Connecticut Insurance Commissioner Andrew Mais and AAIS VP of Government Affairs, Legal and Compliance, Robin Westcott, recently appeared on AM Best TV to discuss our successful openIDL Proof of Concept (POC) surrounding a COVID-19 Data Call, and how this revolutionary blockchain platform is paving the path for better regulatory reporting across the insurance industry. Watch the replay in full here:
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CT Commissioner / AAIS VP Talk openIDL, Blockchain, & Democratization of Data
Dec 13, 2021 / by AAIS posted in openIDL, Community, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Insurance News/Current Events, Tech News, Regulatory/Compliance, Blockchain, Data, Legislation & Regulation, Data/Tech, GLC
Managing Cyber Risk…Securing the Future
Nov 19, 2021 / by AAIS posted in Data & Technology, Tech News, Homeowners, Cyber, P&C Insurers, Data, AAIS Pulse, Data/Tech, Berkley Re, Insurance Line of Business, munich re, University of South Carolina, AAIS Family Cyber Protection Program
Cyber security is a pressing issue. With daily advancements in technology comes the need for a game of rapid catch-up in the security sector. Every day there are new products and solutions to help protect us from this growing threat. The challenge within the insurance industry is how to underwrite this constantly evolving risk.
A Conversation with...AAIS Chief Pricing Actuary, Michael Payne
Sep 9, 2021 / by Michael Payne posted in openIDL, Insurance, Issues & Trends, Data & Technology, Blockchain, Data, Modeling/Actuarial, Risk, AAIS Views, risk management, Actuarial
This is the next installment in a series of conversations with AAIS leadership to get to know them, their background, and the unique work they’re doing within AAIS to further the insurance industry. In this edition, AAIS Views spoke with Michael Payne, Chief Pricing Actuary, about his career, being creative as an actuary, the role data is playing to create better pricing models, and how AAIS is leveraging those models to deliver value to our Members.
Tell us about your background.
Michael Payne: When I was in college, I liked math, but really didn’t know what I wanted to do. Then I heard about Actuarial Science from an alum who came back to campus and gave a presentation about the career path. That’s what sparked my interest. I got an internship at Zurich and that turned into my first job out of school. I started out doing pricing at Zurich, went to SCOR Re to do reinsurance pricing, and went back to Zurich to eventually lead a pricing tools team.
One not-so-traditional role in my career was a stint I did at Sears in their Home Services unit where I was the Director of Underwriting Analysis. Basically, if you bought a refrigerator at Sears, they were going to offer you a protection plan. It was my role to figure out the prices for those protection agreements based on how likely the appliance was going to need to be repaired or even replaced.
Overall, I really like pricing. It’s prospective in nature as you try to determine what might happen in the future.
In the winter of 2018, I joined AAIS where I’ve been able to leverage my pricing experience. My role includes product development and delivering loss costs that are appropriate for the coverage being offered. Not all carriers have a large team of actuaries or loads of data, so our rating plans offer them a faster speed to market for a new line of business, or even insurtechs to get their first policies written.
Examining the Evolution of Blockchain Applications in Insurance
Aug 13, 2021 / by Truman Esmond posted in openIDL, Insurance, Machine Learning/AI, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Blockchain, Data, Modeling/Predictive Analytics, Data/Tech, AAIS Views, Regulatory Reporting
Blockchain started as a popular buzzword among techies but has since permeated across industries. In insurance, its potential is being realized as game changing. Truman Esmond, AAIS Vice President of Membership and Solutions, spoke at a recent webinar hosted by The Institutes Griffith Insurance Education Foundation on how AAIS is utilizing blockchain to support industry.
AM Best Webinar: Closing the Flood Insurance Coverage Gap
Jul 29, 2021 / by AAIS posted in Personal Lines, Issues & Trends, Homeowners, Climate Change, P&C Insurers, Industry, Data, Insurance Line of Business, Flood Insurance, AM Best, munich re, flood, AAIS Views
Flood insurance has long been primarily administered by the National Flood Insurance Program (NFIP), which has 5.1 million policies in force. But the landscape for flood insurance – and who needs it – is changing. This was the topic of an AM Best webinar that included Linda Jancik, AAIS Personal Lines Product Manager, Serena Garrahan, Vice President, Inland Flood Product Manager at Munich Re US, and Rob Olson, Senior Research Analyst at International Risk Management Institute (IRMI).
Keeping Pace & Setting the Rate: Looking ahead to the role of the new pricing actuary
Apr 28, 2021 / by AAIS posted in Technology, Insurtech, IoT, Data, AAIS Pulse, Data/Tech, Modeling/Actuarial, Data Management, Lewis & Ellis, AAIS Views, Actuarial, Autonomous Vehicles
The AAIS Pulse newsmagazine recently featured AAIS Chief Pricing Actuary Mike Payne and Somil Jain, VP & Consulting Actuary at Lewis & Ellis Actuaries and Consultants, spotlighting forces reshaping the role of pricing actuaries.
Accelerating Growth Strategies: Innovative thinking fuels expansion in markets old and new
Apr 28, 2021 / by AAIS posted in Technology, Data & Technology, Insurtech, Data, AAIS Pulse, TypTap, MJ Hall, Cannabis Insurance, AAIS Views
On a recent episode of AAIS Pulse, AAIS’s John Kadous hosted Kevin Mitchell, President of TypTap Insurance Company, and Aimee Bernadicou, Lead Broker at MJ Hall & Company, to discuss challenges to growth and the innovative ways companies are capitalizing on new opportunities.
openIDL Elevates to Linux Foundation Project
Apr 19, 2021 / by AAIS posted in openIDL, Technology, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Open Source, Insurtech, Blockchain, Data, Security, AAIS Pulse, Data/Tech, Insurance Services/TPAs, CyberPolicy, Linux Foundation, Hyperledger
AAIS CEO Ed Kelly opened the April 13 edition of AAIS Pulse newsmagazine with an exciting announcement: AAIS has launched openIDL as a Linux Foundation project. The Linux Foundation is the preeminent nonprofit consortium supporting one-source technologies that drive innovation and transform industries.
Leveraging Open Source Technology: Obstacles and Opportunities
Mar 3, 2021 / by AAIS posted in openIDL, Community, Technology, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Open Source, Tech News, Insurtech, Regulatory/Compliance, Blockchain, Data, Innovation, AAIS Pulse, Data/Tech, Compliance, Travelers, Data Call, Linux Foundation, Hyperledger, AAIS Views
During the February 2021 AAIS Pulse newsmagazine, AAIS VP Truman Esmond was joined by Brian Behlendorf, Executive Director of Hyperledger, Brian Hoffman, Vice President State and Bureau Regulatory Affairs, at Travelers, and Arron Lamp, Vice President Enterprise Business Intelligence & Analytics & Operations, at Travelers, to discuss the obstacles and opportunities around leveraging open-source technology.
AAIS Service Supports Hurricane Risk Assessments, CAT Planning & Event Tracking
Feb 23, 2021 / by AAIS posted in openIDL, Community, Technology, Issues & Trends, Data & Technology, Insurance News/Current Events, Open Source, Insurtech, IoT, Data, Data/Tech, AAIS Views, hurricanes, NatCats
Accurate risk assessment is key to mitigating exposure and to unlocking underwriting opportunities.