The emergence of the COVID-19 pandemic was a serious blow to the economy…but for the insurance industry, one expert believes that recovery is on the way. A.M. Best Chief Rating Officer Stefan Holzberger discussed how COVID-19 is impacting the insurance ecosystem during the AAIS Virtual Main Event.

Advancements in technology have brought great strength to home security systems, transforming what we once considered an average house into a modern smart home.

Insurtech continues to emerge and evolve, and it’s touching every aspect of the insurance ecosystem. As consumers use intuitive, user-friendly customer service technology in nearly every aspect of their daily lives, they expect the same level of innovation from their insurance carriers and providers. More than ever, insurance providers need insurtech solutions to help them do their jobs faster and with higher quality.

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.