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 …

BriteCore CEO and Founder Phil Reynolds provides insights into the risks, challenges and opportunities affecting the changing insurance market due in large part to data. He says many insurers simply so not understand what their data means. The data collected on policies, claims, losses and consumer behaviors is a gold mine, and most don’t even know it. He notes that …

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 …

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, …

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 …

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 …

Bryon Ehrhart , Global Head of Strategic Growth & Development at Aon Benfield, discusses the threats and opportunities in today’s insurance market. Mr. Ehrhart says the threats do not surround the same issues faced 20 years ago after Hurricane Andrew and the Northridge Earthquake.  Now that the industry has managed the risk down to lower levels of earnings and capital, …

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 …

At the European Insurance Forum in Dublin, WRIN.tv spoke with Harry Goddard, Head of Technology at Deloitte, about the pace of change impacting the insurance industry. He says the pace of change is quickening, because of the ‘consumerization’ of data and technology. Consumers are becoming more sophisticated in how they engage with companies and service providers. Mr. Goddard notes three …

An agreement between leading U.S. insurance providers and Transportation Network Companies, like Uber and Lyft would clarify how much ride-share services must insure drivers…anytime they are working. Ride-share companies have been criticized for gaps in their insurance coverage and cab drivers and local governments have sought regulations that would put companies like Uber and Lyft on a more level playing …