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Between an Ant and a Grasshopper, Lemonade’s Results ‘Most Improved’
The three U.S. venture-backed InsurTech carriers we have been tracking for several quarters have more money, more premium and more losses as we head into the last quarter of the year. During the ...
Can an InsurTech Startup Compete With Progressive and GEICO?
The most common refrain of startups is that insurance is broken and their solution will fix it. Oui, c'est vrai. But two companies have their act together more than almost any other insurers: GEICO ...
‘Root’ of the Problem: Why One InsurTech’s Loss Ratios Still Disappoint
In the first part of this four-part article, we revealed that Root—currently the fastest growing carrier of three VC-backed InsurTechs we've been tracking—also posted the worst loss ratio result ...
It Was Personal; InsurTech Founder Explains Why He Launched Small Biz Insurance Platform
Look for a solution to your own problem. Start a company. That's the formula that CoverWallet Co-Founder and Chief Executive Officer Inaki Berenguer has used three times since leaving the world of ...
Leadership Tips to Start Your Year
From technology to office politics and when to call it quits, executives and leaders need to be savvy about many things in order to accomplish their goals and help their companies advance and thrive. ...
Nationwide Anticipates Small Business Insurance Needs Through Multiple Fronts
One of the bigger parts of Mark Berven's job is to develop ideas that anticipate customers' future needs and then act on them. Berven is president and chief operating officer of Nationwide Property ...
Predictive Analytics in Practice: Carrier Executives Talk ROI
Back in April, A.M. Best cited the use of predictive analytics by carriers as a factor in improved bottom lines and balanced underwriting cycles. But exactly how are property/casualty underwriting ...
Berkley Hires Former Chubb Exec in Series of Executive Changes
W.R. Berkley Corp. hired on a former Chubb executive as part of a series of executive changes and promotions, both in the main company and in a key business unit. The insurer said it appointed Philip ...
AmTrust, Newly Private, Discloses Leadership Changes and a Strategic Plan
AmTrust Financial Services Inc., beginning 2019 as a private company, disclosed some leadership changes and a broad strategic plan. The specialty commercial property/casualty insurer completed its ...
Five Years, Five Top Carrier Management Exclusives Unlocked
In February, Carrier Management marked its fifth anniversary of publishing content tailored for property/casualty insurance executives, directors and future leaders. Before looking ahead to 2019, we ...
Big Ten Conference Schools Produce Most CEOs: Research
Big Ten athletic conference schools—and the University of Wisconsin, in particular—are the biggest producers of chief executives of Fortune 500 companies, according to research from an executive ...
Change Management: A Guide for Leaders
Successful corporate transformations are hard to pull off. For CEOs and senior executives trying to lead and drive change initiatives within their companies, the odds of success appear to be stacked ...
AIA, PCI Members Approve Merger; Combined Group Debuts on Jan. 1
Members of the Property Casualty Insurers Association of America and the American Insurance Association have approved a merger that takes effect in 2019, and the combined organization is set to have ...
Commercial Auto: An Old Dog Up to New Tricks
For the seventh consecutive year, commercial auto is losing money. Despite rate increases in 23 of the last 25 quarters, the combined ratio topped 111 percent in 2017. The line has been a weak spot ...
How We’re Doing It: Defining a New Culture for Digital Transformation at State Auto
The State Auto team began a journey in 2015, when the company was at a crossroads: Continue on the path of a five- to seven-year project to stand up a new policy and billing platform, or do something ...
Startups vs. Incumbents Revisited: Q32018
We first pointed out in a second quarter analysis of VC-backed startups Root, Lemonade and Metromile that companies run or led by well-known underwriters were growing slowly but far more profitable ...
Nationwide Acquires Program Manager E-Risk Services, With an Eye on E&S Expansion
Nationwide said it has acquired E-Risk Services LLC, a privately held program manager specializing in management lines products. Neither side is disclosing financial specifics of the deal, which ...
