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 insurance executives must look to understand new technologies, like drones, if they are to underwrite and price them, or exclude them. These are areas where AIS provides assistance. Ultimately, he also says carriers will deploy the new technology into their underwriting processes, another area where AAIS had made significant investments in order to deliver data that can help underwriters take advantage of emerging risks.

Government regulation has, at times, been a hindrance to underwriting risk. In the case of drones, for instance, the industry awaited regulation from the FAA on the use of drones. From experience, regulation can impede speed-to-market.

Mr. Kelly says Advisory services like AAIS can do more than deliver forms and loss costs. Together with technology partners, AAIS focuses on many services around product delivery, to help members respond to emerging opportunities and risk.  He sees AAIS continuing double-digit growth over the next few years given the demand of the market and its membership. He believes new members are attracted to new programs like the AAIS Auto or Homeowners Bi-peril programs, and new solutions like the COP and inland marine underwriting platform.

To watch more of WRIN.tv’s coverage of the Annual PCI Meeting in Dallas, visit the WRIN.tv On Demand Library.

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