AI: The Claims Industry’s Biggest Challenge and Opportunity for 2024
The claims industry is navigating a lot of change right now in the face of inflation, growing climate volatility and an ongoing talent shortage, but of all the disruptive ...
Technology & Analytics
Insurers Prioritizing Profit Over Growth: Exec Survey
Nearly half of 400 insurance executives responding to a recent survey said their current priorities center on improving profitability rather than growing their businesses. Forty-eight percent of ...
Executive Viewpoint: How to Incorporate AI Into Core Insurance Systems
It is easy to get excited about what artificial intelligence (AI) offers the insurance industry. It has been a bright, shiny object on and off for a few decades now. This ...
How a Regional Carrier Protects Against a $60B California Cat Event
While two dozen interested parties spoke at a recent California Department of Insurance workshop on the use of catastrophe modeling in pricing, offering predictable messages supporting carrier, ...
California’s Next Steps: Picking the Right Cat Models and Staffing Up
Is $11 million too much to pay for a public catastrophe model? Does the California Department of Insurance have to hire a new contingent of specialists to understand private models, if those are ...
Viewpoint: Biometric Litigation Is Significant Emerging Risk for Insurers
States are increasingly passing biometric laws to prevent companies from collecting and disseminating data such as fingerprints and facial recognition without permission. Illinois was the first to ...
Grid-by-Grid: How One Tech Firm Dissects California Wildfire Risk to Sell Insurance and Reinsurance
There is general consensus among insurance and reinsurance underwriters about the safest property risks to accept in the California market, according to the co-founder of ...
The Care and Feeding of Property-Catastrophe Models
A wise statistician once said: "All models are wrong, but some are useful." The key to getting useful (accurate) model results is working with models that fit specific ...
Insurers Question Cloud Benefits
Nearly 40 percent of insurers remain unconvinced or dissatisfied with cloud computing, according to the results of a new survey, "Is Moving to Cloud Worth It?" by Celent, a research and advisory firm ...
Love Thy Frenemies: 3 Reasons an Interconnected Claims Network Benefits the Industry
Coming off the worst underwriting performance in over a decade, the U.S. P/C insurance industry continues to face significant headwinds that threaten profitability and ...