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Berkshire Hathaway Direct: ‘Challenging the Normal’ With Three Pages
For most property/casualty actuaries, routine parts of the job involve finding comfort with insurance pricing levels and claims trends, grounded in a thorough understanding of the parameters of ...
Five Leadership Lessons From an Insurance Industry VP
Over the course of my career, I've been fortunate—or purpose-driven enough—to have worked for companies that value leadership. One of my early jobs was with a wildly successful software company ...
The Challenges Go On for U.S. Commercial Auto in 2019: A.M. Best
Expect U.S. commercial auto insurance to improve somewhat in 2019 even as A.M. Best maintains its negative outlook for the sector over the next year. That split forecast stems from commercial auto ...
Next Insurance: How We’re Overcoming the Roadblocks of Commercial Auto
When Next Insurance launched its commercial auto insurance coverage in September 2018, one frequently asked question—whether Next had such an offering—gave way to another: Why was Next Insurance ...
Hippo Insurance’s CEO Looks Back on ‘A Banner Year’
Hippo Insurance was founded in 2015, started selling homeowners insurance policies online in 2017, and in October 2018, during its first policy year, faced one of the worst wildfire seasons in ...
New Slice Labs Unit Relies on AI, Machine Learning to Help Clients Fine-Tune Their Operations
Slice Labs Inc., known for its on-demand insurance cloud platform, recently launched a new business unit. The division, named Slice Mind, centers around an "insight engine that helps companies with ...
CEO Interview: Metromile Shaking Up the Auto Insurance Industry With a Lifestyle Product
Metromile is one of the early InsurTech companies. It is also one of only a few InsurTechs that is really transforming the insurance business. Most InsurTechs focus on operating efficiencies in ...
Lemonade’s New $300M Financing Will Propel Expanded Insurance Offerings, European Push
Tech-driven insurance startup Lemonade Inc has signed a $300 million funding round led by Japan's SoftBank Group Corp, the company said on Thursday. Other investors included insurer Allianz SE, ...
At Long Last, an Insurance Company Proud of Its Human Agents—and Telling the World
A recent social media debate on insurance innovation was sparked by a State Farm TV ad in which the insurance giant celebrates the superiority of its thousands of human insurance agents compared to ...
InsurTech Carrier Growth Slows in 2018
The three property/casualty venture-backed U.S. InsurTech startups—Lemonade, Metromile and Root—finished 2018 with pretty good results. Quarterly growth was the slowest ever, but all three paid ...
AXA XL’s McGavick Looks Ahead to ‘The Golden Age of Insurance’
Mike McGavick's turnaround experiences have led him to think carefully about changes that are needed for the insurance industry. "First, cost has got to come down. It's absurd that approximately 60 ...
3 Things Insurance Carriers Need to Know Before Entering Colorado
Colorado isn't like other states. At 2.7 percent, its unemployment rate is lower than the national average. It's the seventh-fastest-growing state in the U.S., adding some 80,000 residents in 2018. ...
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 ...
Future of Claims: Customers Still Want Humans In Process—But Not Too Many
While insurance carriers are warming to the idea of automating the claims process—and even possibly touchless claims handling—auto insurance policyholders are still wary of do-it-yourself ...
Nationwide Adds More Eligible Small Business Types to Commercial Insurance Platform
Nationwide said it has expanded 24-hour access to more types of small business for its Commercial Digital Direct online commercial insurance platform. Now, 30 different business types can access the ...
MGAs in the Age of InsurTech
Once utilized to amplify the distribution channel or to serve as intermediaries between agents and insurance companies, managing general agencies today have new roles to play. In the "Age of ...
Veteran Nationwide CEO Rasmussen Plans to Retire; Succession Search Is Underway
Long-time Nationwide Chief Executive Officer Steve Rasmussen plans to retire later in 2019, the company disclosed. Rasmussen's last official day as CEO will be Oct. 1, 2019, capping more than 10 ...
InsurTech Will Revolutionize Inland Marine by Cutting Costs for Customers, Carriers
InsurTech advances will soon drive down unacceptably high expense ratios in the inland marine sector, making it possible to insure even hard-to-place small or one-off inland marine risks at the best ...
Why Insurers Need to Offer Customers Self-Service Options
Today's smartphones are more powerful than the computer that once dealt a world-champion chess player his first loss. But when it comes to using the power of mobile to enhance the customer ...
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 ...
3 Ways InsurTech Software Convergence Can Boost Customer Service and Business Growth
There's been a huge surge in software development aimed at improving efficiency across the insurance value chain. In fact, InsurTech is now a half-billion-dollar industry, expected to top $1.1 ...
At Nearly $21M, AIG CEO Duperreault’s 2018 Paycheck Is Half the Previous Year’s
Insurer American International Group Inc said on Tuesday it paid Chief Executive Officer Brian Duperreault $20.9 million in 2018 while also outlining a series of reforms to its pay practices in the ...
Big Benefits and Quick Wins: Sharing the Value of Claims Analytics
Big data and analytics are combining to profoundly alter one of the most manual processes in the insurance industry: claims management. Simple algorithms can ferret out evidence of claims leakage, ...
Risks Hiding in Plain Sight
When an Italian man attended an art exhibit in the Serralves Museum in Portugal last year, he didn't expect to be hospitalized just for trying to view one of the works on display. But that's exactly ...
Thinking Past the Obvious: Former CEO of XL Group McGavick Looks Back
The former chief executive officer of XL Group, Mike McGavick, admits that frequently during his career he has taken on leadership roles that some of his contemporaries considered too hot to ...
