New York Insurance Association (NYIA) Vice President Cassandra Anderson provides insights into the challenges and opportunities facing New York insurers, including consumer needs, technology, and emerging regulatory and legislative issues.

Ms. Anderson believes among the biggest issues facing companies are ever-changing and diverse consumer needs, particularly in a highly regulated environment where change can be slow.

Insurtech, including innovations in artificial intelligence, can help create efficiencies, price products and target markets with greater precision – but Ms. Anderson cautions companies to carefully consider how they deploy these new tools as they continue to develop.

In the New York market, regulatory and legislative updates are always concerns among insurers, including proposed lead paint exclusions and ongoing discussion for the legalization of adult-use marijuana. Associations and support organizations like AAIS, NAMIC and NYIA play an important role in supporting insurers as industry nuances and complexities grow.

As a New York-focused organization, Ms. Anderson says the NYIA’s focus on Members helps to drive their direction and priorities. This year, NYIA is focused on innovation, modernization and building financial literacy. NYIA launched a “Thank Goodness for Insurance” campaign designed to provide consumers with information about insurance in a fun, easy-to-understand way. Homeowners and Auto insurance modules are now available, with Business Owners and Renters insurance information coming soon. The campaign is designed to help consumers learn more about insurance to make decisions about financial security.

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