Today, there is a lot of buzz surrounding generative artificial intelligence (GenAI) and its potentially significant implications for the insurance industry. The use of GenAI in insurance is taking a large step forward, leading the paradigm shift in AI and machine learning (ML) due to its efficient and innovative features. In the dynamic realm of insurance, burdened by cumbersome manual processes, traditional AI solutions are limited. GenAI transcends these limitations, offering transformative solutions to streamline insurance workflows and propel the industry forward.
P&C Insurers
The Art of the Possible with GenAI in Insurance
May 23, 2024 / by Sachin Kachare posted in Technology, Data & Technology, P&C Insurers, Data/Tech, Underwriting, AI, Artificial Intelligence, Brokers, Insurance Agents, MGA, BluePond.AI
AAIS Webinar ft. OneShield Discusses Property Preparedness & Bracing for the Future of Commercial Insurance
May 11, 2023 / by AAIS posted in Personal Lines, P&C Insurers, Commercial Lines, AAIS Webinar Series, P&C, property & casualty
Inflation, fluctuations in building costs, and hardening reinsurance markets demand new approaches to portfolio management for commercial insurers. As part of our AAIS Webinar Series, AAIS hosted a virtual presentation on March 16, 2023, featuring AAIS Partner OneShield, the cloud-based, core systems platform providing business solutions for MGAs and P&C insurers. The session was hosted by Stephanie Vasey, Product Manager of Commercial Lines and Inland Marine at AAIS, and moderated by John Dunn, Vice President of OneShield. Their discussion explained how to reduce risk overall and addressed the inflationary economic conditions with a greater understanding of insuring commercial properties. Industry panelists Jeff Heine, Chief Revenue Officer of Betterview, and Skip Coan, Vice President of e2Value, Inc., showed attendees how aerial imagery, data analytics, and property estimation tools bring a new level of accuracy and transparency to the commercial property policy lifecycle.
2022 AAIS Market Survey Results Reveal Most Pressing Industry Issues
Feb 2, 2023 / by AAIS posted in Community, Insights, Issues & Trends, Data & Technology, P&C Insurers, Legislation & Regulation, AAIS News & Views, AAIS Insights, Data/Tech, Insurance Line of Business, Florida Insurance Market
The Economy/Inflation, Talent Acquisition and Litigation Top Concerns; Integrity, Security and Accuracy Lead Priorities for Data/Technology
Throughout 2022, AAIS conducted several surveys from a cross-section of insurance professionals, many associated with insurance industry events. What emerged from these various surveys was a view of the top issues and concerns facing the industry as well as the priorities placed on data and technology initiatives. This summary presents the aggregated results of those surveys. We trust this information is useful for AAIS Members and other industry stakeholders as a catalyst for discussions surrounding the development of solutions for the most pressing issues that lie ahead.
Colorado State University's Phil Klotzbach Offers Early Clues on Florida Hurricane Season
Apr 6, 2022 / by AAIS posted in Insights, Issues & Trends, Climate Change, P&C Insurers, AAIS News & Views, AAIS Insights, hurricanes, Florida Insurance Market, NatCats
Phil Klotzbach, Research Scientist at the Colorado State University, stopped by The AAIS Executive Roundtable with a preview of the upcoming hurricane season in The Florida Report.
Florida Insurance Market: Survey Reveals Most Pressing Industry Issues
Mar 24, 2022 / by AAIS posted in Community, Insights, Issues & Trends, Data & Technology, P&C Insurers, Legislation & Regulation, AAIS News & Views, AAIS Insights, Insurance Line of Business, Florida Insurance Market
Litigation Tops Capital and Nat CAT Concerns
AAIS, a sponsor of the 2022 Florida Insurance Market Summit held March 21st to 23rd, polled attendees pre-event to understand what they perceive as the most pressing issues affecting the Florida market and the overall insurance industry.
Crypto, Solar, Tiny Homes Among Personal Lines Market Issues
Mar 3, 2022 / by Linda Jancik posted in Personal Lines, Community, Technology, Issues & Trends, Homeowners, New/Emerging Risks, P&C Insurers, AAIS News & Views, AAIS Insights, Insurance Line of Business, cryptocurrency, Airbnb, tiny homes, solar panels, bikes
Personal lines insurance is more diverse than ever before. During a Personal Lines Product Council in 2022 hosted by AAIS, Member carriers and other key stakeholders discussed several key issues affecting the market, from cryptocurrency and solar panels to container homes, “swimply”, and e-bikes and scooters.
AAIS established Product Advisory Councils to bring Member carriers and other industry stakeholders together to identify the burgeoning issues concerning insurers and the broader insurance industry today. While not all issues raised can be solved through product or program developments, we believe discussing emerging issues as well as working together within the AAIS Community can spawn new ideas and usher resources to meet today’s challenges. A general overview of several emerging issues is discussed below.
Different Ways Insurers Can Deal With Climate Change
Feb 24, 2022 / by AAIS posted in Community, Technology, Issues & Trends, Homeowners, Climate Change, P&C Insurers, AAIS News & Views, AAIS Insights, Modeling/Actuarial, Insurance Line of Business, Conning, NatCats, Colorado State University
Dr. Phil Klotzbach, Ph. D., from the Department of Atmospheric Science at Colorado State University, says climate change is real. In a recent interview he explained that “if you go back to the late 1800s, parts-per-million of carbon dioxide was about 280; now we're sitting at about 420. We've gone up by about 50 percent of what we were about 140 years ago. With that, we've seen a global temperature rise of about eight- or nine-tenths of a degree Celsius … about 1.5 degrees Fahrenheit.”
How Regulation is Impacting Auto Insurance
Feb 16, 2022 / by Lori Dreaver Munn posted in Community, Issues & Trends, Insurance News/Current Events, Regulatory/Compliance, P&C Insurers, Auto, Commercial Auto, Legislation & Regulation, AAIS News & Views, AAIS Insights, Personal Auto, Regulation, Insurance Line of Business, auto insurance, GLC
Regulation plays an outsized role in the development of the auto insurance sector. Since the beginning of the pandemic, we have seen an even higher than usual impact from wild fluctuations in rates, claims, premiums, and consumer reimbursements, to activities impacting the industry itself.
Conning CEO Woody Bradford on Inflation, Crypto, ESG and More
Feb 3, 2022 / by AAIS posted in Issues & Trends, AAIS Events, Events, Insurance News/Current Events, Insurance Operations, Climate Change, Working in Insurance, P&C Insurers, AAIS News & Views, AAIS Insights, AAIS Pulse, AAIS Event Archives, Economy, talent, ESG, cryptocurrency, governance, environmental, Conning, Inflation
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.
Ransomware – The Other Epidemic
Jan 13, 2022 / by Linda Jancik posted in Issues & Trends, Data & Technology, Tech News, Homeowners, Cyber, New/Emerging Risks, P&C Insurers, AAIS News & Views, AAIS Insights, Data/Tech, Insurance Line of Business, cyber risk, cyber insurnace, ransomware
Ransomware is a type of malicious software designed to block access to a computer system until a sum of money is paid and can target both individuals and businesses. The U.S. House Committee on Oversight and Reform shared that “in 2020, ransomware attacks on both public and private institutions in the U.S cost an estimated $19.5 billion. … in the first six months of 2021, financial institutions reported $590 million in ransomware-related transactions. Current trends indicate that ransomware transactions in 2021 alone will exceed the previous 10 years combined.”