Updating or creating new insurance products is generally expected to be a long and expensive endeavor for insurance carriers. Most insurance products are made with insurance experts in mind, which can be hard for technology teams to understand. Having a product analyst is essential to make these complex ideas clear and ready for implementation.
The AAIS Pulse newsmagazine recently featured an in-depth discussion with Woody Bradford, CEO and Chair of Conning, one of the leading global investment management firms serving the insurance industry. He chatted with AAIS CEO Ed Kelly on the investment environment for insurance companies, inflation, cryptocurrency, investment strategies, Environmental, Social, and Governance (ESG), and much more.
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.
In July 2020, consulting firm McKinsey & Company put out a report detailing the talent transformation within the insurance industry. The topline message: Talent strategy is as important as business strategy.
A distributed workforce, also known as telecommuting or remote work, occurs when a business has employees that work in different locations (e.g., their home, satellite offices, etc.). This is an idea that AAIS has embraced successfully for nine years before the COVID-19 pandemic. The long-held belief that collaboration can only happen in person in a single location is no longer the case.
Diversity, equity, and inclusion (DEI) continue to be a concern in our society, and the issues it presents extend beyond the communities where we live to the places and industries where we work. In 2021, AAIS Director of Government Relations Lori Dreaver Munn presented at the Association of Insurance Compliance Professionals (AICP) Annual Conference on a more nuanced concern – improving DEI in insurance products.
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.
If you ask anyone working in insurance how they got into the field, they'll tell you two things: that they didn't grow up wanting to be in insurance and that they "fell into it."
Insurance is not a new industry. Insurers have been offering coverage to United States businesses since the Declaration of Independence. But the role of advisory organizations within the U.S. insurance industry has evolved over time…and at AAIS, we’re evolving with it.
After evaluating your organizational structure and asking essential questions about the need to establish a more remote workforce, it’s time to think about the big question… How are you going to effectively hire, attract, onboard and keep people in this remote environment? According to Sharon Emek, Ph.D., CIC, and founder and CEO of Work At Home Vintage Experts (WAHVE), once your hiring strategy and recruiting process is in place, you’ll want to turn to applicant selection, interviews, and onboarding.