The National Association of Mutual Insurers (NAMIC) held its 2023 Annual Convention on September 17-20 in National Harbor, Maryland. During the convention, AAIS sat down with Bala Kumar, Co-Founder and Vice President of Jarus Technologies, to discuss top issues insurance carriers are facing, how to address them, how Jarus Technologies is helping carriers and its upcoming initiatives.
Top Issues Insurance Carriers are Facing
Kumar admits there are many challenges insurance carriers are currently facing. “Expenses, the costs of doing business, and the combined ratios are going up,” he said. Most executives are trying to navigate how to deal with these issues, especially in the personal lines market.
What Carries Can Do to Address Market Challenges
Kumar urges insurance carriers to think about changing the fundamental way of doing business. “They cannot be doing the same thing over and over again,” he stressed. “They need to look at the risk concentrations. Even if you are a midsize or a small carrier, you need to look at the data and analytics and see what makes sense.”
How Jarus Technologies is Helping Carriers & What’s on the Horizon
From a technology point of view, Jarus is putting out solutions that are easily adaptable for carriers. “Rather than spending millions of dollars or undergoing a multi-year project, we offer carriers an agile way of doing business for continuous improvements,” he explained.
In addition to providing technology solutions, Jarus is also updating its content by offering customers an out-of-the-box solution for rating underwriting if they have multiple lines. “At Jarus, we believe in providing meaningful solutions that are well suited for midsize and smaller carriers so that they can adapt it easily, quickly, and in a very cost-effective manner,” Kumar affirmed.
To view the full interview with Bala Kumar, please click the video above.