The most popular articles and news offered by Carrier Management.
Top Content
Employees Saying Adios to Carriers, Brokers Requiring Work in Office
During a session of an insurance industry webinar titled "State of the Insurance Marketplace," the war for talent was discussed just as much as the hard or moderating property/casualty insurance ...
The Journey to Build the Auto Insurer of the Future
Usage-based insurance (UBI) finally has come of age in the U.S. insurance sector. Insurers have spent the last 20 years exploring the potential of telematics with alternating curiosity, commitment ...
Why M&A Is Booming in the P/C Insurance Space
Now that the dust is settling after an unpredictable and historically challenging period, insurers are going on the offensive by pursuing innovation, building out core capabilities and aggressively ...
One of Best E&S Markets in 50 Years, Industry Veteran Says
The chair of W.R. Berkley Corporation has been observing conditions in the excess and surplus and specialty markets for more than five decades and said he views the current environment as just about ...
Understanding Social Inflation and What to Do About It
Social inflation has become the buzzword in insurance in recent years, and the exact definition, causes, impact and outlook for the future remain fuzzy to many companies. Social inflation broadly ...
How We’re Doing It: Using Telematics to Transform Commercial Auto Insurance
The hyperconnection between people, machines and organizations is a pervasive megatrend that characterizes our society in any aspects, at any level, in any part of the world. The Internet of Things ...
Root Views Independent Agents as Consistent With Digital Growth Plans
Root is the latest InsurTech to acknowledge that digital insurance won't necessarily take over the industry, because independent agents remain a vital part of the sales and distribution of policies. ...
Writing Cyber Is Key To Survival, Munich Re Exec Says
Trumpeting a message that he conceded might be different from peers, Stefan Golling, a member of Munich Re Board of Management, said that Munich Re remains bullish on the cyber insurance and ...
Not Your Grandpa’s MGA: Competition Heats Up in Digital Insurance
For nearly 150 years, managing general agencies have been an important sales and distribution arm of the U.S. insurance industry, initially offering a way for an early insurance company to enter ...
P/C Carrier Job Tally Down 14K So Far in 2021
Unemployment levels increased across the insurance industry in the first half of 2021, with property/casualty insurance carrier employment figures revealing a drop of 14,000 jobs. Greg Jacobson, ...
How a Mutual Insurer Achieved More Than 300% Return on IoT Investment
Insurance IoT is a new way of thinking about the activity of assessing, managing and transferring risks that fits with a world that is going to be more and more hyperconnected. Personal auto is the ...
A Repeatable Model for Using IoT to Transform Commercial Insurance
Traditional insurance products focus on risk transfer. Insurers compete based on their ability to use historical loss information, data gathered during the submission process and other data from ...
Who Do You Trust? When Behavioral Science Fails
Late last week, I was reviewing my Twitter feed and came across a tweet that made no sense to me. While it's a common occurrence for me to be baffled by Twitter exchanges, this particular tweet ...
Carriers Marketing Usage-Based Auto Insurance Have Multiple Obstacles to Overcome: S&P Analysis
Usage-based personal auto insurance may be drawing ever-increasing attention. Its wider adoption is stymied, however, by customer age and demographics, privacy concerns, misunderstanding about the ...
Staffing Crunch Makes Risk Assessment a Challenge for Commercial Insurers
Over the past two years, the challenges prompted by the COVID-19 pandemic have forced businesses to scramble as new issues arise almost every day. The one challenge that has remained stagnant is the ...
Volatile Cyber Market Struggles to Boost Reinsurance Capacity
The cyber insurance market could benefit greatly from more reinsurance cover but it has been a challenge to attract interest. Part of the reason is because the cyber market is a relatively new one ...
Burnout Gap Widens Between Women and Men in the Workplace: The Hartford
Women are feeling burned out in the work place in increasingly wider numbers than men, according to new research from The Hartford. That's something for executives off all types of companies to ...
Allstate, State Farm Top J.D. Power’s 2021 U.S. Small Commercial Insurance Customer Satisfaction Ranking
Allstate scored highest in J.D. Power's annual customer satisfaction ranking for U.S. Small Commercial insurers. The property/casualty insurer landed an 848 out of 1,000 points. State Farm grabbed ...
PFAS Litigation Levels Already at Epic Proportions
Mass litigation is every casualty insurer's worst nightmare, conjuring up memories of the unending flow of asbestos litigation and the devastating effect it had on the industry. Today, though, we're ...
Are InsurTechs Losing the Talent War? It’s Debatable
A group of actuaries recently polled about whether people working for InsurTech startups were more talented than those working at incumbent carriers assessed them as just about the same. The true ...
A 9/11 Remembrance From Former Carpenter Chairman Newhouse
In remembrance of the 20th anniversary of the Sept. 11, 2001 terrorist attacks, we are republishing an August 2018 article, which contains the recollections of Britt Newhouse, former chairman of ...
Mutual Insurers Returned Nearly $13B in Premiums Through 2020
Mutual insurers returned nearly $13 billion in premiums through 2020 in response to policyholders' COVID-19-related challenges, and the sector ran at an underwriting loss as a result. Still, the ...
Chubb, Liberty Mutual, More Participate in Amazon’s New Insurance Network Cover for Online Sellers
Amazon has launched a new digital insurance network designed to help small businesses selling on its platform more easily purchase affordable product liability coverage. Dubbed the Amazon Insurance ...
Global P/C Premiums Will Double by 2040, Driven by Climate Change and More: Swiss Re
Global property/casualty premiums are expected to more than double to $4.3 trillion in 2040 from $1.8 trillion in 2020 – growth driven by economic development, urbanization and climate change, ...
