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.
Community (7)
A.M. Best is Eyeing Workers Comp and Business Interruption as Pandemic Response Continues
Jun 16, 2020 / by AAIS posted in Community, Issues & Trends, Events, AAIS Event Archive, COVID-19, New/Emerging Risks, P&C Insurers, Business, Executive, 2020 VME, AMBest, Business Interruption, AAIS Views
Safe at Home, Safe Online: Smart Homes, Sensors, and IoT
Jun 15, 2020 / by Linda Jancik posted in Personal Lines, Community, Technology, Issues & Trends, Data & Technology, IoT, Homeowners, Telematics, Cyber, P&C Insurers, Security, Data Management, 2020 VME, AAIS Views, NatCats, CFM Insurance, Roost, Neos
Advancements in technology have brought great strength to home security systems, transforming what we once considered an average house into a modern smart home.
Fighting Fire with Data: How Public Fire Protection Can Save Lives
Jun 13, 2020 / by Phil LeGrone posted in Community, Technology, Issues & Trends, Data & Technology, Homeowners, Modeling/Predictive Analytics, Fire, Data/Tech, Underwriting, Modeling/Actuarial, National Science Foundation, Homeowner By-Peril, NFIRS, AAIS Views
With more than $22 billion in losses recorded annually, fire insurance is burning a hole in the insurance industry’s proverbial pocket. Having used the same approach to assessing public fire protection (PFP) risk for the past 30 years, insurers have failed to evaluate the impact it has on overall loss cost.
NAMIC CEO: Emerging Tech/Blockchain to help Industry Respond to COVID
Jun 8, 2020 / by AAIS posted in openIDL, Community, Issues & Trends, Events, Insurance News/Current Events, AAIS Event Archive, Industry Associations, COVID-19, P&C Insurers, Blockchain, Industry, 2020 VME, pandemic, Data Call, Mutual Insurance, NAMIC, AAIS Views, GLC, TRIA
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.
Trade Wars, Meat Processing Among Key Farm & Ag Issues during COVID-19
Jun 3, 2020 / by AAIS posted in Community, Issues & Trends, Events, AAIS Event Archive, COVID-19, New/Emerging Risks, Farm & Ag, Farming, Food, 2020 VME, Laurus Insurance, AAIS Views, food & produce
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.
WAHVE Closes Insurance Talent Gap Through Unique Talent Placement
Apr 20, 2020 / by AAIS posted in Community, Issues & Trends, Insurance Operations, Working in Insurance, Industry, Business, Insurance Services/TPAs, WAHVE, IBM, AAIS Views, talent, talent gap
For AAIS Associate Partner Work At Home Vintage Experts (WAHVE), filling the insurance talent gap is not just a goal…it’s a personal mission.
“Sharon Emek, Founder and CEO, and I both spent the major part of our careers in the insurance industry. We observed the decline in available talent as young people were not attracted to the insurance industry and recognized the quickly approaching baby-boomer retirement,” said WAHVE’s President and Chief Revenue Officer Bill Hunt. “We knew first-hand that attracting and retaining talent in the insurance industry, where specialized knowledge and experience is so important, was a problem and that the industry was facing a huge brain-drain with the imminent boomer retirement.”
Reliable Robotics Take on Tasks
Oct 21, 2019 / by Mutual Boiler Re posted in Community, Technology, Issues & Trends, Data & Technology, Robotics/Drones, Insurtech, IoT, New/Emerging Risks, Industry, Farming, Data/Tech, Mutual Boiler Re, FM Global Group, AAIS Views
Robots – once the subjects of science fiction books, movies and TV programs – are now real-life partners involved in our daily lives in many ways.
Robotic applications are cropping up everywhere to replace an assortment of jobs that
have been performed by humans for decades. Often times, they’re designed to perform a very specific task, allowing them to deliver enhanced productivity, reduced operating costs and decreased error rates. They can be found in various locations and industries, completing repetitive tasks such as assembling orders in a warehouse, harvesting crops on a farm and even preparing meals at a fast-food restaurant.
Leveraging Insurtech Capabilities
Oct 7, 2019 / by Truman Esmond posted in openIDL, Community, Technology, Issues & Trends, Data & Technology, Insurance News/Current Events, Tech News, Insurtech, IoT, Innovation, Design Thinking, Data/Tech, AAIS Views
“Insurtech.” It’s a buzzword that’s ricocheting across the insurance industry. But what does it really mean, and how can regulators and carriers leverage insurtech to support their goals and objectives?
Home Smart Home: Advances in Home Technology
Sep 19, 2019 / by Linda Jancik posted in Personal Lines, Community, Issues & Trends, Data & Technology, IoT, Homeowners, Cyber, New/Emerging Risks, Underwriting
Our houses are more than buildings; with the advances in smart home technology, they’re becoming technology centers, all focused on keeping us healthy, safe and protected. It’s an exciting advancement in the personal lines industry – but where should insurers focus their efforts, and how can they keep up with the rapid changes in home technology?
New Rules for Sanitary Transportation of Food
Sep 15, 2018 / by Rich Pelkofsky posted in Community, Issues & Trends, Data & Technology, Robotics/Drones, Inland Marine, Regulatory/Compliance, Farm & Ag, Auto, Food, AAIS Views, Agriculture, MCT Forms
There has seen an increase in governmental oversight of the manufacturing, handling and storage of food. The Food Safety Modernization Act (FSMA) was passed to prevent practices that could potentially create food safety hazards. The Food and Drug Administration (FDA), in turn, released rules for the safe transport of food. They are known as rules for "Sanitary Transportation of Human and Animal Food", and they are affecting the inland marine market.