Insurance news, interviews, rating announcements and more.
Bill Devine, Travelers, and Neil Spector, Verisk, said insurers have made huge investments in software and cloud computing, and now must discover new ways to cooperate as an industry.
A panel at the Verisk Insurance Conference said the definition of unfair discrimination has evolved over time, and uses of big data and predictive analytics require careful examination to ensure they do not result in unfair discrimination.
A panel of fire and insurance experts at the Verisk Insurance Conference said some insurers might exclude wildfire risk, but the public and legislators are becoming more aware and are concerned about the risk.
Speaking at the Verisk Insurance Conference, a panel on severe thunderstorm and hail risk said insurers can use data to promote awareness and help communities improve structures and embrace resilient structure standards.
Trish Hopkinson, Verisk Underwriting Solutions and Alex Wright, client and consulting services, Verisk, said claims costs come in higher than expected because of demand surge during peak events and failing to monitor changing replacement costs.
Lynn Pina, chief marketing officer at GeoBlue, discusses the need for travel medical insurance as more Americans are heading abroad since the pandemic has mostly subsided. About 6% of US travelers purchase the coverage.
Bill Johnson, chairman and CEO of Liberty Company Insurance Brokers, and Kirk Aguilera, a managing partner, discuss the state of the workers' compensation insurance market and corporate culture among the businesses that serve that market.
Sarina Puccio, Head of Credit and Surety, Munich Re US, said the labor shortage is one of the hottest topics for insurers.
Laura Crossin, senior vice president of human resources at Philadelphia Insurance Cos., said the industry needs to make a commitment to develop young talent.
Keith Riccio, executive vice president, commercial D&O liability for Nationwide Management Liability and Specialty, said that environmental, social and governance reporting requirements are not particularly cumbersome for companies.
Pamela Corey, president, Chinese American Insurance Association, said many Chinese Americans have specific risk needs, and are sometimes subject to stereotypical assumptions.
Tanner Hackett, CEO, Counterpart, said new machine learning and similar systems help insurers synthesize huge data sets for better underwriting, marketing and more. Hackett spoke with AM Best TV at the InsurTech NY Spring Conference in New York City.
David Vanalek, senior vice president, Richmond National Insurance, said litigation activity is rebounding after the pandemic, and recent Florida legislation may help insurers.
Kevin Stein, CEO and co-founder, Delos Insurance, said carriers that write in wildfire-exposed areas can partner with specialists, rather than forego coverage. Stein spoke with AM Best TV at the InsurTech NY Spring Conference in New York City.
John Pruitt, partner, Eversheds Sutherland, said some insurtech-insurer relationships are winding down because they didn't deliver on original expectations.
Rhonda Marcucci, vice president of innovation, Gallagher, said the focus on innovation should be a fundamental element throughout an organization.
Tommy Smoot, vice president of individual markets inforce engagement, Guardian Life, said the insurer is finding ways to offer counseling and support to claimants. Smoot spoke with AM Best TV at the InsurTech NY Spring Conference in New York City.
Tony Lew and David Gritz, managing directors and co-founders, InsurTech NY, said startups and carriers are still struggling with how to collaborate. Both spoke with AM Best TV at the InsurTech NY Spring Conference in New York City.
Farron Blanc, vice president of brokerage distribution & strategy, Legal & General America, said insurers are looking to insurtechs that can help with brokers and advisers.
Angela Grant, chief legal officer, Palomar, said pursuing diversity and inclusion leads to broader-based products and services. Grant spoke with AM Best TV at the InsurTech NY Spring Conference in New York City.
Kevin O'Brien, president and CEO, Inland Marine Underwriters Association, said the growing presence of MGAs helps carriers control their own underwriting expenses.
The rise of activity from the expected construction of 2,100 wind turbines in the United States by 2030 could spur first-party property, liability, hull and marine pollution insurance claims, said Corey Greenwald, partner, Clyde & Co.
The COVID-19 pandemic highlighted both well-planned and disjointed innovation efforts for insurers, said Jason Hopper, associate director, AM Best, referencing a new Best’s Special Report.
Delaware Insurance Commissioner Trinidad Navarro sees opportunities in his state with a record number of insurers on the health insurance marketplace, increased pro-consumer legislative efforts and the formation and redomestication of more captives.
Chris Hayes, AVP for Risk Control for Travelers discusses the recently released Travelers Risk Index that found the increased use of mobile technology is leading to an increase in distracted driving as some motorists aren’t just texting while driving, but now shopping or tending to their social media while behind the wheel.
Solutions to address systemic risks are needed, said AM Best Senior Director, Industry Research & Public Relations Sridhar Manyem, and Senior Industry Analyst Christopher Graham.
It’s important for producers to remember key events in individuals’ lives and become involved in their community in order to form client relationships that can help master the “secret art” of selling insurance, educator and sales producer Ana-Maria Figueredo says in her book.
Former D.C. Insurance Commissioner Stephen Taylor, now leader of Delaware’s Captive Bureau, discusses his plans to create a more streamlined, modernized process while exploring opportunities in ESG, cyber and domicile relocation.
Growing economic pressures and political uncertainties are fueling the rise of global strikes, riots and civil commotion, said Srdjan Todorovic, head of political violence and hostile environment solutions, Allianz Global Corporate & Specialty.
As commercial insurers face decelerating rates, inflation and other risks, some must think about how to manage their gross to net exposure, said Shannon Varney, partner, McKinsey’s Boston office.
