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 …

Companies are challenged to find opportunities for growth in a competitive landscape. According to BMS Re U.S. CEO Steve Korducki, the differentiator lies in technology and customer service. Mr. Korducki sees growth for insurers in cyber coverage and insurtech, particularly when organizations utilize tech-focused risk mitigation technology. Changing consumer demographics and market shifts, combined with technology advancements, mean a change …

Insurance Information Institute (III) Chief Administrative Officer Laura Favinger shares her thoughts on major issues facing the U.S. insurance industry, including insurer and policyholder resilience, technology and cyber risk, the industry’s talent gap and global economic and political upheaval. For insurance customer, including homeowners and renters, Ms. Favinger addresses the need to ensure proper insurance coverage, “the right types, the …

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, …

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 …

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 …

BriteCore CEO Phil Reynolds discusses the insurance industry’s movement towards microservices and shares insights on how companies that embrace change and ‘engage the complication’ gain an enormous competitive advantage. Mr. Reynolds sees many insurers “stuck in legacy systems.” He believes microservices can  provide a path forward and alternative to the “Big Bang Conversion.” He also sees a lot of movement …

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 …

According to Andrew Peet, Head of Operations at 360Globalnet, claims management and the insurance industry as a whole need to move with a “sense of urgency” to cut costs from the claims process while increasing satisfaction among policyholder and claimants.  The use of technology to create efficiency in the end-to-end claims process depends on the user’s ability to “think strategically” …

In this edition of “Focus”, WRIN.tv looks at trends in “Claims Management with Rohit Verma, Global Chief Operating Officer of Crawford & Company, where the process is tailored to the needs of industries using a combination of technology and people on the ground. At the January 1 renewals, insurance companies did not see much difference in the rates they were …

David Sampson, president and CEO of the American Property Casualty Insurance Association (APCIA), discusses the challenges he faces in dealing with a dysfunctional government, the priorities for the year ahead, and the strength gained by the recent merger of the Property Casualty Insurers Association of America (PCI) with the American Insurance Association (AIA). During the 2019 Federal Government shutdown, Mr. …

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 …

Cyber risk and insurance continue to evolve, but the insurtech explosion is the real news at the moment, according to Gavin Souter, Editor of Business Insurance. Like all things related to technology, cyber insurance is evolving rapidly. Insurers and brokers are keen to sell cyber policies, but commercial buyers do not believe the insurance offered is enough to cover their …

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 …

The biggest issues facing home insurance carriers today fall into two categories, according to George Hosfield, Senior Director of Home Insurance for LexisNexis Risk Solutions. Consumer expectation is driving changes to the customer experience as well as changes to the experience for agents. Mr. Hosfield says much of that is driven by “upstart insurtech” companies raising the bar, and general …

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 …

Craig Bedell, Global Insurance Industry Executive at IBM, sees many challenges facing the insurance industry, including the buying habits of personal lines or commercial lines customers. New data and technologies are mitigating, but sometimes increasing risks faced by consumers. Security and privacy surrounding risk information is also important for insurers. Even more basic, according to Mr. Bedell, is the changing …

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 …

Chuck Chamness, President and CEO of the National Association of Mutual Insurance Companies (NAMIC) admits insurance is a challenging business, and it’s changing rapidly. Among the contributing challenges facing the industry is technology, which is increasing the speed of change. The talent gap presents issues for companies looking to replace retiring workers while attracting a new generation of professionals. He …