Cloverleaf Analytics to offer AAIS Members end-to-end insurance intelligence solutions backed by decades of in-depth experience and best practices.

Carrier Management recently published a release from AM Best revealing that the homeowners insurance sector suffered an underwriting loss amounting to $15.2 billion in 2023. This loss is more than double that of the previous year and marks the worst underwriting results since 2000. This spike is attributed to increased weather-related events and shifting population demographics, leading insurers to confront significant challenges in underwriting and risk assessment.

Pinpoint Predictive to offer AAIS Members access to their revolutionary risk selection platform that goes beyond traditional variables.

Artificial intelligence (AI) is revolutionizing the underwriting process, offering unprecedented opportunities for efficiency and accuracy in the insurance industry. In this interview with AAIS Partner, Cogitate, we explored how AI is promising a new era in data interpretation and utilization. Jacqueline Schaendorf, CPCU, Co-Founder of Cogitate and President and CEO of Insurance House, discussed the potential of predictive modeling in underwriting and claims processes, significant data challenges faced by carriers, and innovative solutions offered by Cogitate.

The AAIS Pulse newsmagazine recently featured a discussion with renowned Research Scientist and hurricane expert Phil Klotzbach, Ph. D., from the Department of Atmospheric Science at Colorado State University. He joined AAIS Chief Pricing Actuary Michael Payne to cover a wide array of topics including global warming fact and fiction, changes in severe weather patterns, risk model accuracy, 2022's climate outlook, and much more.

Clive Humby said it best with his oft-cited quote – “data is the new oil.” It is true that the value of data is in its refinement and synthesis into useful insights, tools, and products, all predicated on the existence of a complex infrastructure to share and transport data from where it is found (those with the data) to where the analysis occurs (those with the questions).

With the holidays and the end of the year upon us, it is the time to reflect upon the past year. And it is the time of year we tend to think about coming together, as a community, to share our experiences. In our case, I’m referring to AAIS’s product-focused advisory councils.

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].

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.

With more than $22 billion in losses recorded annually, fire insurance is burning a hole in the insurance industry’s proverbial pocket. Having used the same approach to assessing public fire protection (PFP) risk for the past 30 years, insurers have failed to evaluate the impact it has on overall loss cost.