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InsurTech Carrier CEO Explains Poor 2017 Results; Fields Questions on Reddit
The chief executive officer of an InsurTech insurance company responded to recent reports about his company's unfavorable 2017 loss ratio result on a social news platform last Friday. "We want to ...
MGAs Are Increasingly Taking on Carrier Business Practices
Among the most profound changes in commercial insurance over the past decade has been the growing role of managing general agencies (MGAs) as measured by premium volume and by the growing scope of ...
Nationwide Vet Miller to Launch E&S-Focused Specialty Insurer
Ex-Nationwide veteran executive Mike Miller plans to roll out a new digitally-focused specialty property/casualty insurer. Dubbed Ategrity Specialty Insurance Company, the fledgling insurer will ...
The Future of Small Business Insurance Distribution: What Can We Expect?
In the United States today, there are almost 28 million small businesses, all requiring a wide array of insurance coverage to confidently conduct daily business. Insuring these businesses has always ...
Chubb CUO Sees Small-Biz Market More Reachable With Low-Touch Underwriting
An industry with 75-100 percent of small commercial business potentially written on a straight-through basis—untouched by human underwriters—is on the near-term horizon, and Chubb is embracing ...
AIG CEO Duperreault Has Hired or Promoted at Least 13 Senior Execs in First Year
Brian Duperreault has hired or promoted from within at least 13 senior executives at American International Group since he rejoined the insurance giant nearly a year ago. Duperreault, in his letter ...
How Hippo Insurance Is Putting Homeowners Customers First
Remember when companies like Kayak, Netflix and Amazon quickly upended the travel, entertainment and retail industries? They created streamlined, user-friendly online experiences and found ways to ...
Four Types of Artificial Intelligence: How to Decide Which One to Apply to Commercial Insurance Decisions
As artificial intelligence (AI) gains more widespread adoption in insurance and other industries, we see four distinct uses for it. In this article, we examine them and describe some current and ...
Why Improved Auto Technology Is Creating Underwriting Challenges
Automobiles are so solidly made now that they're safer and lasting far longer than their predecessors. Their durability is delaying wider use of even better technology, however, a trend that will ...
Dispatches From InsurTech Survival Island: Five Takeaways From Statutory Financials (Part 1)
"All the insurance players will be InsurTech" is a phrase we have uttered on many occasions in the past few years, but some InsurTechs have chosen to be insurers. Real insurers. Which means they file ...
Where Is the InsurTech Capital of the World?
There was a time not so long ago when Hartford, Conn., was widely known as the "Insurance Capital of the World." These days, Hartford has work to do to reclaim that title. But with insurance ...
Underwriting in 2018: InsurTechs Eye Analytics, Automation
Underwriting is the nucleus of the insurance business. For centuries, human beings have performed this process, evaluating a risk to determine whether or not it is insurable at a profit for the ...
Chubb CEO Greenberg Sounds Off on NAFTA, China and ‘America First’
Chubb Chairman and CEO Evan Greenberg voiced dissatisfaction about the "America First" political direction of the United States and how it is causing damage to world trade and politics. "I am ...
Dispatches from InsurTech Survival Island: Five Takeaways From Statutory Financials (Part 2)
Statutory financial statements are painting an unattractive picture for three InsurTechs that have chosen to become real insurers so far. In Part 1 of this three-part article, we revealed that loss ...
It’s Time for Leaders to Eliminate These Two Words From Their Vocabularies
For all the time and energy that companies invest in improving their customer experience, many are unknowingly sabotaging those efforts. How? Simply by using two words that should be stricken from ...
Digital Transformation in Underwriting: What It Means and How to Get There
Every part of the insurance industry is talking about digital transformation. Underwriting, the traditional heart of the insurance enterprise, is no exception. Because this idea is discussed so ...
