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Allstate’s New Growth Plan Includes Agent Commission Revamp, More Advertising
Allstate first disclosed its Transformative Growth Plan in December, an effort to overhaul how it does business, boost efficiency and reduce expenses. During the Illinois-based property/casualty ...
How Root Insurance Did What Other Insurers Only Imagined
Having achieved unicorn status with a $1 billion valuation less than two years after its official October 2016 debut, InsurTech carrier Root Insurance Company may seem like an overnight success. The ...
The Insanity of Analytics in Insurance
Let me tell you about a burr that's been under my saddle for way too long. Simply put, I think that so much of the way analytics and AI are being promoted to the insurance industry is similar to the ...
Legacy Processes No More: Insurers Engaged in Wide-Scale Efforts to Optimize Antiquated Processes
There's two ways for an insurance company to boost profits. The first option is to price products higher, and the second is to reduce operating expenses. Option No. 1 can be a dicey proposition, as ...
Property/Casualty Insurance Outlooks: What Experts Say to Expect in 2020
What does the year have in store for property/casualty insurers? There have been a lot of predictions published since late last year, with most forecasters commenting on insurance market conditions, ...
IKEA, Seller of Furniture and Meatballs, Now Offers Home Insurance
IKEA, the Swedish global retailer that sells everything from assemble-it-yourself furniture to food, is getting into the home insurance business. Specifically, IKEA said it is partnering with Swiss ...
Berkley CEO Warns ‘Clouds Are Beginning to Build’ for Workers Comp
While the market is hardening and rates are increasing for nearly every commercial insurance line, workers compensation remains stubbornly soft. That reality is something that W.R. Berkley's CEO ...
Is the Industry Ready for the Fourth Industrial Revolution?
Industry transformations occur when the pain of staying the same is suddenly greater than the pain of changing, according to Karen White, CEO of RMS. "The second thing that has got to be present for ...
Dowling Highlights Regulatory Battle Over AI Bias; Lemonade Ready
As insurers introduce artificial intelligence into pricing and claims handling activities, regulatory focus on disparate impact will grow into "one of the biggest topics of the next 10 years," a ...
The Story of Cover Genius
Among the predictions delivered toward the end of 2019, one long-term forecast stood apart from the rest. "I think insurance will actually start to just disappear into the ether," an industry ...
What Executives Need to Know About Predictive Analytics in 2020
By this time, most leaders in the insurance industry have heard of using predictive analytics to study previous patterns that can help businesses understand what could happen in the future. However, ...
Why Insurers Struggle to Turn Data Into Actionable Intelligence for Strategy Moves
Artificial intelligence is having a positive impact on the industry. There are substantial use cases in almost every part of the insurance business, from policy administration and claims to customer ...
AIG Will Spend $1.3B Over 3 Years on Modernization Initiative
American International Group said it will invest $1.3 billion over the next three years in its massive AIG 200 initiative, which is designed to revamp and improve core processes, technology ...
AIG CEO Duperreault on P/C Insurance Turnaround: ‘This Inflection Point Was Critical to Achieve’
In a world of giant public companies with a global reach, $12 million may not seem like much. For American International Group, it's a very big deal. In the 2019 fourth quarter, AIG reported $12 ...
The Insurance Jobs of the Future
No one should be surprised that an industry as data-driven and processing-heavy as insurance is in the grip of an earthshaking workforce transformation. As wide-ranging automated technologies assume ...
InsurTech Ecosystem: Value Beyond Technologies
In recent years, we've seen significant investments flow into the InsurTech ecosystem, creating thousands of new technology tools. Yet it's this same volume that's leaving many carriers overwhelmed ...
What Insurance Executives Should Know about AM Best’s Innovation Assessments
In August 2018, AM Best surveyed its universe of rated entities to gauge where the insurance industry stands as a whole with regard to innovation. Although we received a wide range of responses to ...
Argo Warns of $114M Underwriting Loss, Extra Costs From Watson’s Departure
Argo Group International Holdings Ltd. is warning that its 2019 fourth quarter will feature some "unacceptable" results, particularly a $114 million underwriting loss. Separately, there are also ...
Social Inflation Is Back and Carrier Execs Should Worry: Berkley
If this week's move by Travelers to shore up prior-year liability loss reserves by nearly $300 million didn't convince carriers that social inflation is something to worry about, the words of W.R. ...
How Pay-Per-Mile Insurance Is Evolving
As automakers race to develop and test autonomous vehicles for longer and more complex trips, insurers offering unique types of auto insurance coverage aren't worrying about disruption. Dan Preston, ...
Metromile Exploring Roads to Renters, Homeowners, Commercial Auto
Customers who have been buying personal auto insurance from Metromile may have the option of adding homeowners or renters to a coverage package in the not-too-distant future, the CEO revealed ...
Chubb’s Q4 Soars With Strong P/C Premium Gains
Chubb has plenty to celebrate about its 2019 fourth quarter. The property/casualty insurer enjoyed a large jump in net income due mostly to rate hikes and P/C underwriting gains. Chubb's catastrophe ...
No Disrupters Here: Agents and Brokers Have a Future
The idea of InsurTechs disrupting agents and brokers is so 2017. InsurTechs that empower traditional property/casualty insurance distribution channels are in style in 2019. According to executives ...
3 Ways Leaders Can Minimize Their Communication Risks
In statistics, every dataset comes with a margin of error—a measure of the data's reliability. There's always a level of uncertainty in data, and decision-makers use the margin of error to gauge ...