Market Intelligence: How to See What Your Competitors Are Up To
Insurance carriers consistently have relied upon data and research analytics to underwrite and manage the most profitable portfolios. However, as new products, distribution channels and servicing ...
Setting a Vision and Mapping the Future: The Road to Digital Transformation
Digital transformation (DX) is no longer a nice-to-have strategic initiative for an organization. It's a must-have and an urgent necessity to stay relevant, to compete in the marketplace and to ...
An Instagram Strategy Can Help Create the Next GEICO Gecko
I recently moved to New York City from a comfortable, tree-lined New Jersey suburb, leaving behind three floors, a basement, a backyard and side porch for 1,000 square feet on busy West 55th Street. ...
Executives On The Move at Chubb, RLI and OneBeacon
A newly promoted Chubb executive gains additional responsibilities in the Asia Pacific region. OneBeacon Insurance Group has a new president of its Management Liability business unit. RLI Corp. ...
InsurTech vs. Incumbents: What’s Really Different About Their Cultures?
Although strategies putting growth before profit instead of profit-first schemes may set InsurTech startups apart from established players in personal and commercial insurance lines, there's less of ...
Who’s Next? The Value of MGAs vs. Carriers
With Next Insurance making a decision convert from a digital managing general agency for small and medium-sized businesses to a licensed insurance carrier in May, there isn't much to report from the ...
Tokio Marine Workers Comp Carrier Safety National Acquires an MGA
Workers compensation carrier Safety National Casualty Corp. has acquired Midlands Management Corporation, a managing general agent and wholesale broker. The deal gives both companies access to new ...
The Latest Launches From Marsh and Travelers
Marsh debuted what it is billing as a "next-generation online cyber self-assessment tool." Travelers will start providing U.S. auto claims services for a major ridesharing startup.
Executives On The Move at AXIS, AXA XL and W.R. Berkley’s Acadia Insurance
AXIS Capital Holdings brought in a former Allstate executive as its new chief analytics officer. AXA XL hired on a new executive for its Excess Casualty Insurance team. W.R. Berkley Corp.'s Acadia ...
‘He’s Gaining on Us?’ An ‘Inconceivable’ Quarter of InsurTech Carrier Financials
As we worked on pulling together this third installment of our review of U.S. InsurTech startup financials, we were reminded of the scene from "The Princess Bride" in which a masked man in black ...
Millennial Business Owners More Likely to Work With Insurance Agents: Nationwide Survey
Millennial business owners are more likely to work with insurance agents than those in other generations. What's more, they're seeking agent counsel on a variety of financial issues, according to ...
U.S. Insurers Struggle With Rising Claims in Senior Living Market
Last March, a 103-year-old resident of a Sunrise Senior Living facility in Willowbrook, Illinois, went on a field trip to the movies. Ruth Smith, who used a walker, fell down two concrete steps in ...
A Four-Day Work Week Might Motivate Staff, Lead to Higher Productivity
Work four days a week, but get paid for five? It sounds too good to be true, but companies around the world that have cut their work week have found that it leads to higher productivity, more ...
A Carrier Checklist: 10 Steps to Transformative Change
According to Bain & Company, only 12 percent of companies embarking on change programs fully achieve their goals, and 38 percent achieve less than half of them. How can you improve your odds? ...
Data Sources of the Future Tie Carriers Closer to Customers
Insurance spans multiple generations of consumers, from tech-savvy millennials to Gen X to retiring baby boomers. The traditionalist may still prefer visiting an agent and writing paper checks for ...
Executives On The Move at GEICO, MAPFRE USA and Church Mutual
GEICO named its new vice president of marketing, having promoted from within. MAPFRE USA hired two executives to join its senior leadership team. Church Mutual Insurance Company made a number of ...
The Road to Greatness: Transforming Culture From Complacency to Ownership
When you're in a consumer-focused business, your job is to help people. Those of us in the insurance industry know we have a great advantage: When people have their worst day, we help them put things ...