Single Number Cyber Risk Score Could Help Carriers Craft More Precise Cover
The rapidly emerging and evolving world of cyber risk poses a paradox for property/casualty insurers, according to two panelists addressing "Risk Selection in Cyber Insurance" at the Casualty ...
Executives On The Move at AIG and Berkshire Hathaway Specialty Insurance
American International Group named an executive who was once an ABC network vice president as its new marketing/communications head for the General Insurance division. Berkshire Hathaway Specialty ...
Blockchain Gives Life to a 300-Year-Old Idea
Blockchain technology is actually a new way to pursue an insurance distribution system that existed 300 years ago, an expert at Willis Towers Watson said. "This works like the way we used to do ...
Meet the Insurance Industry’s Talent Gap Solution: The Longevity Economy
In her 1993 book, "The Fountain of Age," Betty Friedan used substantial science to subvert the "age-as-problem" notion, asserting, "Aging is not lost youth but a new stage of opportunity and ...
Predictive Analytics Help Commercial Lines Insurers Boost Profit, Reduce Underwriting Volatility: A.M. Best
The increasing use of predictive analytics among commercial lines insurers has helped improve their bottom lines and led to more balanced underwriting cycles, A.M. Best concluded in a new special ...
Nationwide Switching to Full Independent Agency Distribution Model by 2020
Independent agents take note—Nationwide may be on your side. Nationwide on Monday announced its intention to shift to an independent agency distribution model over the next two years. The Columbus, ...
Ex-AIG Execs Kick Off New High-Net-Worth Insurer Vault in Fla.
It was a no-brainer for former thought-leaders from AIG to set up shop for their new high-net-worth insurer in the Sunshine State, known for beautiful beaches, a growing economy and lots of wealthy ...
Travelers Survey Provides New Insights Into Distracted Driving Behavior
Most drivers who respond to personal texts, emails and calls while driving said they do so because they are afraid of an emergency or missing out on something important, according to a new survey ...
Why Insurance Headquarters Must Evolve
Disruptions across the insurance industry over the past decade have been nothing short of exhilarating. We have witnessed a dramatic shift in the leaderboard thanks to the rise of companies like ...
Executives On The Move at Chubb, Sompo International and Tokio Marine HCC
Chubb made two executive appointments in its North America Insurance Operations. Sompo International, a Bermuda-based property/casualty specialty insurer and reinsurer, appointed two insurance ...
Price Optimization Continues as an Unresolved Issue
Price optimization and the controversy over whether or not to use it in insurance continues even though many states have banned the practice, panelists said during the Casualty Actuarial Society's ...
Opinion: Competition Driving Prices to Excessive Levels in Several Specialty Insurance Lines
Competition is driving up prices. No, that's not a typo, and, no, this is not a belated April Fool's column. As a result of a serious insurance regulatory oversight problem in most states, certain ...
Industry Power Center: Distribution and Services, Not Underwriting
The former chief executive of an insurance company believes the center of value of the property/casualty industry has shifted away from one of the activities that would seem to define an insurance ...
Marsh Simplifying Certificates of Insurance Process on Blockchain
Marsh announced it is collaborating with IBM, ACORD and its client, ISN, to develop a commercial blockchain solution for proof of insurance. By using blockchain, or distributed ledger technology, ...
Dispatches From InsurTech Survival Island: Five Takeaways From Statutory Financials (Part 3)
Founders and investors in InsurTech carriers need to prepare themselves—mentally and financially—for a long rough road to profitability, and they need to find reinsurers who are both flexible and ...
Can InsurTechs Compete With Carriers and Agencies on Main Street?
As an industry, insurance has always been a technology pioneer of sorts—so it comes as no surprise that in these halcyon days of digital commerce, more than 700 new insurance technology vendors, ...
Underwriting Decisions Not Made by Machines for Large, Mid-Market Risks, Says Zurich NA CUO
New data sources, predictive analytics and automated processes can all help human underwriters in evaluating and pricing, but machines don't make underwriting decisions for large and middle-market ...
