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Agents, Brokers and the Future of Insurance Distribution
A funny thing is happening on the way to the future. As the behaviors, attitudes and expectations of consumers and carriers have been changing, independent agents are evolving to better serve both. ...
Parametric Insurance Takes Off
Now that property and casualty insurance coverage terms for business disruption losses are gradually tightening, a singular insurance product used primarily to protect businesses against ...
Liability Long Tail Could Get Longer
One of the most challenging things about liability insurance is that claims on this year's policy might be made well into the future. If exposure to a chemical, product or business activity this year ...
UPDATED: Nationwide to Adopt Bold Penguin’s Digital Portal Tech For Commercial Lines P/C Agents
Nationwide is partnering with Bold Penguin, a digital portal startup for commercial lines property/casualty agents, in an effort to speed up the underwriting process for its products. The insurer ...
Smart Commercial Insurance: How New Sources of Data Are Ushering in a New Era of Underwriting
The underwriting behind most commercial insurance is a marvel of steadfast, gradual iteration. It stretches back to the 14th century, after all. In my experience running a commercial insurance ...
Happy National Insurance Awareness Day
Has it really been a year since we last celebrated National Insurance Awareness Day? To properly celebrate the holiday, I have included a few words of appreciation about my favorite industry. Thanks ...
How a Wisconsin Mutual Insurer Became a Model Innovator
The most innovative ideas in the insurance industry don't always come from global mega insurers with large teams of technology experts that spend all their time devoted to imagining new ways of doing ...
How to Improve Employee Experience by Understanding the Psychological Drivers of Loyalty
Whether your company operates under a traditional 9-to-5 workday or your employees have adopted a 24/7 workflow, it is crucial to ensure that insurance executives have an understanding of engagement ...
U.S. Workers Comp On Track for a Fifth Consecutive Year of Underwriting Profits: Fitch
The U.S. workers compensation insurance market is likely to post a fifth consecutive year of underwriting profits in 2019 after stellar results in 2018, Fitch Ratings is predicting in a new report. ...
Debunking Three Persistent Employee Productivity Myths
Today's workplace is more focused on productivity and engagement than ever before. There are countless resources and strategies for getting employees to care more about their work and get more done. ...
The Problem With Hiring According to a Particular Type
Let's consider, for a moment, a firm with 30 team members. The team includes equal numbers of men and women. Their ages range from a 21-year-old administrative assistant to the president, who is 62 ...
Little Things Come up Big in a Relationship
On May 6, New York Yankees starting pitcher C.C. Sabathia was struggling to maintain an early innings lead against the Seattle Mariners. Sabathia, who has declared his intention to retire at the end ...
Nationwide: Solid Strategy Is Key to Finding a Compelling InsurTech Partner
Carriers are increasingly looking for InsurTechs that would serve as good partners or investments, but how do they pick the right ones? That's a vital question for carriers to address so they can ...
Pushing and Pulling Lloyd’s Into the 21st Century
Twenty-five years ago, the Lloyd's of London marketplace was teetering on the brink of insolvency, reeling from billions of dollars of asbestos and pollution liabilities. Many of the best brains in ...
Hippo Partners With American Family AI Spinout Arturo to Boost Digital Underwriting Processes
Hippo Insurance hopes to boost its digital underwriting and customer service processes through a new partnership with Arturo, a deep-learning property analytics company spun out from American Family ...
‘Underwriting by Google’ Leads to Wrong Answers on Autism Drivers
A chief underwriting officer of one of the largest P/C insurers once said to us, "I don't know what the next asbestos will be, but it will be whatever causes autism." The rate of autism spectrum ...
Agile or Waterfall: Which Deployment Makes the Most Sense for Insurance Carriers?
The insurance industry is in the midst of a complete technological transformation, and fierce market competition is increasingly driving the importance of getting IT initiatives to market as fast as ...
