When the COVID-19 pandemic hit the United States, regulators quickly realized two problems. They would need to collect massive amounts of data and issue multiple data calls, particularly around business interruption, and there was no secure, efficient way to gather this data to truly understand the impact COVID-19 was having on the P&C market. With business interruption claims growing, a quick, effective solution was needed.
Insurtech (3)
Open Source at Work: The COVID-19 Data Call
Jun 20, 2020 / by AAIS posted in openIDL, Community, Issues & Trends, Data & Technology, Insurance News/Current Events, Open Source, COVID-19, Insurtech, Regulatory/Compliance, Regulators, Travelers, Data Call, Business Interruption, The Hartford, AAIS Views
A Data-Driven Future: 2020 Auto Trends
Jun 16, 2020 / by Casey Brewer posted in Issues & Trends, Data & Technology, Insurtech, Telematics, P&C Insurers, Auto, Commercial Auto, Data/Tech, Data Management, 2020 VME, TNEDICCA, AAIS Views
The auto industry is fueling up for new technology down the road. Fully autonomous vehicles and advanced crash-data analysis will all impact not only how the industry operates, but how it is insured as well.
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?
Re-examining the Insurance Customer Experience
Sep 27, 2019 / by John Kadous posted in Technology, Issues & Trends, Insurtech, Insurance Operations, P&C Insurers, Industry, Executive, Customer Experience, AAIS Views
In the modern, digital marketplace, the customer experience is everything. From retail to service, today’s consumers expect quick, complete and secure interactions at every touchpoint.
Insurance is no different – and with stiff competition to win and retain clients, creating a positive customer experience is more important than ever. Insurers need to shift from being a service transaction industry to an experience industry.
Driving the Future of Auto Insurance
Jul 8, 2019 / by Casey Brewer posted in Issues & Trends, Data & Technology, Insurtech, Telematics, Auto, Commercial Auto, Innovation, AAIS Views, Autonomous Vehicles, AAIS Auto Program
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.
Making Sense of Insurtech
Aug 23, 2018 / by Truman Esmond posted in Technology, Issues & Trends, Data & Technology, Insurance News/Current Events, Tech News, Insurtech, IoT, Innovation, Data/Tech
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.
Insuring the Ridesharing Economy...Vehicle Sharing and Telematics
Nov 29, 2017 / by Casey Brewer posted in Issues & Trends, Data & Technology, Insurtech, Telematics, New/Emerging Risks, Auto, Commercial Auto
Shared mobility services are not only growing, they also are expanding in scope. Among these trends is the significant increase in vehicle sharing programs. A recent Frost & Sullivan report noted that approximately 7 million users were sharing roughly 112,000 vehicles in 2015 in the United States alone. These numbers are expected to grow to over 36 million users and 427,000 vehicles by 2025. Market revenues are predicted to increase to more than $16 billion within the next five to ten years.
Disruption in the Personal Auto Market
Oct 11, 2017 / by Casey Brewer posted in Technology, Issues & Trends, Data & Technology, Insurtech, Telematics, Auto, Personal Auto
The Greek philosopher Heraclitus is credited with coining the phrase "the only constant is change". Odds are he wasn’t predicting the current state of auto insurance, but those words ring true today as we look at this ever-changing marketplace. Lately there has been a lot of discussion about auto insurance, and varied opinions around the future of the largest line of P&C business. Nobody knows exactly what the auto insurance market will look like in 20 to 30 years, but it will be vastly different than it is today. AAIS Auto Product Manager Casey Brewer outlines the forces currently reshaping the market. Following are excerpts that summarize "The Trifecta of Disruptive Trends" affecting the Personal Auto Insurance market.