IoT

COVID-19 Continues to Impact Auto Insurance Market

Dec 17, 2021 / by Meg Lech posted in Technology, Data & Technology, COVID-19, Tech News, IoT, P&C Insurers, Auto, Commercial Auto, AAIS Insights, Personal Auto, Data/Tech, Compliance, Insurance Line of Business

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As the pandemic rolls on, with the omicron variant providing the latest wrinkle, the auto market continues to be reshaped by COVID-19. Aside from the overall financial impact, now increasing claims, severity of claims and higher losses, and worsening consumer behavior are all leaving a mark. Here is the latest from around the industry:

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Open Source Benefits are Coming to Insurance

Dec 6, 2021 / by Joan Zerkovich posted in openIDL, Machine Learning/AI, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Robotics/Drones, Open Source, Tech News, IoT, Telematics, Auto, Modeling/Predictive Analytics, AAIS News & Views, AAIS Insights, Data/Tech, Linux Foundation

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In 2002, Amazon eliminated millions of dollars from its technology costs by switching to the Linux operating system, an open source technology platform from the Linux Foundation. In a filing with the Securities and Exchange Commission, Amazon stated it was able to cut technology expenses by about 25%, from $71 million to $54 million, primarily through “migration to a Linux-based technology platform that utilizes a less-costly technology infrastructure, as well as general price reductions for data and telecommunication services due to market overcapacity[1]. Amazon continues its open source technology strategy today, as do thousands of other companies. Today, 96.3% of the world's top one million servers run on Linux[2].

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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

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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.

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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

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Accurate risk assessment is key to mitigating exposure and to unlocking underwriting opportunities.

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Webinar Spotlights New Approach to Non-Cat Fire Modeling

Feb 23, 2021 / by AAIS posted in Technology, Data & Technology, Insurance News/Current Events, IoT, New/Emerging Risks, Industry, Data, Fire, Innovation, AAIS News & Views, Data/Tech, Risk, AAIS Views, risk mitigation, AAIS FLAMES

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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.

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Pandemic Resource Center Delivers Litigation Data & Insights

Feb 23, 2021 / by AAIS posted in Technology, Data & Technology, Insurance News/Current Events, COVID-19, Tech News, IoT, Industry, Data, Business, Legislation & Regulation, Innovation, AAIS News & Views, Data/Tech, Regulation, Digitization, Business Interruption, AAIS Views, GLC, Litigation, COVID-19 Resource Center

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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.

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Cyber Insurance Starting to Find A Practical Footing

Jan 28, 2021 / by AAIS posted in Personal Lines, Community, Issues & Trends, COVID-19, IoT, Homeowners, Cyber, New/Emerging Risks, P&C Insurers, Remote Work, Cyber Fortress, Berkley Re, CyberPolicy, AAIS Views

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Imagine this: You’re working from home, like many others during the COVID-19 pandemic. Your children are also home, remote learning. One of your kids falls prey to malware, infecting your entire network with a virus. Your at-home business’s website is shut down for eight hours. You sigh a breath of relief, thankful that your insurance will cover the costs… or does it?

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Cyber Crime: The Online Home Invasion

Jan 4, 2021 / by AAIS posted in Personal Lines, Technology, Issues & Trends, Data & Technology, IoT, Homeowners, Cyber, New/Emerging Risks, AAIS Insights, AAIS Pulse, Berkley Re, Insurance Line of Business, CyberScout, AAIS Views, cyber risk

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With an increasing number of employees working from home, there has also been an alarming increase in personal and professional cybercrime exposure. At the September 2020 AAIS Pulse, AAIS Personal Lines Product Manager Linda Jancik hosted a panel of cyber-focused leaders, including CyberScout’s Eric Warbasse and Berkley Re Solutions’ Jeff Cron and Chris Ellis to discuss the rise of cyber threats, future predictions, and how carriers can protect their customers from emerging digital exposures.

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Design Thinking: A Human-Centric Framework for Problem Solving

Aug 20, 2020 / by Truman Esmond posted in openIDL, Community, Issues & Trends, Insurtech, IoT, Working in Insurance, P&C Insurers, Innovation, Design Thinking, AAIS News & Views, AAIS Insights, Executive, AAIS Views

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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.

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Parallels Between Yesterday and Tomorrow: Building Data Networks for Success

Jun 30, 2020 / by Joan Zerkovich posted in openIDL, Community, Technology, Data & Technology, Data Management/Distributed Ledger, Distributed Ledger, Insurtech, IoT, Blockchain, Data/Tech, 2020 VME, AAIS Views

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Open source technology. Collaboration and cooperation to improve the products and technologies necessary to move innovation forward. Building a platform where new applications are welcomed to extend the tool’s use cases. These fundamental practices led to the creation of the Internet…and are being seen again as distributed ledger technology takes center stage.

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AAIS Learning-Pandemic Coverage in the Age of COVID-19
AAIS Pulse Chicago - AAIS Pulse is Back...and coming to Chicago!

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