Expertise and Investment: What Munich Re Digital Partners Brings to InsurTech Partnerships
Three years may not be a long time, but the head of Munich Re Digitial Partners in North America says his operation has made the most of it. David Brune became CEO of Digital Partners' North American ...
3 Ways to Speed Up Claims and Boost Customer Satisfaction
Insurers face three key challenges: They operate in an already crowded marketplace, they have to meet the ever-increasing expectations of consumers, and they face incursions by disruptive tech ...
AI Can Transform How Carriers Handle Car Crashes
Crashing your car is a traumatic experience enough in itself, so it is unfortunate for drivers that dealing with their insurance company after the accident can be a lengthy process that often adds ...
By Taming Big Data With AI, Cytora Aims to Transform Commercial Underwriting
It is an InsurTech startup operating an artificial intelligence-powered platform that aims to transform commercial insurance underwriting. While the goal may seem ambitious, Cytora is making ...
Getsafe CEO Predicts Lemonade Will ‘Struggle’ in Germany
Lemonade has promise but won't necessarily face smooth sailing with an expansion into Germany, predicts the head of Getsafe, one of its European rivals. "Lemonade will have to struggle in Germany," ...
6 Side Effects of AI in Insurance and 6 Principles for Handling Them
Artificial intelligence, with its ability to analyze large amounts of data, may be the next great thing that is going to transform insurance and perhaps the world. But whatever good AI brings will be ...
Kentucky Makes a Major InsurTech Overture, Drawing National Interest
On March 26, 2019, Kentucky Governor Matt Bevin signed new legislation that establishes the nation's first comprehensive insurance regulatory "Sandbox," making the Commonwealth of Kentucky a true ...
‘I Worry Much More About Progressive’ Than Tesla, Buffett Says
Berkshire Hathaway Chair Warren Buffett said he isn't worried about recent assertions by Tesla Chief Executive Elon Musk that the electric car maker could offer a more compelling insurance product ...
InsurTech Startups Will Scale Up and Mature in 2019, and Other Predictions
The insurance technology, or InsurTech sector has seen much technological and investment development over the past few years. Traditional insurance business lines such as health, auto, and commercial ...
Executives On The Move at The Hartford and W.R. Berkley
The Hartford named a long-time executive with the company to lead its Middle and Large Commercial insurance business in the Northeast. An executive previously with The Navigators Group is joining ...
Keep It Simple, Grow Trust for Future Success: UK Executives
The insurance industry is facing a complicated cocktail of massive political and economic uncertainty, climate risks, huge shifts in technology and increasing regulatory burdens. These are just some ...
Is the IoT the Future of Workers Comp?
Internet of Things capabilities, already familiar to insurers from personal lines applications like auto telematics, are emerging in the workers compensation space through purpose-built monitoring ...
W.R. Berkley Corp. Hires Former AIG Exec Fenster to Run Commercial Transportation Insurance Arm
A former AIG executive has joined W.R. Berkley Corp. to lead a new commercial transportation insurance division backed by data and analytics technology. Jeanne Fenster will be president of Berkley ...
Insurers Will Drastically Boost Spending on Robotic Process Automation: Study
Insurers are expected to drastically boost their spending on robotic process automation over the next five years as they seek to spur revenue growth by cutting costs, according to a new study from ...
Building Communication Skills: Lessons From Great Leaders
What do Warren Buffett, Barack Obama, Bill Gates and Elon Musk have in common? Aside from being successful and world-renowned, they share a passion for lifelong learning and a skill in effective ...
Executives On The Move at A.M. Best and Berkshire Hathaway Specialty Insurance
The head of A.M. Best Ratings Services is retiring, and his replacement will come from within the organization. A veteran QBE executive is joining Berkshire Hathaway Specialty Insurance in a ...
Executives On The Move at Zurich, BHSI and CSAA Insurance Group
Zurich Insurance Group appointed a relatively new executive to a leadership role for Europe, the Middle East and Africa. Berkshire Hathaway Specialty Insurance named a new Country Manager for Germany ...