20 Tips for Leaders: Developing Your Emotional Intelligence
There are no shortcuts to becoming an emotionally intelligent leader. It's hard work. For individuals who didn't start their insurance careers with EI competencies that they developed in school or in ...
InsurTech Investments Reach New Highs, Even as Many Startups Quietly Shut Down
InsurTech investments reached an historic high in 2019, according to a new briefing on the sector from Willis Towers Watson. But 2019 also capped a three-year period where many InsurTech startups ...
InsurTechs to Watch: The Distribution Channel
Carrier Management editors reached out to 15 InsurTech executives involved in the distribution of property/casualty insurance to ask questions about their missions, how they're changing the industry ...
A Closer Look at AIG’s Rumored Future Leader
Peter Zaffino sat at 2 World Trade Center poring over financial reports on the morning of Sept. 11, 2001, when the first plane struck a neighboring building. Zaffino, known by colleagues for his ...
AI Adoption High But Staffing an Obstacle for Carriers
Sixty-two percent of carrier professionals recently surveyed said their companies have already adopted artificial intelligence and machine learning initiatives, but a high percentage of those ...
Remaking AIG: CFO Describes Changes in Underwriting, Distribution and More
When American International Group's chief financial officer spoke about "managing change in an evolving insurance industry" at a rating agency conference in November, Mark Lyons focused much of his ...
Lloyd’s First Syndicate-in-a-Box Aims to Be an Innovation Lab: Munich Re
Lloyd's of London is expecting big things for 2020 as it rolls out the key initiatives for its massive modernization project designed make it easier to do business with Lloyd's and, ultimately, ...
A Passion for Insurance: Growing Up in the Business
Alex Timm's path to the C-Suite of an InsurTech carrier probably isn't typical. Unlike other InsurTechs headed by technology experts or marketing officers from outside the insurance industry, Timm is ...
Executives On The Move at Farmers, W.R. Berkley and Kemper
Farmers Insurance made two promotions within its organization. W.R. Berkley Corp. appointed a former executive from The Navigators Group as a claims executive. Kemper Corp. appointed a new member to ...
What to Expect in 2020: USI Sees Rate Hikes In Most Lines
Ongoing rate increases and reductions in capacity are taking shape in most property/casualty lines—and for some, will continue into the new year, according to a recently released report from USI ...
Executives On The Move at W.R. Berkley Corp. and Great American
W.R. Berkley Corp. made two new executive appointments, both promotions from within. Great American Insurance promoted a veteran executive from one of its units to senior vice president within its ...
How to Evaluate Imagery-Based AI Solutions
It's been broadly established that imagery-derived data provides benefits to both property insurers and reinsurers, across a variety of use cases. These use cases touch most aspects of the carrier ...
American Family’s Minimum Per Hour Rate Raises to $20
American Family Insurance said it has raised its minimum hourly rate to $20 per hour, a bid it hopes will help attract and keep customer service talent. The Wisconsin-based property/casualty ...
Lemonade, Root and Metromile: Can David Challenge Goliath With No Sling?
Continuing a series in which we evaluate and discuss the financial performance and operating results of the InsurTech carrier trio of Lemonade, Root and Metromile, we find continued growth and ...
Executives On The Move at BHSI and Liberty Mutual
Berkshire Hathaway is bringing on a former Swiss Re executive in a leadership role. Liberty Mutual has a new senior vice president and treasurer.***
A former Swiss ...
Can Violations of the California Consumer Privacy Act Be Insured?
The California Consumer Privacy Act of 2018 (CCPA) took effect on Jan. 1, 2020, and compliance departments across the United States now have some work to do. This is especially ...
It’s Not Over: Social Inflation Will Be Around for Some Time
Social inflation has become the industry's most talked about subject in recent quarters. The frequency and severity of tort claims has increased, and insurers have had to add to prior-year reserves ...
Allstate Plans to Retire Struggling Esurance Brand as Part of Broader Overhaul
Allstate plans to phase out its struggling Esurance brand as part of a broader overhaul in how the company does business, the Illinois-based insurer disclosed on Dec. 19. Executives are framing the ...
Reading the Tea Leaves for Insurance Distribution
"Fewer, more specialized agents and brokers empowered by technology." That's how Roland Chan, CEO and Co-Founder of FindBob, responded to the question, "What does the future of commercial insurance ...
Chubb CEO Greenberg Predicts ‘Modest’ Coronavirus Impact for Now
Chubb Chairman and CEO Evan Greenberg said he expects the insurer—at least for now—to experience only modest impact from the coronavirus tearing through China and around the world. The ...
Machine Learning Today and Tomorrow
It is difficult to open an insurance industry newsletter these days without seeing some reference to machine learning or its cousin artificial intelligence and how they will revolutionize the ...
The Hartford’s 2019 Navigators Acquisition Pays Off
The Hartford closed out 2019 with gains in net income and net investment income, buttressed in part by its $2.1 billion acquisition of specialty insurer Navigators Group. Net income hit $543 million, ...
U.S. Private Flood Insurance: The Journey to Build a New Market
Not long ago, private flood insurance was thought to be an impossible dream in the property/casualty sector. There were numerous arguments supporting the common wisdom that a meaningful market for ...
Executives On The Move at Liberty Mutual and RenaissanceRe
Liberty Mutual appointed one of its veteran executives to lead its Global Risk Solutions arm in North America. RenaissanceRe Holdings Ltd. hired a new head of human resources.
Corvus CEO Edmundson: InsurTech and Cyber Cover Offer a Potent Mix
Cyber continues to be a fast-evolving risk. But Phil Edmundson, founder and CEO of the Boston-based InsurTech-focused managing general agent, said his company's strategy takes that into account. "The ...