Mica Cooper, CEO & President of Aisus/InsureCrypt opens up about so-called ‘disruption’ in the insurance industry. According to Mr. Cooper, we’re not seeing it… Mr. Cooper notes how much people are talking about innovation, disruption, evolution and revolution in the insurance industry. He sees innovation artificial intelligence (AI) and machine learning. He points out that some innovation is “not legal”, …

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 …

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, …

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 …

According to Re-Sure co-founder and CEO Gautham Pedditbhotla, consumers are looking for products that “suit their lifestyle”, such as usage-based insurance (UBI). He suggests consumers who do not own assets are not getting the coverage they need from traditional insurance products. Carriers are looking to offset losses in revenue due to the reduction in “asset ownership.” Opportunities are plentiful, depending …

Chuck Chamness, CEO of the National Association of Mutual Insurance Companies (NAMIC), discusses the challenges of working with a new Congress. He notes that there several major issues to address with the House Financial Services Committee, Senate Banking and the Trump Administration such as the National Flood Insurance Program (NFIP) and the Terror Risk Insurance Act (TRIA). Mr. Chamness points …

According to Stefan Holzberger, Chief Rating Officer at A.M. Best, the property-casualty sector of the insurance industry saw improvements in performance. And with levels of capitalization “robust”, A.M. Best is maintaining a “Stable Outlook” on the Personal Lines, Commercial Lines and Reinsurance sector from a credit perspective. The reinsurance sector was only recently upgraded to “Stable” from “Negative”, despite heavy …

Kimberly Muccia, a Financial Analyst at A.M. Best Company, comments on the impact of catastrophic losses on the financial strength of insurers. Among the catastrophes affecting the auto and homeowner lines of business in 2018 were hurricanes and wildfires, resulting in about $17 billion for the Mutual Insurance segment alone. Despite the losses, Mutuals posted approximately a 6 percent increase …

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 …

As part of the Innovation Executive Video series, Willis Re’s Global CEO John Cavanagh talks about how brokers are reinventing their role and delivering value through innovation. Mr. Cavanagh says the insurance industry is going through significant change, and technology is driving much of that change. While insurance plays an important role in society, he believes the industry is “open for disruption” given …

Kevin Kelley, CEO of Ironshore, addresses the key concerns of risk managers today, including emerging technology, the “Trump effect”, PPPs, M&As, and more. One of the biggest concerns of risk managers is technology and how digital transformation will affect their business and how exposures may change as a result. Emerging technologies are having a significant impact on risk managers. According …

According to Paul Carroll, CEO and Editor-in-Chief of Insurance Thought Leadership (ITL), this is a “hugely important time in the (insurance) industry.” He describes “five stages of disruption“, which he has seen in other industries for some time. Mr. Carroll says the industry is out of the “denial phase” and now in the “Cambrian stage”, with billions of dollars being …

We have observed emerging InsurTech trends in a broad variety of product offerings, which could complement or change the insurance business model. In our view, InsurTech has not developed as far as the banking sector equivalent, FinTech, which is already taking some bank market share. As insurance is highly regulated and capital-intensive, with high barriers to entry, we regard InsurTech …

Sustained increases in casualty pricing in the auto insurance lines are due in part to losses penetrating primary insurance and penetrating the umbrella level. That, according to Gerry Skalka, SVP and Head of Casualty Underwriting at Munich Re. He also notes higher awards from jury verdicts are having an impact on casualty pricing. He remains confident that the market will …

WRIN.tv spoke with Hamilton Insurance Group CEO Brian Duperreault during the recent IIS Global Insurance Forum about a number of issues facing the industry, including: Recruiting “Digital Natives” from millennials can help insurance industry disrupt from within Blue Marble Microinsurance to develop insurance solutions for the developing world Solvency II instills discipline around capital adequacy and framework for risk modeling …

FERMA President Julia Graham (Director of Risk Management and Insurance at DLA Piper) joins WRIN.tv from London to discuss progress FERMA has made on three key themes she introduced at the start of her tenure: profession, innovation and diversity. According to Ms. Graham, “they are not just words, but strategic actions within FERMA Ms. Graham says the themes she introduced …

Innovations in Insurance - Vincent Tizzio, President and CEO of Navigators Management Company, Inc., on the importance of innovation