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.
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.
In an AAIS Webinar, FLAMES: The Modern Fire Protection Evaluation Model, AAIS Vice President Phil LeGrone, and AAIS Senior Risk Strategy Lead Matt Hinds-Aldrich, PhD, outlined the new fire model, FLAMES, and the advantages it offers over traditional models for underwriters assessing and managing non-cat fire risk.
For more than a year, COVID-19 has impacted the lives of millions, leaving a path of destruction in its wake. With more than 25 million cases in the US, nearly half a million dead, countless businesses closed and millions of people jobless without financial security, no one has been left unscathed. It has also raised significant issues for the insurance industry, particularly spurred by Business Interruption-related questions and litigation.
In August of 2020, the NAIC adopted five guiding principles for artificial intelligence (AI), based on the Organization for Economic Cooperation and Development’s AI Principles which have been adopted by 42 countries across the globe. These five principles include: Fair and Ethical Accountability, Compliance, transparency, security, safety, and robustness of outputs.
Design Thinking is a practical and creative approach to problem solving, used in industries and organizations searching for new, customer-centric ways to enhance the customer experience. Design Thinking aims to better understand consumers' needs and formulate an innovative solution for them. When utilized properly, this framework allows organizations to create faster, more profitable innovations at a more efficient rate. At AAIS, Design Thinking helps formulate innovative insurance solutions, such as the openIDL distributed ledger technology for regulatory reporting in 2018.
“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?
Earlier this year, AAIS surveyed insurance carriers to better understand where they believe the auto insurance market is heading and the challenges associated with the auto technology evolution. After analyzing the responses, the results were clear: change is coming, and the opportunities for AAIS to help Members stay ahead of the curve are great.
Insurance and technology have been linked together since the papyrus and quill. While the technology has changed, from paper to electronic, from documents to apps to web-enabled experiences, the functionality provided by technology has always supported the business – and not the other way around. While the latest technology is being marketed as “transformational” and “disruptive” to insurance, what is often lost is HOW that might take place. And without that, there’s little value in that transformational technology.