Today, there is a lot of buzz surrounding generative artificial intelligence (GenAI) and its potentially significant implications for the insurance industry. The use of GenAI in insurance is taking a large step forward, leading the paradigm shift in AI and machine learning (ML) due to its efficient and innovative features. In the dynamic realm of insurance, burdened by cumbersome manual processes, traditional AI solutions are limited. GenAI transcends these limitations, offering transformative solutions to streamline insurance workflows and propel the industry forward.

The National Association of Insurance Commissioners (NAIC) held its 2023 Fall Meeting on November 30-December 4 in Orlando, Florida. During the meeting, AAIS spoke with Kurt Cagle, Director of the Rate and Form Division for the Oklahoma Insurance Department, to discuss key initiatives for 2024, ways to help industry stakeholders, and more.

As part of the AAIS Webinar Series, AAIS hosted a virtual discussion on December 7, 2023, featuring Chrp Technologies. Moderated by AAIS President & CEO Werner Kruck, the session explored the state of today’s home insurance market as well as the challenges and opportunities that lie ahead. Featured guest speakers Chin Ma, President of Chrp Technologies, and Brandi Wyrick, AVP of Experience at Orion180, reviewed how new and emerging technologies like Chrp can improve underwriting results and operational efficiencies. They also touched upon the role of artificial intelligence (AI) across the insurance space and how companies can leverage new capabilities to improve the customer experience.

The National Association of Insurance Commissioners (NAIC) held its 2023 Fall Meeting on November 30-December 4 in Orlando, Florida. During the meeting, AAIS spoke with Kathleen Birrane, Insurance Commissioner for the Maryland Insurance Administration, to discuss the mission of the NAIC H Committee, updates from the H Committee working groups, and key initiatives for Maryland. 

The National Association of Insurance Commissioners (NAIC) held its 2023 Fall Meeting on November 30-December 4 in Orlando, Florida. During the meeting, AAIS spoke with Kevin Gaffney, Commissioner of Insurance for the Vermont Department of Financial Regulation, to discuss the biggest challenges facing the industry, how the regulatory community is responding to them, updates on “big data” from the NAIC H Committee, and new initiatives for the state of Vermont.

For this Advisory Report, AAIS spoke with its President and CEO, Werner Kruck. He discussed the biggest market challenges and how to address them with data, a better approach to the “data problem,” how AAIS is supporting its Members, and his outlook on AAIS moving forward. 

For the second part of our blog series featuring Tapoly, the digital provider of flexible insurance products and insurance technology solutions, CEO Janthana Kaenprakhamroy gives insight into how insurance companies can utilize automated technology to achieve efficiency. Kaenprakhamroy delves into how this technology can be utilized, where to apply these solutions within a company, obstacles insurers may face, and how SaaS solutions can help.

For this Regulatory Brief, AAIS spoke with Eric Lowe, Chief of Data Analytics and Cyber Initiatives at the Virginia Bureau of Insurance to discuss the new data, cyber, technology, and security initiatives taking place in Virginia for 2023.

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.