U.S. Commercial Auto Carriers Face Some Bumps on the Road to Profitability: S&P
U.S. commercial auto insurers face some blips and disruptions on their road to profitability due to inflation and the spotty post-pandemic economic recovery, according to a new Standard & Poor's ...
Social Inflation or Science: What Is Fueling Climate Litigation?
A rising amount of litigation tied to the environmental and health impacts of greenhouse gas emissions prompted a question from the leader of a liability risk analytics company recently: "Is it about ...
While Funding Levels Rise, So Do InsurTech Death Rates
While the aggregate InsurTech funding level for the first-half of 2021 soared past the amount raised for InsurTech businesses for the entire year 2020, InsurTechs continued to quietly shut their ...
Carriers Will Gain Sales and Loyalty by Supporting the Digital Marketing Evolution
When it comes to obtaining insurance coverage, who are consumers ultimately buying from? Data shows that in 2020 about 60 percent of property/casualty policies are sold by independent agents. There ...
How to Value an InsurTech
Next year, Chubb (tracing its roots back to the birth of the Insurance Company of North America) will turn 230 years old, an extraordinary feat of longevity that partly explains why it's the world's ...
A Different View of Insurance: What Tech Talent Is Saying
According to a former Microsoft engineer, young job candidates with technology backgrounds are not enamored with the idea of joining the insurance industry. Tammarrian Rogers, a software engineering ...
Pie Insurance to Acquire Regional Insurer as it Evolves Into Full-Stack Carrier
Pie Insurance will acquire a regional insurer as it moves forward with a bid of becoming a full-stack insurance carrier. Pie purchased Western Select Insurance Company, a property casualty insurance ...
Lead From the Front or Lead From the Middle?
Leading from the front or leading from the middle—where is the real power? Like day needs night, Romeo needs Juliet and bacon needs eggs, so do leaders need followers. However, these great ...
Sayata Raises $17M; Broker Platform to Expand Beyond Cyber
Sayata has raised $17 million in new venture capital and has a broad growth strategy in mind. The Massachusetts-based InsurTech startup has a platform designed to help wholesale brokers and carriers ...
Old-School Carriers Are Joining Digital Exchanges, Adding Twist to Marketplace Competition
Major U.S. insurers are joining new digital exchanges to sell not only their own policies but also those of rivals, a fresh twist in an industry known for fierce competition. The powerful new ...
How to Become a Strong Ally: Listen, Learn, Advocate
A successful diversity and inclusion program isn't just about transforming processes—you also need to create a culture of allyship and advocacy. "Being an ally goes way beyond just acceptance," ...
Doomed to Fail: Workplace Diversity Without Inclusion
The insurance industry is one of many sectors seeing workplace diversity not progressing fast enough. The percentage of non-white employees in the insurance workforce, for example, stood at 21.4 ...
Realizing the Promise: Matteo Carbone Presents IoT Use Cases
When I was editing the last of a special set of articles in a section of Carrier Management's third-quarter 2021 magazine, I struggled a bit with an opening sentence in one of the draft versions. ...
Buckle Up for Interesting Times: Not a ‘Standard’ Hard Market
Interesting. Fluctuating. Moderating. Fun. Those are the words that Patrick M. Gallagher, the chief executive officer of Gallagher Global Brokerage for the Americas, used to respond to a question ...
Munich Re Reigns Supreme as Top Global Reinsurer: AM Best
Munich Re replaced Swiss Re as the largest reinsurer in AM Best's annual ranking of the Top 50 Global Reinsurance groups in 2020, marking a return to a position that it last held in 2017. Swiss Re ...
Executives On The Move at The Hartford, Marsh and Strategic Risk Solutions
The Hartford appointed a new head of the Western Division for the company's Middle and Large Commercial Insurance business. A former Willis Towers Watson executive joined Marsh's Chicago office as ...
Is Hybrid Working the Real Challenge for the Insurance Industry This Year?
Major players in the insurance industry are developing their plans for a "smart working revolution." Companies have learned from their responses to the COVID-19 pandemic and how they adjusted to ...
The Growing Wave of Cloud in Insurance
A couple of years ago, insurers were skeptical of cloud computing. Now? Not only are they leaning into cloud-first strategies, but cloud has become the default hosting option for more insurance ...
What It’s Like to Work for an InsurTech
Personal levels of risk tolerance and potential development opportunities are among the factors that job seekers weigh as they consider whether to work at traditional property/casualty carriers or ...
Forced Return to Workplace Could Lead to Lawsuits: Risk Alerts
Many employees are being forced to return to the workplace despite requesting accommodations for mental health issues such as anxiety, stress, depression, agoraphobia or PTSD. This has led to a spike ...
Using the IoT Paradigm to Prevent Worker Injury
The global economy is built on the backs of hardworking "industrial athletes," and providing those athletes with the equipment to keep them safe is the mission of one New York-based technology firm ...
Root Promotes CFO Rosenthal to New Position Designed to Accelerate Growth Initiatives
Root promoted CFO Daniel Rosenthal to the new position of Chief Revenue and Operating Officer, an organizational change the Ohio-based digital auto insurer is pursuing to help accelerate growth. In ...
Small Businesses Aren’t Feeling the Love From Their Carriers: J.D. Power
Small businesses aren't feeling love right now from their property/casualty insurers. Instead, it's neglect. Customer satisfaction for small businesses dropped 15 points in the past two years – 7 ...
How to Achieve Organizational Goals With Scenario Planning
Even if they are never laid out in a formal document, every company is going to have strategic goals. After all, no executive is going to say that they don't want their company to grow or otherwise ...
The ABCs of Diversity, Equity and Inclusion
The focus on diversity, equity and inclusion (DEI) in the insurance sector is gaining pace—not just linearly but exponentially. More and more people have become part of the conversation, yet many ...