Most Commercial Lines Saw Q4 Rate Hikes; Workers Comp, Not So Much
Most commercial insurance lines experienced rate increases for the 2018 fourth quarter, with workers compensation continuing to serve as a notable exception, according to the latest IVANS index ...
InsurTech CoverWallet Unveils Platform for Agents
CoverWallet, a technology company that has been on a mission to "reinvent insurance for small business" customers, is now offering its platform for insurance agencies, the company revealed today. ...
Underwriting Pain, Exits Begin; Insurers Rethinking Lloyd’s
News that Lloyd's is undergoing a strategic review of its operations may be part of a larger industrywide phenomenon—reality is setting in and underwriting pain is increasing, an industry executive ...
Two InsurTechs Chosen to Represent North America in Zurich Innovation World Championship
Zurich North America chose two InsurTech companies to represent North America in its first-ever Zurich Innovation World Championship. Chisel, based in Toronto, is an AI-based provider of products and ...
Executives On The Move at Grange Insurance and BHSI
Grange Insurance Association has a new CEO, an executive promoted from within to replace a longtime leader who retired. Berkshire Hathaway Specialty Insurance appointed a new senior claims adjuster ...
Commercial Auto: Profitability Issues Remain, But There’s Light at the End of Tunnel
Despite insurers' best efforts to increase rates to compensate for losses, commercial auto continues to be an unprofitable line. In less than a decade, despite continued increases in premiums, two ...
U.S. Nonstandard Auto Market Makes Significant Strides: A.M. Best
A 102.2 combined ratio may not be seem very good. For the U.S. nonstandard auto market, however, it represents a big improvement over past performance. A new A.M. Best report concluded the market ...
Opinion: Calling Out Cyber Attackers Could Give Insurers Reason to Deny Claims
The $100 million lawsuit that Mondelez, the maker of Oreos and Cadbury chocolate, has brought against Zurich Insurance Group shows that governments should be more careful about identifying the ...
High-Net-Worth Insurer Berkley One Expands, Debuts Flood Cover in Select Markets
W.R. Berkley Corp.'s Berkley One is expanding into two more states and launching its flood insurance cover in new markets. Berkley One, an ultra-high-net-worth personal lines insurance brand, is now ...
Stunning Successes: InsurTechs Positioned for Network Control and Market Dominance
John D. Rockefeller was easy to overlook. He didn't drink alcohol, smoke, swear or lose his temper. He ate no more than was necessary and went to bed early. Yet, he and his partners at Standard Oil ...
Cyber Attacks on Connected Cars See Substantial Increase
Hopping into an Uber or a Car2Go is a great way to get around. Unfortunately, hackers agree, exploiting weaknesses in apps to go on "phantom rides" with someone else's profile. From such trips—like ...
Cyber Insurance Continues to Be Both Risky Proposition and Enticing Market
While there are some issues with the data, virtually every report shows the cyber insurance market growing. Aon Benfield had it growing 37 percent last year to $1.8 billion. It's profitable and the ...
Everest Re CEO Addesso Will Retire at 2019’s End
Everest Re Group Ltd. President and CEO Dominic Addesso plans to retire at the end of 2019, the Bermuda-based insurer and reinsurer disclosed on Jan. 7. The board of directors has already begun a ...
Exploring the ‘Incumbup’ Model: A Preview of CM’s Jan/Feb Magazine
Startup vs. incumbent? That's the question that has been recurring in Carrier Management's recent magazines. In this edition, executives from InsurTech startups Pie Insurance and CoverWallet describe ...
Executives On The Move at Alliant and Insurance Information Institute
Alliant hired a Willis Towers Watson veteran as Senior Vice President. The Insurance Information Institute hired a new Vice President and Senior Economist, who will handle areas including research, ...
Hippo CEO Wand: Family-First & Entrepreneur-as-CEO Models Fuel Our Culture
This article is part of Carrier Management's Cultural Q&A series featured in the Nov/Dec 2018 print edition. Q: There is a famous saying, "Culture eats strategy for breakfast." Do you agree? Do ...