The Art of Magnetic Communication: 10 Secrets of Great Leaders
No one ever became a great leader without first becoming a great communicator. And no one ever became a great leader without attracting followers. We all know that leadership is the art of getting ...
Executives On The Move at CSAA, Liberty Mutual and AXIS
CSAA Insurance Group promoted two executives to handle responsibilities involving information and information security. Liberty Mutual Re appointed a senior underwriter and product leader for Marine ...
Executives On The Move at AIG and Its Blackboard Insurance Division
American International Group hired an executive to fill the new position of Global Head of Shared Services. AIG's Blackboard Insurance hired someone to be its new head of Growth and Underwriting.
Executives On The Move at Allianz Global Corporate & Specialty and AIG
Allianz Global Corporate & Specialty SE appointed three executives to divisions covering areas including alternative risk transfer and global political violence. A former Accenture executive ...
Protective Insurance Brings on Ex-AIG Exec Johnson as CEO; Q2 Earnings Call Set for Aug. 7
Former AIG executive Jeremy Johnson recently became the new CEO of Protective Insurance Corp, an insurer focused on commercial auto insurance and workers compensation coverage. Johnson took on the ...
After $17B in Acquisitions, Tokio Marine Promises More to Come
Tokio Marine Holdings Inc. is seeking acquisition opportunities in Asian emerging markets and elsewhere as it seeks to double profits from those regions, according to the new chief of Japan's largest ...
Chubb, Chaucer, Other Lloyd’s Underwriters Team to Develop Products for New and Emerging Risks
Lloyd's underwriters including Chubb, Chaucer, Beazley and Hiscox are teaming up on a new initiative designed to quicken insurance/reinsurance product development for new and emerging risks. Known as ...
How to Build a More Diverse Leadership Pipeline in the Insurance Industry
The value of diversity is well recognized today. Yet study after study finds that the pipeline of women narrows at each successive level of most organizations. While we see milestones in the number ...
Allied World CEO Carmilani Moves Up to Corporate Parent Fairfax in New Role
Scott Carmilani, the founder and longtime CEO of Allied World, is moving up to corporate parent Fairfax Insurance Group in a newly created executive role. With his promotion, the veteran president at ...
Commercial Insurance Ratings for Small Business: Challenge or Opportunity?
The growing gig economy, where nearly one-third of workers in the U.S. are now employed by small to medium businesses, is making it difficult for commercial insurance carriers to accurately assess ...
Root Insurance, Goodyear Ally to Boost Auto Policyholder Services
Root Insurance sealed a collaboration deal with The Goodyear Tire & Rubber Company that will allow its auto insurance policyholders to access tire purchase and installation services. "We are ...
Executives On The Move at Willis Towers Watson and GEICO
Willis Towers Watson named a new head of Construction Broking in North America. GEICO has its latest president in charge of claims operations, after promoting from within.
How to Make It Personal: Online Sales in Insurance
Insurers are realizing the increasing need for a more impactful and tailored approach to their online sales process. A brochure-website doesn't cut it anymore, as customers are expecting to encounter ...
Risk Alerts: Medical Marijuana; LED Lighting and Eyesight Damage
Could medical marijuana laws actually be increasing opioid overdose deaths? Are the benefits of medical cannabis worth the possible side effects? Is the blue light in LED lighting damaging our ...
Storytelling Is a Key Soft Influencing Skill, Says UK Consultant, Coach and Storyteller
While everyone has a story to tell, many people fail to realize just how interesting they are. They simply need to learn to tap into their life experiences—and sometimes a coach can help them pry ...
Visions of Commercial Transportation: The Future of Commercial Auto Insurance Is Here
For several years now, the commercial auto segment has been among the property/casualty insurance industry's worst performing lines. Wounded by a sharp uptick in claims frequency and severity and ...