The Word on Main Street: What Small Businesses Really Want From Insurers
Patricia Ross, Raphael Strumlauf and Kate DeNeveu each have at least one thing in common: They're generally happy with their business insurance. Each owns a business at the downtown pedestrian mall ...
The New Roadside Imperative for Insurers
Roadside assistance programs have never been more important. As the auto insurance industry becomes increasingly competitive—there was a record low number of new shoppers in 2018, according to a ...
Executives On The Move at Everest Insurance and AmeriTrust Group
Everest Insurance named a new chief commercial officer. AmeriTrust Group Inc. has a new chief of staff, after promoting from within.***
Everest Insurance appointed ...
New Vanity Metrics vs. Old School KPIs: Evaluating InsurTech Performance
Since I began a quarterly discussion of U.S.-based InsurTech carriers' financials based on their public filings last year, many have responded that these players needed to be evaluated on other ...
Improve Retention and Increase Conversion by Getting the Most Out of Credit Data
In an era when insurers are increasingly reliant on data to automate underwriting and segment risk, lower new business application conversion has put pressure on company expense ratios. This is due ...
Marijuana Is Legal; Now What? Workers Comp Carriers Prepare for Claims Ahead
There's no doubt marijuana is having a moment, with several states having passed legislation legalizing it for both medical and recreational use. Media focus has centered on the drug's benefits, but ...
Who’s to Blame for the Opioid Crisis: The Role of Workers Comp Insurance
There are multiple parties responsible for the opioid crisis, and even workers compensation insurers may have played a role in the epidemic, experts speaking at an industry conference said late last ...
Executives On The Move at Munich Re U.S. and Starr Insurance Companies
A former Hiscox executive is joining Munich Re America to be chief operating officer for Munich Re Specialty Insurance, a new commercial insurance unit in North America. Starr Insurance Companies ...
Executives On The Move at Sompo International and AXA XL
Sompo International promoted a long-time executive in a branch of its commercial property/casualty business. A long-time executive affiliated with AXA XL is stepping down from one of its divisions to ...
Executives on the Move at Willis Re, NJM, Metromile and Betterview
NJM Insurance Group named a new CFO. A former Uber-engineering executive joined the Metromile team. The former leader data scientist of Farmers is now at Betterview. Willis Re has a new head of ...
Ex-Wells Fargo Official to Join AIG in Security Leadership Role; Three Nominated to Board
American International Group, Inc. hired a former Wells Fargo & Company executive and government security official in a leadership role, and separately nominated three new board members. Rich ...
Lloyd’s Comments on Reports of Rampant Sexual Harassment
In the era of #MeToo when the ills of sexual harassment are regularly in the news, a recent article published by Bloomberg Businessweek indicates that some men working in the London insurance market ...
The Hanover Starts Offering Customer-Facing Digital Platform Using CoverWallet Tech
The Hanover Insurance Group is debuting a customer-facing digital platform designed to help independent agents acquire new business customers including freelancers, contractors and others. Dubbed ...
Ex-Allstate Exec Troy Named as CSAA Insurance Group’s Next CEO
A former Allstate executive has been named CSAA Insurance Group's next chief executive officer. Thomas Troy will become the California-based insurer's new CEO on April 8, 2019. He is succeeding Paula ...
Have You Shined Your Shoes Lately?
Generally, I am not a fan of origin stories. When a politician seeks to establish his "man of the people" credentials by telling us his father was a coal miner or his grandfather was a bricklayer, I ...
Is Insurance Innovation Disruptive Enough?
Less than 10 percent of insurance carriers responding to a recent survey said they spend more than half their time on "disruptive innovation"—and that 10 percent figure has stayed roughly the same ...
‘New Recipe’ Could Make Innovation Easier
Two years ago, when Michael Fitzgerald, a senior analyst at Celent, was interviewing Tim Attia, the CEO of Slice Labs, Fitzgerald asked Attia how much it cost to launch the InsurTech's first product. ...
Seeking Profitable Connections Through Vehicle Telematics
Has the adoption of interconnected vehicle telematics reached a tipping point? After some initial hesitation regarding the cost and capabilities of new technologies, by 2016 about 44 percent of ...
Putting Insurer Innovation Under the Rating Agency Microscope
Underway for some time now, the disruption of the insurance industry has moved into a new phase, following the announcement by A.M. Best that it may soon begin scoring insurers' innovation efforts. ...
American Family Insurance Will Pay $1 Billion for Ameriprise Auto & Home
Ameriprise Financial is selling its Ameriprise Auto & Home (AAH) division to a subsidiary of Madison, Wisconsin-based American Family Insurance Mutual Holding Co. (American Family Insurance), the ...
The Latest Launches From Chubb and Nationwide
Chubb has enhanced its global digital platform with an eye on better serving its multinational clients and brokers. Nationwide's digital insurance platform designed for small business clients has ...
QBE’s Zortman Is Joining AIG to Lead Its High Net Worth Customer Biz
A veteran of QBE Group and the old Fireman's Fund Insurance is joining AIG to lead its Private Client Group, a division that serves the insurance giant's high net worth customers. Kathleen Zortman is ...
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 ...
Lloyd’s Will Now Restrict Drunk People From Entering Its Offices
Lloyd's continues to tighten up its workplace rules by restricting people from entering Lloyd's premises who are drunk or under the influence of drugs. The new rule, which was included in a market ...