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 …

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 …

“We have disruption all over… (and) the insurance industry deals with it.” That, according to Sean Kevelighan, President and CEO of the Insurance Information Institute (III), who spoke at the recent AAIS Main event in Florida. He notes that the insurance industry is accustomed to dealing with natural and man-made catastrophes, even technology, which a major disruptor right now. Mr. …

In part one of a two-part Tech Trends in Insurance report, WRIN.tv speaks with Bill Pieroni, President & CEO of ACORD, about the disruptive effect data and technology has had on the insurance industry. He notes that more recently, there are a number of issues that are increasing the importance of technology and data usage today. Mr. Pieroni says forces …

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 …

WRIN.tv speaks with Arthur Dougherty, SVP at Holborn, about new technologies, terror risk and emerging markets in cyber risk, flood and mortgage insurance. Hurricane Matthew could have had a big impact on the reinsurance market, but it changed course and the size of the loss will not have an effect on the market. While some cedents may have significant losses, …

Monica Ningen, Head Property Underwriting US & Canada at Swiss Re, discusses how Hurricane Matthew served as a reminder for insurers. She also addresses the Protection Gap and product development and distribution strategies evolving in the insurance and reinsurance market. Hurricane Matthew, while not as big a loss as was predicted, was a reminder that a big event is possible. As a …

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 …

WRIN.tv spoke with Munich Re America’s Michael Quigley, Head of Property Underwriting, and Stephan Hochburger, SVP & Client Executive, about threats and opportunities in insurance and reinsurance. In the current environment, Mr. Hochburger sees the biggest threat to insurers and reinsurers low interest rates and excess capital, as well as lower reserve levels. “Digitalization” is a new threat, but it …

Prior to an arm of Fosun Group announcing intentions to acquire the 80% of Ironshore it doesn’t already own, WRIN.tv spoke with Ironshore CEO Kevin Kelley during the RIMS Conference in New Orleans. Here, he discusses the top concerns of risk managers, the impact of the Affordable Care Act (ACA) on the insurance industry, and Ironshore’s growth plans for the …