For more than a year, COVID-19 has impacted the lives of millions, leaving a path of destruction in its wake. With more than 25 million cases in the US, nearly half a million dead, countless businesses closed and millions of people jobless without financial security, no one has been left unscathed. It has also raised significant issues for the insurance industry, particularly spurred by Business Interruption-related questions and litigation.

At AAIS, we are focused on delivering a Member experience that reflects the changing nature of insurance and the shifting needs of our Members as well as the insurance community. Our Members have expressed concerns about the value delivered by antiquated advisory models. Now, we’re responding with an innovative new approach to advisory services…our All Access Advisory Membership.  

Imagine this: You’re working from home, like many others during the COVID-19 pandemic. Your children are also home, remote learning. One of your kids falls prey to malware, infecting your entire network with a virus. Your at-home business’s website is shut down for eight hours. You sigh a breath of relief, thankful that your insurance will cover the costs… or does it?

AAIS has been a longtime supporter of the Inland Marine Underwriters Association (IMUA). The national association provides exemplary curriculum, training, and resources to strengthen underwriting in inland marine insurance. Every year, the IMUA holds an annual meeting to provide educational opportunities for professionals of all inland marine backgrounds.

At AAIS, we’re continually refining our industry-leading products to better serve our Members, developing new products to respond to a quickly changing industry, and building new processes to deliver the best-in-class service and support our Members have come to expect.

COVID-19 has caused an abundance of challenges for businesses everywhere. With protective restrictions, nonessential businesses were forced to send employees home and, in many cases, shut down due to the threat of the rapidly spreading virus. These businesses deemed "nonessential," however, are essential to the livelihoods of many, leaving businesses in a state of panic. How were they to continue when they couldn't remain open? Many businesses that could feasibly function as a remote workforce have attempted the transition, and as COVID-19's threats persist, many schools have made the decision as well.

In August of 2020, the NAIC adopted five guiding principles for artificial intelligence (AI), based on the Organization for Economic Cooperation and Development’s AI Principles which have been adopted by 42 countries across the globe. These five principles include: Fair and Ethical Accountability, Compliance, transparency, security, safety, and robustness of outputs.

In August 2020, AAIS introduced its new Risk Awareness Service (RAS), a digital resource center tracking catastrophic risk and providing risk information in real time. At the inaugural AAIS Pulse Newsmagazine, AAIS VP Data and Actuarial Services Phil LeGrone described the Risk Awareness Service, its goals, and the value it can provide insurance carriers and the customers they serve. He also welcomed Jeff Waters, a Senior Product Manager at Risk Management Solutions (RMS), the leading modeling firms, to add his perspective on emerging modeling approaches and tools.

The COVID-19 pandemic has had lasting impacts on industries far and wide…including the growing cannabis industry. In the inaugural edition of the AAIS Pulse, AAIS’s Joe Jonas and Phil Skaggs were joined by Porter Wright Morris & Arthur LLP’s Randi Ellias and Aon’s Richard Golz to discuss cannabis insurance trends, including the impact the pandemic has had on its expansion.

With an increasing number of employees working from home, there has also been an alarming increase in personal and professional cybercrime exposure. At the September 2020 AAIS Pulse, AAIS Personal Lines Product Manager Linda Jancik hosted a panel of cyber-focused leaders, including CyberScout’s Eric Warbasse and Berkley Re Solutions’ Jeff Cron and Chris Ellis to discuss the rise of cyber threats, future predictions, and how carriers can protect their customers from emerging digital exposures.