Today's auto insurers are navigating unprecedented challenges. As part of the AAIS Webinar Series, AAIS hosted a virtual presentation on November 16, 2023, moderated by Vice President of Products, John Kadous, and featured Product Manager of Commercial and Personal Auto, Auto Naik. The two discussed current market conditions like premium pricing, compliance, regulation, and technology, and how these challenges are pushing carriers to their limits. They also explored the growing need for adaptable solutions and tools that will empower insurers to confidently navigate the industry's shifting terrain, including a demonstration of an AAIS solution called Mindmaps which is equipping carriers to drive ahead in these uncertain times.
Data calls and stat reporting continue to remain a slow, tedious, and error-prone overhead to most carriers. Recent advances in technology have demonstrated that streamlining and automating this can provide benefits beyond meeting regulatory requirements. Join us in building a community that puts data to work beyond staying in compliance.
Personal Auto Insurance is experiencing an unprecedented transformation driven by increasing improvements in telematics. One area leading the transformation is Usage-based Insurance (UBI). While this technology has existed for more than 10 years, it is finally being accepted and adopted by insurance carriers and drivers alike in significant numbers. Fueled by the evolution of telematics, risk models, and pricing; UBI is experiencing quicker-than-anticipated growth. Carriers are presented with new opportunities and challenges unlike any ever before in this new world of technology-driven innovation.
While the telematics capabilities that enable auto insurers to track mileage and driving behaviors continue to advance, Usage-Based Insurance (UBI) has potentially been slow to gain traction among consumers. In keeping with our mission of working with Members to design the best possible insurance products, AAIS recently went direct to consumers to understand the reservations that may be stalling adoption of UBI products and strategies to overcome these obstacles.
On a recent edition of AAIS Pulse, Crawford & Company CEO Rohit Verma and AAIS VP of Products John Kadous sat down to discuss the state of the insurance market, including topics such as the economy and supply chain, auto risks, climate change and natural catastrophes, data, and technology, and much more.
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.