With more than $22 billion in losses recorded annually, fire insurance is burning a hole in the insurance industry’s proverbial pocket. Having used the same approach to assessing public fire protection (PFP) risk for the past 30 years, insurers have failed to evaluate the impact it has on overall loss cost.
The COVID-19 pandemic has significantly challenged the insurance industry, but NAMIC CEO Chuck Chamness believes our resilience, adaptability, and focus on emerging technologies like blockchain will help us to emerge stronger than ever.
Dairy, meat and crop supplies are available…but processing is not. Decreased demand for ethanol leads to changing priorities from farmers, and Midwest family farms, already impacted by rising machinery prices, struggle to survive. For Farm & Ag insurers, the COVID-19 pandemic has resulted in unexpected challenges requiring quick, creative solutions to help keep the farm industry afloat.
For AAIS Associate Partner Work At Home Vintage Experts (WAHVE), filling the insurance talent gap is not just a goal…it’s a personal mission.
“Sharon Emek, Founder and CEO, and I both spent the major part of our careers in the insurance industry. We observed the decline in available talent as young people were not attracted to the insurance industry and recognized the quickly approaching baby-boomer retirement,” said WAHVE’s President and Chief Revenue Officer Bill Hunt. “We knew first-hand that attracting and retaining talent in the insurance industry, where specialized knowledge and experience is so important, was a problem and that the industry was facing a huge brain-drain with the imminent boomer retirement.”
Robots – once the subjects of science fiction books, movies and TV programs – are now real-life partners involved in our daily lives in many ways.
Robotic applications are cropping up everywhere to replace an assortment of jobs that
have been performed by humans for decades. Often times, they’re designed to perform a very specific task, allowing them to deliver enhanced productivity, reduced operating costs and decreased error rates. They can be found in various locations and industries, completing repetitive tasks such as assembling orders in a warehouse, harvesting crops on a farm and even preparing meals at a fast-food restaurant.
“Insurtech.” It’s a buzzword that’s ricocheting across the insurance industry. But what does it really mean, and how can regulators and carriers leverage insurtech to support their goals and objectives?
In the modern, digital marketplace, the customer experience is everything. From retail to service, today’s consumers expect quick, complete and secure interactions at every touchpoint.
Insurance is no different – and with stiff competition to win and retain clients, creating a positive customer experience is more important than ever. Insurers need to shift from being a service transaction industry to an experience industry.
Our houses are more than buildings; with the advances in smart home technology, they’re becoming technology centers, all focused on keeping us healthy, safe and protected. It’s an exciting advancement in the personal lines industry – but where should insurers focus their efforts, and how can they keep up with the rapid changes in home technology?
Earlier this year, AAIS surveyed insurance carriers to better understand where they believe the auto insurance market is heading and the challenges associated with the auto technology evolution. After analyzing the responses, the results were clear: change is coming, and the opportunities for AAIS to help Members stay ahead of the curve are great.
There has seen an increase in governmental oversight of the manufacturing, handling and storage of food. The Food Safety Modernization Act (FSMA) was passed to prevent practices that could potentially create food safety hazards. The Food and Drug Administration (FDA), in turn, released rules for the safe transport of food. They are known as rules for "Sanitary Transportation of Human and Animal Food", and they are affecting the inland marine market.
