Today, there is a lot of buzz surrounding generative artificial intelligence (GenAI) and its potentially significant implications for the insurance industry. The use of GenAI in insurance is taking a large step forward, leading the paradigm shift in AI and machine learning (ML) due to its efficient and innovative features. In the dynamic realm of insurance, burdened by cumbersome manual processes, traditional AI solutions are limited. GenAI transcends these limitations, offering transformative solutions to streamline insurance workflows and propel the industry forward.
White labeling has emerged as a pivotal strategy for insurers to bolster brand presence while catering to the preferences of brokers and clients. In this interview with AAIS Partner, ValueMomentum, you’ll learn what makes white labeling effective, the benefits of utilizing the strategy, and the tools and principles that make it successful in the insurance industry. Part one of our two-part series features Bob Ridinger, Vice President of Sales and Business Development at OwlSurance Technologies, a business unit of ValueMomentum.
reThought Flood to offer AAIS Members a different, patent-pending approach to pricing flood risk that deploys multiple models for a more accurate assessment of risk.
As part of the AAIS Webinar Series, AAIS hosted a virtual discussion on April 4, 2024, featuring AAIS Partner, GhostDraft. Moderated by John Kadous, AAIS Vice President of Products, the session explored the importance and challenges of speed to market. Joined by panelist Laurence White, Executive Vice President of Sales at GhostDraft, the two discussed modern technologies and innovations that can accelerate internal processes as well as how to balance speed and compliance. Kadous and White also offered successful strategies to improve operational efficiencies.
AAIS spoke with Lillian Colson, Vice President and Secretary of Inland Marine Underwriters Association (IMUA), the national association for the commercial inland marine insurance industry in the U.S. Colson discussed trends shaping today’s inland marine market, effects of climate change on inland marine, the use of data and technology tools, and what’s new at IMUA, including its upcoming Annual Meeting.
Over the past decade, there has been a new paradigm emerging in the American fire service. This paradigm shift is often referred to as Community Risk Reduction, or simply CRR. The genesis of this change comes from the British fire service, where in the early 2000s the central government mandated that local fire services meet challenging fire reduction targets or face substantial budget cuts. These fire reduction targets were initially dismissed as absurd by fire personnel who had seen limited success in their legacy fire prevention efforts and assumed people were going to continue to make bad choices and fires would continue to happen unabated. However, given that they were facing potentially daunting cuts, the fire services across the UK got creative. They figured out what strategies actually worked, and they started seeing substantial reductions in fires countrywide. What they originally dismissed as absurd ended up turning into a nearly 60% reduction in the total number of fires across the country and nearly a 40% reduction in primary dwelling fires[i] over the initial ten-year period. Meanwhile, during that same period, according to the NFPA’s annual fire loss reports, the number of fire incidents in the U.S. remained largely unchanged[ii].
AAIS was proud to sponsor the 2024 Florida Insurance Market Summit (FIMS) on March 13-15. Prior to the FIMS meeting, AAIS polled attendees to get a sense of the major issues facing the Florida insurance market in 2024, and the data and technology priorities paving the path ahead.
For this Advisory Report, AAIS spoke with Sharon Emek, Ph.D., CIC, CEO of AAIS Partner, WAHVE, a unique contract staffing talent solution serving the insurance industry, as part of a two-part series on how to solve the talent crunch and retain quality talent in the insurance industry. In part two, Emek addressed what causes employees to resign, how to create loyalty in your organization, the effects of COVID and remote work expectations, managing today’s workforce, how WAHVE helps insurers cope, and more.
BluePond.AI will offer AAIS Members innovative solutions for the P&C insurance industry, leveraging their Gen-AI-based CoPilot platform.
