. Consumer expectation is driving changes to the customer experience as well as changes to the experience for agents. Mr. Hosfield says much of that is driven by “upstart insurtech” companies raising the bar, and general …

According to Sean Kevelighan, President & CEO of the Insurance Information Institute (III), says catastrophes, both natural and man-made, are having a large impact on personal lines insurance carriers. An increase in natural catastrophe has an impact on auto and homeowner’s insurance, and the “vastly underserved” flood market continues to be an issue. The auto insurance market is being impacted …

Attracting talent remains biggest challenge for insurers. According to Matt Masher, EVP and COO at A.M. Best, the need for talent is greatest in the information technology (IT) area. The industry has done a lot to attract underwriting and claims professionals. But attracting the industry struggles in attracting IT talent needed to deal with insurtech issues, efficiencies in distribution and …

Insurers are doing a balancing act between operational excellence and the changing insurtech landscape. Karen Furtado, a partner at Strategy Meets Action sees insurers struggling with how to adapt, how to adopt, and how to change their culture to deal with the ‘new reality’ while maintaining a high degree of service. Ms. Furtado sees endless opportunity in today’s economy. Insurers …

Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC) admits insurance is a challenging business, and it’s changing rapidly. Among the contributing challenges facing the industry is technology, which is increasing the speed of change. The talent gap presents issues for companies looking to replace retiring workers while attracting a new generation of professionals. He …

Regulation and technology are the biggest challenges facing insurers today. That, according to Fred Karlinsky, Co-Chair of the Insurance Regulatory and Transactions Practice Group at Greenberg Traurig. On the regulatory front, Mr. Karlinsky notes a large amount of regulation affecting carriers at the federal and State level, as well as internationally at the IIAS (International Association of Insurance Supervisors). He …

Craig Bedell, Global Insurance Industry Executive at IBM, sees many challenges facing the insurance industry, including the buying habits of personal lines or commercial lines customers. New data and technologies are mitigating, but sometimes increasing risks faced by consumers. Security and privacy surrounding risk information is also important for insurers. Even more basic, according to Mr. Bedell, is the changing …

Autonomous vehicles will have a huge impact on the personal insurance industry. Automation, robotics and the potential for on-shoring of manufacturing could have a major impact in the commercial insurance space. That, according to Kevin Surace, renowned American technology innovator, speaker, creator of a AI Based Software QA platform, and Inc. Magazine’s 2009 entrepreneur of the Year. He adds that …

Roger Morris, Chief Communications Officer with the National Insurance Crime Bureau (NICB), says technology has been a disruptor  when it comes to insurance fraud.  Anti-theft devices have helped deter crime and provide better analytics to detect fraud. The industry also has to contend with hackers trying to defeat the system. Mr. Morris points to electronic devices that can open and start …

Insurance Information Institute (I.I.I.) CEO Sean Kevelighan sees the “disruption continuum” as the “new normal” for the insurance industry, and outlines the ways insurers can embrace resiliency when contending with catastrophes, geopolitical unrest, technological change.  He says the I.I.I. will “be doing our best to fulfill our mission, and hopefully it will promote a positive sense of the disruption that’s …

2017 has been a very active year for catastrophes…and traditional seasons are shifting. That according to Sean Kevelighan, President and CEO of the Insurance Information Institute (I.I.I.). Mr. Kevelighan points to 367 tornadoes in the first quarter of 2017, which surpasses the average of 93 by a large margin. The I.I.I. had estimated an active hurricane season, and forecasts were …

Phil Reynolds, CEO and Co-Founder of BriteCore, outlines the disruptive nature of insurtech companies, and what traditional companies are doing to access new and emerging technology services. Mr. Reynolds describes an online experience he had with one insurtech company that asked for his home address and was able to assemble county records, a visual flyover, the home’s square footage and …

Jerry Theodorou, a Vice President of Insurance Research at Conning, previews a strategic study that looks at Mutual property-casualty insurance companies. According to Mr. Theodorou, there is an elevated degree of concern in five areas: technology, expense ratios, the war for talent, demographic and sociodemographic changes, and the future for personal auto. Conning is finding Mutuals are reacting proactively with …

In this edition of WRIN.tv’s Wide World of Risk, Mike Morrissey, President and CEO of the International Insurance Society, provides insight from his discussions with insurance company CEOs the world over. He sites four recurring themes dominating the minds of CEOs, including cyber risk, environmental risks, humanitarian disasters and insurtech. Mr. Morrissey says the “disaster aid mechanism that the world …

With the Hurricane Season underway, WRIN.tv speaks with Insurance Information Institute (I.I.I.) President and CEO Sean Kevelighan about the forecast for 2017, and a change in focus from ‘recovery’ to ‘resilience.’ Mr. Kevelighan drew from a recent announcement jointly published by the I.I.I., the Department of Atmospheric Science at Colorado State University (CSU) and the Tropical Meteorology Project (TMP), which forecasts “near-average …

Saad Mered, Group Chief Claims Officer at Zurich, lays out key concerns of risk managers today including the emergence of liability internationally, the frequency of claims, and the unexpected impact of “lone wolf terror” attacks. Mr. Mered sees the rapid evolution of liability frameworks in many countries as surprising to risk managers and carriers alike. The trend is emerging even …

Over the next several years, multinational firms expect to expand trade in foreign markets or increase trade in international markets they already do business in. Managers dealing with international risk are challenged to manage their existing risk management programs, especially when exposures from physical plants, increased revenue and loss trends changing. That according to Richard Friesenhahn, Head of Multinational for …

Petra Riga, Head of Distribution for Zurich in Europe, Middle East and Africa (EMEA), joins WRIN.tv to discuss the issues risk managers face when dealing with multinational regulations and rules and expectations of local regulators around the world. Ms. Riga says risk managers are challenged by increased international regulation. She notes that risk managers of multinational companies must consider insurance …

Emy Donavan, Global Head of Cyber at Allianz Global Corporate & Specialty, provides an update on the world of cyber risk, including an increase in attacks on consumer devices, malware as a business, and tips for risk managers looking to prepare for inevitable attacks. More recent developments in cyber risk include an increase in attacks on consumer devices such as …

David Anderson, Head of Credit & Political Risk at Zurich Insurance Group, explains the key findings from a recent study released along with the Atlantic Council, a think tank in Washington DC. The report entitled “Our World Transformed: Geopolitical Shocks and Risks”, looks at global risks with geopolitical consequences and interconnections. Mr. Anderson says, for example, if multiple economies start …