USAA Top Among Insurers in Ranking of ‘Best Customer Experience’
USAA tops all other insurers in terms of delivering the best customer experience, according to the 2018 Temkin Experience Ratings. "Once again, USAA has set the standard for delivering excellent ...
‘Brilliant Basics’ Continues at QBE With Naming of New Senior Execs
QBE is continuing to revamp its senior management team as part of an ongoing effort to reshape its strategic focus and create more simplified structure. The effort, known as "Brilliant Basics," ...
Executives On The Move at AIG and CNA
American International Group hired on a veteran XL Catlin executive for a leadership role in its General Insurance arm. A former AIG executive is joining CNA as its new senior vice president, Global ...
Executives On The Move at CNA and Markel
CNA named a former Nasdaq executive to be its new chief procurement officer. Promoting from within, Markel Corporation named its first-ever managing director, strategic customer growth.
Stop Thinking Regional vs. National; Start Thinking Smarter About Technology
Regional or national? That's a question producers have long considered when deciding where to place their business—whether to go with a regional company that has close relationships with their ...
Multiples Parties Were Interested in XL Besides AXA, Filing Reveals
According to details revealed in a public filing Monday, two parties approached XL Group for potential tie-ups before AXA started to pursue a deal—and seven, in total, were interested before AXA ...
Insurance Today Is Like the Bundesliga
I am German, and I am a die-hard soccer fan. Believe me, it's relevant. In my view, digital transformation in the global insurance industry is about to play out like a season in the Bundesliga, the ...
AIG Shifts Some Employees to EY in Managed Tax Services Collaboration Deal
American International Group and Ernst & Young will collaborate on managed tax services and technology in a new five-year agreement that also involves a transfer of some employees to EY. Their ...
Leading a Technology Company: A New Challenge for Insurance Carrier Execs
YouTube videos featuring insurance company chief executives can be revealing. Take the comments of Allianz CEO Oliver Bäte on his recent listening tour published to the group's YouTube channel Nov. ...
How to Use Feedback Loops and Recognition to Improve Employee Satisfaction
For a business to thrive, it needs to keep its employees happy. Organizations with engaged employees regularly outperform competitors with lower levels of employee satisfaction and engagement. ...
CapSpecialty Debuts a New, Super-Speedy, Cloud-Based Platform for Brokers
CapSpecialty is bringing some InsurTech sensibilities to the brokers with whom it works. It recently debuted a cloud-based platform designed to drastically simplify how brokers serve small and ...
P/C: It’s Not Personal Anymore
The year 2018 promises to be full of exciting opportunities for the insurance industry. Or maybe it's going to be a year of profound threats. The way you will experience the coming months depends a ...
5 Tips for Overcoming a Change-Averse Culture
The environment for change in many organizations is unfriendly at best, creating a challenge for leaders trying to push for innovation. In a recent article for the blog Lead Change, leadership ...
Ganging Up on Blockchain and Other Hyped Tech Concepts
What is the most hyped InsurTech concept? At the 2017 InsureTech Connect Conference, the favorite answer seemed to be blockchain, although Munich Re Digital Partners CEO Andy Rear was hesitant to ...
Can Driver Data Predict Collisions Before They Happen?
Smartphones have transformed the way we interact with the world. They've replaced our watches and wallets. They've become portable movie theaters and libraries. They've even redefined how we interact ...
Uber Disabled Autonomous Vehicle’s Safety Tech Before Fatality
Uber Technologies Inc. disabled the standard collision-avoidance technology in the Volvo SUV that struck and killed a woman in Arizona last week, according to the auto-parts maker that supplied the ...
The Latest Launches From XL Catlin, W.R. Berkley Corp. and Allied World
XL Catlin beefed up its online underwriting platform for design professional brokers with new bells and whistles. A W.R. Berkley Corp. unit has developed a new travel insurance policy and expanded ...