The Economy/Inflation, Talent Acquisition and Litigation Top Concerns; Integrity, Security and Accuracy Lead Priorities for Data/Technology

Throughout 2022, AAIS conducted several surveys from a cross-section of insurance professionals, many associated with insurance industry events. What emerged from these various surveys was a view of the top issues and concerns facing the industry as well as the priorities placed on data and technology initiatives. This summary presents the aggregated results of those surveys. We trust this information is useful for AAIS Members and other industry stakeholders as a catalyst for discussions surrounding the development of solutions for the most pressing issues that lie ahead.

Premium leakage is a critical issue for carriers writing personal auto insurance, particularly with the rising severity of claims. However, by utilizing data and building partnerships with auto manufacturers, data providers, and new insurtech vendors, carriers can take steps to limit exposures due to incorrect mileage and garaged locations. Join us in building a community to solve this problem.

Professor Bob Hartwig, clinical associate professor at University of South Carolina touched on the various issues affecting insurance carriers during the latest AAIS Pulse: Chicago presentation. During a time of immense political and economic change and challenges seen across the insurance market, he also touched on reasons to be optimistic for the future of our economy.

Professor Bob Hartwig, clinical associate professor at University of South Carolina, was interviewed for the latest AAIS Pulse: Chicago presentation. He examined current economic conditions and their impact on the insurance market as a whole, but also discussed how those conditions will impact the global and domestic reinsurance markets.

During a special blog series featuring Tapoly's CEO Janthana Kaenprakhamroy, AAIS sat down to discuss the challenges insurance companies are facing right now while trying to be more efficient. Insurers are under pressure more now than ever due to rising loss costs. As loss ratios have gone up, there is also an increased pressure on expenses as they attempt to be more efficient.

Janthana explained some of the biggest issues putting pressure on companies right now, what some areas are that companies can in fact become more efficient, and how Tapoly can help insurers become more efficient.

As a part of the AAIS Pulse: Chicago presentation, AAIS Product Manager of Auto Ash Naik  hosted Matt Kendzior from Ownli to explore options available to insurance carriers to roll-out UBI options with varying levels of sophistication. Starting with the assessment of current options, they looked at simplest to the most elaborate options at your disposal.

Professor Bob Hartwig, the director of the Risk and Uncertainty Management Center and clinical associate professor at University of South Carolina, joined the AAIS Pulse: Chicago presentation to provide a special Economic Report. He touched on the economy, inflation, government actions impacting the insurance industry, and identified top trends affecting U.S. insurance carriers and what insurers should look out for.

As a part of the AAIS Pulse: Chicago presentation, AAIS Senior Risk Lead Strategist Dr. Matt Hinds-Aldrich hosted Raymond O'Brocki with American Wood Council and Gerald Potempa with AXA XL to discuss the fire protection and insurance industries and how they can address persistent challenges in the builder's risk and inland marine domain - fires in buildings under construction.

As a part of the AAIS Pulse: Chicago presentation, AAIS Product Manager of Commercial Lines Joe Jonas hosted Rich Golz from Symphony Risk Solutions to explore the cannabis marketplace and what to expect from this spacing moving forward.

As a part of the AAIS Pulse: Chicago presentation, Dr. Bob Hartwig, the director of the Risk and Uncertainty Management Center and clinical associate professor at University of South Carolina, sat down to shed light on the economy, inflation and government actions impacting the insurance industry at a time when losses from natural catastrophes are hurting underwriting results and the availability of reinsurance.