Regulation plays an outsized role in the development of the auto insurance sector. Since the beginning of the pandemic, we have seen an even higher than usual impact from wild fluctuations in rates, claims, premiums, and consumer reimbursements, to activities impacting the industry itself.
How Regulation is Impacting Auto Insurance
Feb 16, 2022 / by Lori Dreaver Munn posted in Community, Issues & Trends, Insurance News/Current Events, Regulatory/Compliance, P&C Insurers, Auto, Commercial Auto, Legislation & Regulation, AAIS News & Views, AAIS Insights, Personal Auto, Regulation, Insurance Line of Business, auto insurance, GLC
Artificial Intelligence is Modernizing Regulatory Compliance
Jan 18, 2022 / by Robin Westcott posted in openIDL, Community, Machine Learning/AI, Issues & Trends, Data & Technology, Tech News, Regulatory/Compliance, Legislation & Regulation, AAIS News & Views, AAIS Insights, Data/Tech, Connecticut
Risks are continually evolving and emerging, requiring updates to insurance policies in order for carriers to keep pace with market need. Whether you’re a regulator or an underwriter, reviewing new policy language in a timely fashion can be a challenge, and can negatively impact speed-to-market.
Shifting the Data Sharing Paradigm with openIDL
Jan 10, 2022 / by Matt Hinds-Aldrich posted in openIDL, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Modeling/Predictive Analytics, AAIS Insights, Data/Tech, Modeling/Actuarial
Clive Humby said it best with his oft-cited quote – “data is the new oil.” It is true that the value of data is in its refinement and synthesis into useful insights, tools, and products, all predicated on the existence of a complex infrastructure to share and transport data from where it is found (those with the data) to where the analysis occurs (those with the questions).
Increasing the Value of Data
Jan 4, 2022 / by Ruturaj Waghmode posted in Community, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Tech News, Data, AAIS News & Views, AAIS Insights, Data/Tech
Everyone has probably heard the cliché “Data is an Asset.” But how do we break it down pragmatically into an actionable backlog and apply some “data-driven metrics” toward attributing and increasing the value of data.
It’s a fascinating and challenging paradigm – to increase the value of data. Like many other assets, the value is typically not intrinsic; it must be harnessed. It requires a process of extraction, enrichment, polishing, and packaging. Even then, the value realization is not obvious or guaranteed, until the consumer engages with it. Think of diamonds. They go through an extensive process from rock to finished product, and still only possess value once purchased by a consumer at a defined market rate.
'Tis the Season for Community Involvement—and Advisory Councils
Dec 20, 2021 / by Matt Hinds-Aldrich posted in Insights, Issues & Trends, Data & Technology, Homeowners, New/Emerging Risks, Modeling/Predictive Analytics, Fire, AAIS News & Views, AAIS Insights, Modeling/Actuarial, Insurance Line of Business, NatCats, Fire Advisory Council, AAIS FLAMES, AAIS Wildfire Resource Center
With the holidays and the end of the year upon us, it is the time to reflect upon the past year. And it is the time of year we tend to think about coming together, as a community, to share our experiences. In our case, I’m referring to AAIS’s product-focused advisory councils.
COVID-19 Continues to Impact Auto Insurance Market
Dec 17, 2021 / by Meg Lech posted in Technology, Data & Technology, COVID-19, Tech News, IoT, P&C Insurers, Auto, Commercial Auto, AAIS Insights, Personal Auto, Data/Tech, Compliance, Insurance Line of Business
As the pandemic rolls on, with the omicron variant providing the latest wrinkle, the auto market continues to be reshaped by COVID-19. Aside from the overall financial impact, now increasing claims, severity of claims and higher losses, and worsening consumer behavior are all leaving a mark. Here is the latest from around the industry:
Update from The Farm…Farmowners Product Expanding
Nov 30, 2021 / by Hope King posted in Technology, Issues & Trends, Data & Technology, Robotics/Drones, Tech News, Farm & Ag, P&C Insurers, Farming, AAIS News & Views, AAIS Insights, Data/Tech, Insurance Line of Business, Farmowners (FO)
The farm industry continues to transform. While smaller family farming operations maintain a strong presence and make up a large percentage of the market, we’re seeing growth of large commercial farms that include a variety of operations and layered revenue streams. It is an ultra-competitive market with each company searching for an edge over their competitors.
Value of Blockchain “Sandboxes” Being Realized by Regulators
Nov 17, 2021 / by Robin Westcott posted in Community, Technology, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Blockchain, Legislation & Regulation, Data/Tech
We’re at an inflection point with blockchain technology. A greater community of interest has developed beyond cryptocurrency with the realization that blockchain can solve all types of problems. Insurance regulators nationwide are starting to create “sandboxes,” essentially incubators where new technologies and innovations can be developed and tested, exempt from prohibitive regulations, until a proper regulatory framework can be created.
Cannabis Coverage…Worth the Risk
Nov 15, 2021 / by Joe Jonas posted in Community, Issues & Trends, Regulatory/Compliance, Cannabis, P&C Insurers, Commercial Lines, Legislation & Regulation, AAIS News & Views, AAIS Insights, Insurance Line of Business
Cannabis is a multi-billion-dollar market that continues to be underserved by the insurance industry. While the majority of states and the District of Columbia have legalized cannabis in one form or another, less than 30 insurers are participating in the marketplace nationwide. As the number of states moving toward legalization rises, the number of cannabis related businesses (CRBs) multiplies, and public acceptance of legalization increases, it is imperative that the insurance industry understand and normalize cannabis coverage.
Members Influence Inland Marine Upgrades
Nov 9, 2021 / by Bob Guevara posted in Issues & Trends, Inland Marine, New/Emerging Risks, P&C Insurers, AAIS News & Views, AAIS Insights, Insurance Line of Business, Builders Risk
AAIS continues to evolve its offerings in the Inland Marine (IM) space, where it has long been an industry leader. Our most recent product update includes a Defective Design and Construction Coverage endorsement to go with a Builders’ Risk policy. This enhancement is a result of input and engagement by Members who were looking for something similar to the LEG 3 (London Engineering Group) endorsement. Its intent is to narrow a policy’s automatic exclusion, providing broader coverage for materials, workmanship, and faulty design during construction, making it easier for insureds to be made whole. The Defective Design and Construction Coverage endorsement is available for large and mid-size construction projects when traditionally, it was available only for large projects.