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CEO Viewpoint: Challenge of Disruption Awakens a Sleeping Giant
This is a fascinating time to be working in the insurance industry. The technological and social changes that are taking place are transforming the world around us and changing how we do business. ...
Intelligent Claims Outsourcing: 3 Skill Sets Required
In 2013, a cluster of tornadoes struck Moore, Okla., in the most damaging lineup since Joplin, Mo., two years prior. Meanwhile, in Cincinnati, a 1905 Tiffany Studios Daffodil lampshade fetched a ...
The Chicken and Egg of Employee Engagement
Are happy, engaged employees a driver of business success or merely a consequence of it? Plenty of studies have identified a link between employee engagement and company performance. One of the most ...
Does Analytics Mark the End of Underwriter Influence?
Underwriting is the secret sauce of the insurance industry. The process of selecting and pricing risk is essential to the profitability of a carrier, and the deep expertise necessary for this skill ...
Brace for Impact: ‘Agile’ Leaders Needed to Reshape Insurance Industry, Educators Say
Disrupters such as the Internet of Things (IoT), big data, the sharing economy and fintech are reshaping the insurance industry and those who lead it. So when Carrier Management asked a sampling of ...
Not All ‘Optimization’ Is Price Optimization; Allstate’s CGR Proves It
"The purpose of price optimization is to extract as much profit as possible from policyholders, who are often required to purchase insurance policies," according to a February 2015 press release from ...
An Accident of the Rating Process: Allstate’s Cure Explained
In Part 1 of this article series, I described cost-based pricing used by actuaries, which includes business judgment—introducing differences between the technical price indication for a book of ...
About Those Rates: Why Allstate’s Rating Program May Not Be What It Seems
Actuaries occupy a quiet, arcane world, their debates obscure: Loss development factors: weighted vs. straight? Premium impact: parallelogram vs. extension of exposures? Reserve methods: chain ladder ...