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Florida Insurance Market: Survey Reveals Most Pressing Industry Issues

Mar 24, 2022 / by AAIS posted in Community, Insights, Issues & Trends, Data & Technology, P&C Insurers, Legislation & Regulation, AAIS News & Views, AAIS Insights, Insurance Line of Business, Florida Insurance Market

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Litigation Tops Capital and Nat CAT Concerns

AAIS, a sponsor of the 2022 Florida Insurance Market Summit held March 21st to 23rd, polled attendees pre-event to understand what they perceive as the most pressing issues affecting the Florida market and the overall insurance industry.

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Crypto, Solar, Tiny Homes Among Emerging Personal Lines Issues

Mar 7, 2022 / by Linda Jancik posted in Personal Lines, Community, Technology, Issues & Trends, Homeowners, New/Emerging Risks, P&C Insurers, AAIS News & Views, AAIS Insights, Insurance Line of Business, cryptocurrency, Airbnb, tiny homes, solar panels, bikes

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Personal lines insurance is more diverse than ever before. During a recent Personal Lines Product Council, hosted by AAIS, Member carriers and other key stakeholders discussed several key issues affecting the market, from cryptocurrency and solar panels to container homes, “swimply”, and e-biker and scooters.

AAIS established Product Advisory Councils to bring Member carriers and other industry stakeholders together to identify the burgeoning issues concerning insurers and the broader insurance industry today. While not all issues raised can be solved through product or program developments, we believe discussing emerging issues as well as working together within the AAIS Community can spawn new ideas and usher resources to meet today’s challenges. A general overview of several emerging issues is discussed below.

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Different Ways Insurers Can Deal With Climate Change

Feb 24, 2022 / by AAIS posted in Community, Technology, Issues & Trends, Homeowners, Climate Change, P&C Insurers, AAIS News & Views, AAIS Insights, Modeling/Actuarial, Insurance Line of Business, Conning, NatCats, Colorado State University

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Dr. Phil Klotzbach, Ph. D., from the Department of Atmospheric Science at Colorado State University, says climate change is real. In a recent interview he explained that “if you go back to the late 1800s, parts-per-million of carbon dioxide was about 280; now we're sitting at about 420. We've gone up by about 50 percent of what we were about 140 years ago. With that, we've seen a global temperature rise of about eight- or nine-tenths of a degree Celsius … about 1.5 degrees Fahrenheit.”

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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

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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.

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Why Reporting Fire Data is Still Important

Feb 2, 2022 / by Matt Hinds-Aldrich posted in Community, Issues & Trends, Data & Technology, Tech News, Homeowners, Data, Fire, AAIS News & Views, AAIS Insights, Data/Tech, Insurance Line of Business

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Dr. Matt Hinds-Aldrich, Senior Risk Strategy Lead at AAIS and fire peril subject matter expert, recently joined Tom Louis from First Due to discuss why the National Fire Incident Reporting System (NFIRS) still matters and why it needs to improve to meets the needs of the 21st century fire service. Watch the entire discussion here:

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AAIS Webinar Talks Democratization of Data with BizDynamics

Jan 21, 2022 / by AAIS posted in openIDL, Community, Data & Technology, Data Management/Distributed Ledger, AAIS Events, Events, Tech News, AAIS News & Views, AAIS Insights, AAIS Webinar Series, BizDynamics, Democratization of Data

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On Wednesday, Jan. 19, AAIS hosted a webinar with AAIS VP of Data Solutions Ruturaj Waghmode and BizDynamics SVP of Partnerships Neil Pravin Dias. They took a comprehensive look at what the power of data democratization means for insurance carriers, regulators, agents, and policyholders – and how to make it a reality.

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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

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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.

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AAIS Product Advisory Councils…Member Engagement in Product Development

Jan 6, 2022 / by John Kadous posted in Community, Issues & Trends, Insurance Operations, P&C Insurers, AAIS News & Views, AAIS Insights, Insurance Line of Business, Advisory Councils

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As part of our commitment to delivering innovative, unique, and valuable products and solutions, we have established product councils to engage with Members and gather feedback to inform the strategic direction of AAIS programs. Currently, AAIS has Advisory Councils in the following areas: Auto, Farm, Agribusiness, Inland Marine/Commercial Output, Commercial Lines, Personal Lines and most recently Cannabis and Fire.

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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

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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.

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Busy NAIC Fall Meeting Brings Forth Key Themes for 2022

Dec 22, 2021 / by AAIS posted in openIDL, Community, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Insurance News/Current Events, Industry Associations, Regulatory/Compliance, Cannabis, Auto, Legislation & Regulation, NAIC, DEI

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The National Association of Insurance Commissioners (NAIC) recently wrapped up its fall meeting in San Diego, Ca., where it celebrated its 150th Anniversary. It was a hybrid event with an estimated 1,200 people attending in person and another 1,800 virtually. AAIS Views caught up with our Manager Government Affairs and Compliance, Lori Dreaver Munn and AAIS VP of Memberships & Solutions Truman Esmond, who both attended in person to hear about some of the key themes and takeaways from the meeting.

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AAIS Learning-Pandemic Coverage in the Age of COVID-19
AAIS Pulse Chicago - AAIS Pulse is Back...and coming to Chicago!

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