Profit-making engines of P/C insurers are featured in this edition, along with articles about a current hot topic in tech—generative AI.
“Alignment” is a key concept that ties the two seemingly disparate themes together.
Aligning values of people and machines in some chosen way to achieve desired outcomes is a key to success in both areas.
Read the stories of RLI’s 27 straight years of underwriting profit, American Modern’s multiyear business transformation and SiriusPoint’s in-progress turnaround, told to Carrier Management by the executives that manage the alignment activities. And then read about the perils of misaligning emerging generative AI tools, like ChatGPT.
The underwriting expense ratio at RLI Corp. settles in at about 40 percent year in and year out, yet RLI's overall combined ratio is regularly among the best in the industry. Coming in at 86.8 in ...
Collapsing seven legacy technology systems into a single, integrated one while also winnowing 3,000 specialty insurance products down to 600 isn't easy. Particularly when the changes impact some ...
SiriusPoint has seen a cluster of challenges over the past two years—ranging from an incomplete merger integration to persistent underwriting and investment losses to several leadership shake-ups. ...
These days, operations executives in the insurance industry can easily get consumed with all things tech—and with the quest to introduce operating efficiencies by putting the right technology in ...
In the days before hedge fund manager Daniel Loeb decided to drop its buyout of SiriusPoint, Carrier Management asked analysts at AM Best and Fitch Ratings about the pros and cons of taking insurers ...
"We don't call it 'digital transformation' because we haunted the organization with 'business transformation.' We needed to find a better word," American Modern CEO Andreas Kleiner says, explaining ...
While a transformation is a daunting task for any carrier, American Modern used a tool known as Kaplan and Norton's Balanced Scorecard and Strategy to map out the way forward and develop checkpoints ...
A rising tide carries all boats. That rings true currently in commercial insurance. Carriers have broadly brushed aside concerns about geopolitics, inflation and natural catastrophes and reported ...
Although the pandemic may appear more distant in the rearview mirror, its lasting impact on the personal auto insurance industry may be larger than initially expected. Private passenger automobile ...
Workers compensation insurance stands out as the most profitable major U.S. commercial insurance product line over the last five years, bolstered by relative claims stability and enduring loss ...
You know things are bad when the term "nuclear" is deemed inadequate to describe the rise in legal verdicts against corporations. "Thermonuclear" is the new term coined by the public relations and ...
I founded Monitaur in 2019 to enable confidence and trust in AI through governance and assurance. With my partners, the company was founded with the belief that by enabling governance, we could ...
Cyber insurance has been a success story since the late 1990s, offering companies protection for one of their leading emerging risks. In my opinion, the most important requirement to manage an ...
During my time playing wide receiver at the University of Northern Colorado, I learned firsthand there are a lot of advantages to being on offense. Being on offense is proactive. It means you know ...
"What's in it for me?" Employees are more likely to feel invested in learning and development programs if they know how the training actually applies to their daily responsibilities and how it will ...
In a relatively short time, the gig economy has revolutionized the way we live and work. Ridesharing apps like Uber and Lyft changed the way we get around. Delivery services like DoorDash, GrubHub ...
There's a huge wave of baby boomers retiring from insurance companies over the next few years. "These companies are losing senior executives en masse," says Ira Ziff, founder and president of ...
The rising enthusiasm around generative AI and the prospective increase in AI adoption are opening up intriguing opportunities for insurers to underwrite AI risks. However, before they delve into the ...
"In the midst of chaos, there is also opportunity." — Sun Tzu We are living in an epoch of profound transformation and paradox, reminiscent of Charles Dickens' "best of times" and "worst of times." ...
OpenAI's ChatGPT will give you some pushback if you ask it how to commit a crime—like breaking into someone's house. But a little creative coaxing can elicit a "misaligned response" from the ...
If you ask Rachel Alt-Simmons, head of global claims innovation and optimization at AXA XL, what she is most enthusiastic about when she contemplates the world of AI, she'll happily describe the ...
ChatGPT and other large language models (LLMs) represent augmented intelligence tools through which users can combine artificial intelligence (AI) with human intelligence to enhance and amplify human ...
Electric vehicles (EVs) and internal combustion engines could not be more different in some respects, but there's one thing they have in common: They both represent a transformational shift in how ...
How long does it take for science to identify a new type of harm from commercial activity before litigation tries to hold the businesses accountable? It has been more than 50 years since scientists ...
Chubb CEO Evan Greenberg said society and the business community need to start asking questions regarding the purpose of third-party litigation funding, a major contributor to increases in frequency ...
As we brainstormed content for Carrier Management's second-quarter 2023 edition, with features about profit-making engines of P/C insurers and features about the uses of AI, I didn't sense a theme ...
