FEATURED INDUSTRY NEWS Markets Recent Stories Reinsurance Markets REINSURANCE/ILS WRIN.tv Newswire Guy Carpenter & RAA Execs on CAT Losses, Elections, & (Re)Insurance Markets In this edition of CEO Angles, AAIS CEO Ed Kelly welcomes Guy Carpenter Chairman David Priebe and Reinsurance Association of America (RAA) President Frank Nutter for a discussion on the current state of the insurance and reinsurance markets in the wake of a tumultuous 2020. In a year that has seen many crises, from the COVID-19 pandemic to civil unrest … Read More
Data/Tech/Modeling EMERGING TRENDS INDUSTRY NEWS Markets Recent Stories WRIN.tv Newswire NY Insurers Face Challenges and Opportunities in Tech, Financial Literacy – NYIA 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 … Read More
Data/Tech/Modeling FEATURED INDUSTRY NEWS Legislation/Regulation P&C Working in Risk & Insurance WRIN.tv Newswire With DRRA signed, work continues on TRIA and NFIP – NAMIC CEO. National Association of Mutual Insurance Companies (NAMIC) President and CEO Chuck Chamness shared his thoughts on recent legislative successes and challenges during the recent NAMIC’s Annual Convention in National Harbor, MD. Mr. Chamness highlighted the Disaster Recovery and Reform Act (DRRA), signed into law in 2018, as a significant legislative success benefitting insurance companies and the members they serve. DRRA, … Read More
CONSUMER RISK EMERGING TRENDS Homeowner/Renter/Auto Legislation/Regulation Recent Stories Travel WRIN.tv Newswire FL Commissioner Optimistic about Emerging Consumer Products/Services Florida Insurance Commissioner David Altmaier discusses issues that are top-of-mind among regulators, including the amount of data in the public domain regarding consumers. While there are many positive uses of data, regulators are looking to make sure that insurance carriers are using it appropriately. Commissioner Altmaier, acknowledges the “good work” being done by companies like AAIS to educate consumers, regulators … Read More
Data/Tech/Modeling INDUSTRY NEWS Legislation/Regulation Recent Stories WRIN.tv Newswire “Regulators & Regulated” Need New Technologies – Conn. Commissioner Connecticut Insurance Commissioner Andrew Mais discusses the challenges and opportunities facing the insurance industry. While products like Long Term Care pose issues for the market, it is technology having the biggest impact on the industry. He admits the “industry needs to change” fast enough to keep up. Both regulators and regulated need to adopt the new technologies available to benefits consumers … Read More
Companies Data/Tech/Modeling EMERGING TRENDS INDUSTRY NEWS P&C Recent Stories WRIN.tv Newswire Insurers challenged to “Keep Up” with consumer demands, technology and competition In a world moving quickly, property casualty insurers need to keep their products up-to-date in a timely way, while taking advantage of new technologies used to deliver them. According to Mark Brannon, a Principal at Merlinos & Associates, keeping up with the competition and other changes in the marketplace is a challenge. Many carriers are partnering with companies with advanced … Read More
Data/Tech/Modeling EMERGING TRENDS FEATURED INDUSTRY NEWS Legislation/Regulation Recent Stories WRIN.tv Newswire Integrated blockchains promise quantum advancements in insurance…and society – IBM & AAIS execs. During the IBM Blockchain Summit for Insurance in New York, AAIS CEO Ed Kelly, and Craig Bedell, IBM Global Insurance Industry Executive, as well as Bertrand Portier, a Distinguished Engineer in IBM’s Financial Services Sector all commented on the promise that blockchain holds for the insurance industry. Mr. Kelly believes it’s the inherent features of blockchain itself that make it … Read More
CONSUMER RISK Data/Tech/Modeling EMERGING TRENDS Homeowner/Renter/Auto Recent Stories WRIN.tv Newswire Auto insurers face challenges and opportunities related to new technologies. According to AAIS Product Manager Casey Brewer, the biggest issues facing auto insurers today revolve around technology and the speed of technological change. Technology is changing the nature of the risk to the vehicle, as well as driver behavior and distracted driving and the insurer’s operations. Ironically, the opportunities auto insurers have are related to the challenges. New technologies are … Read More
COMMERCIAL RISK EMERGING TRENDS FEATURED Homeowner/Renter/Auto Legislation/Regulation P&C Specialty Lines Uncategorized WRIN.tv Newswire AAIS CEO on disruptive technology, new economy, regulation & ‘CannaBOP.’ AAIS President and CEO Ed Kelly discusses the major issues industry executives are concerned about heading into 2018, including technology, the new economy and buying behavior, as well as government regulation. While technology remains an enabler in the insurance industry, Mr. Kelly notes that the new uses of technology are the “disruptors.” “We’ve seen that with automation…the use if drones, … Read More
Claims Management Data/Tech/Modeling EMERGING TRENDS INDUSTRY NEWS WRIN.tv Newswire ACORD standards looking to keep pace with demand for instant data – Aisus exec. In this AAIS Advisory, Carol King, SVP Canada at Aisus and Chairperson for XML Best Practices and Data in Motion for ACORD, says “companies need to start thinking ahead from an information standpoint.” In a fast-paced world, people want information in the format they want and when they want it. Ms. King explain that a consumer may want to know … Read More
Auto/Marine/Aviation CONSUMER RISK Data/Tech/Modeling EMERGING TRENDS FEATURED Homeowner/Renter/Auto “Trifecta of Disruptive Trends” hitting auto insurance market. Over the past decade, a steady flow of disruptive forces has impacted the personal auto insurance market, including telematics, the sharing economy and autonomous vehicles. AAIS Auto Product Manager Casey Brewer discusses how they are reshaping the Personal Auto insurance market, and myriad challenges and opportunities it creates for carriers. Telematics programs provide insurers with access to vast amounts … Read More
COMMERCIAL RISK Data/Tech/Modeling EMERGING TRENDS Farm & Ag business being revolutionized by the use of drones and data. Leslie Rippley, VP of Commercial and Agricultural Lines at AAIS, looks at ways drones and unmanned aircraft systems (UAS) are changing farm and agriculture business. She believes they will revolutionize the industry; particularly in functions previously done manually, or with the use of expensive, sometimes dangerous planes. Drones are ushering in “Precision Agriculture” where farmers use them to survey large … Read More
CONSUMER RISK EMERGING TRENDS Homeowner/Renter/Auto Ride Sharing / Vehicle Sharing require new insurance forms to cover emerging auto risks. In part two of this special AAIS Advisory Report on the auto insurance market, John Kadous, VP of Personal Lines at AAIS, talks about how emerging exposure, technology and Big Data are impacting carriers’ approach to auto policies. With increasing uptake of telematics, we see more data is being generated and more underwriting tools for auto insurance carriers. Mr. Kadous … Read More
CONSUMER RISK Homeowner/Renter/Auto Drugs, movies, driverless cars and the Sharing Economy…Big Changes in Auto Insurance In part one of a special AAIS Advisory Report on automobile insurance, Robert Gordon, SVP of PCI Policy Development and Research, speaks about economic and behavioral changes affecting the auto insurance market, including increased losses, distracted driving, “drug driving”, the “sharing economy” and autonomous vehicles. Mr. Gordon says 70 percent of consumers believe safer cars will mean fewer accidents and … Read More
EMERGING TRENDS INDUSTRY NEWS P&C carriers focus on “speed to market” to capitalize on emerging risks – AAIS CEO. AAIS President and CEO Ed Kelly discusses the biggest concerns of insurance executives during the 2016 PCI Meeting in Dallas. While technology is the most common issue, he says it’s not the cost, but “speed to market” that is the real concern. Executives tell Mr. Kelly that they are looking to respond to market opportunities more quickly. Mr. Kelly believes … Read More
Agents/Brokers/Consultants P&C Specialty Lines Small Business Insurance Market being reshaped by new entrants, new capital, new distribution channels. Leslie Rippley, VP of Commercial and Agricultural Lines at AAIS, sees a lot of change in the small business insurance segment with regard to technology, appetite, and a continuing flow of capital. Ms. Rippley says the carriers that introduced BOP (Business Owner Policy) products in the 1980s once dominated the small business category. Now, new entrants, news capital, new distribution … Read More
Data/Tech/Modeling EMERGING TRENDS Emerging technologies will improve carrier marketing – shape customer experience. Truman Esmond, VP of Customer Engagement at American Association of Insurance Services (AAIS), discusses technology trends affecting insurers, and how they will shape target marketing and the customer experience going forward. Speaking from the 2016 NAMIC Convention, Mr. Esmond says insurers are concerned about several major issues including technology and data, challenges with the customer experience, traditional and nontraditional competitors. He says the hottest trends affecting insurance products surround the … Read More
Data/Tech/Modeling Working in Risk & Insurance How will new breed of tech pros affect insurance integration? According to Chris Haines, Executive Vice President and Chief Operating Officer at Marias Technology, some insurance companies remain slow to adopt new technologies, while others may be too aggressive. He also wonders how recruiting new talent in technology will affect insurance. Mr. Haines points to an influx of new talent into insurance technology. This new talent is more familiar with accelerated … Read More
Data/Tech/Modeling EMERGING TRENDS AAIS CEO sees opportunities in “disruptors” like transportation networks/drones. AAIS President and CEO Ed Kelly speaks with WRIN.tv about technology challenges and opportunities posed by “disruptors.” While ‘retaining talent’ and ‘competition’ are among the major issues facing all insurers, Mr. Kelly sees technology as the biggest challenge. He says cyber risk is on everyone’s mind, particularly CEOs. Unfortunately, much of the focus for insurers revolves around legacy systems, and should be more about … Read More
INDUSTRY NEWS Markets Uncategorized ICMIF Chief Exec on Mutual growth & governance, tech opps, microinsurance and NAMIC Convention Shaun Tarbuck, Chief Executive of ICMIF, the International Cooperative and Mutual Insurance Federation, comments on the growth in market share among Mutual Insurers, as reported by Swiss Re in a recent Sigma Report. He sees three main reasons for the expansion: Trust, Improved Marketing, and greater customer awareness of alternatives that are “mutual.” Mr. Tarbuck also address challenges Swiss Re … Read More