Technology

Navigating the Complexities of Automobile Technologies

Jan 3, 2024 / by Ash Naik posted in Technology, Tech News, Auto, Personal Auto, Data/Tech, ADAS

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The auto insurance industry faces unique challenges in an era dominated by rapid technological advancements. Today's vehicles, equipped with sophisticated electronics and software, are redefining experiences for drivers, auto services, and insurance industry professionals. In a recent webinar, we explored various facets of auto insurance carriers' challenges.

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Oklahoma Insurance Department Rate & Form Director Reveals Key Initiatives for 2024 and Ways to Help Industry Stakeholders

Dec 21, 2023 / by AAIS posted in Technology, Data & Technology, Regulatory/Compliance, Data/Tech, Compliance, Regulators, Oklahoma

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The National Association of Insurance Commissioners (NAIC) held its 2023 Fall Meeting on November 30-December 4 in Orlando, Florida. During the meeting, AAIS spoke with Kurt Cagle, Director of the Rate and Form Division for the Oklahoma Insurance Department, to discuss key initiatives for 2024, ways to help industry stakeholders, and more.

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Leveraging Today's Underwriting Technologies to Modernize Homeowners Insurance with CHRP Technologies

Dec 18, 2023 / by AAIS posted in Personal Lines, Technology, Machine Learning/AI, Data & Technology, Insurtech, Homeowners, AAIS Webinar Series, Data/Tech, Underwriting, Artificial Intelligence, CHRP Technologies

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As part of the AAIS Webinar Series, AAIS hosted a virtual discussion on December 7, 2023, featuring CHRP Technologies. Moderated by AAIS President & CEO Werner Kruck, the session explored the state of today’s home insurance market as well as the challenges and opportunities that lie ahead. Featured guest speakers Chin Ma, President of CHRP Technologies, and Brandi Wyrick, AVP of Experience at Orion180, reviewed how new and emerging technologies like CHRP can improve underwriting results and operational efficiencies. They also touched upon the role of artificial intelligence (AI) across the insurance space and how companies can leverage new capabilities to improve the customer experience.

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Maryland Insurance Commissioner Gives Updates on NAIC H Committee Regarding Technology, Cybersecurity, and Privacy Protection

Dec 13, 2023 / by AAIS posted in Technology, Data & Technology, Regulatory/Compliance, Cyber, Legislation & Regulation, Data/Tech, NAIC, Regulators, Maryland

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The National Association of Insurance Commissioners (NAIC)held its 2023 Fall Meeting on November 30-December 4 in Orlando, Florida. During the meeting, AAIS spoke with Kathleen Birrane, Insurance Commissioner for the Maryland Insurance Administration, to discuss the mission of the NAIC H Committee, updates from the H Committee working groups, and key initiatives for Maryland. 

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Drive Ahead: Overcoming Today's Auto Insurance Challenges

Nov 28, 2023 / by AAIS posted in Technology, Commercial Auto, Personal Auto, AAIS Webinar Series, auto insurance, Insurance Market, AAIS Auto Program

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Today's auto insurers are navigating unprecedented challenges. As part of the AAIS Webinar Series, AAIS hosted a virtual presentation on November 16, 2023, moderated by Vice President of Products, John Kadous, and featured Product Manager of Commercial and Personal Auto, Auto Naik. The two discussed current market conditions like premium pricing, compliance, regulation, and technology, and how these challenges are pushing carriers to their limits. They also explored the growing need for adaptable solutions and tools that will empower insurers to confidently navigate the industry's shifting terrain, including a demonstration of an AAIS solution called Mindmaps which is equipping carriers to drive ahead in these uncertain times.

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Redefining Mobility & Risks of Battery Fires: Findings from an FDNY Symposium

Nov 2, 2023 / by Matt Hinds-Aldrich posted in Technology, Issues & Trends, New/Emerging Risks, Fire, AAIS Insights, Risk, FLAMES, Battery Fires

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We recently discussed the rapid proliferation of batteries in modern homes and businesses and the more worrying proliferation of fires associated with those batteries on AAIS Views. On October 12, 2023, the Fire Department for the City of New York (FDNY) hosted a one-day symposium titled, “A Conversation with the Insurance Industry About Lithium-Ion Batteries.” The intent of the symposium was to share the scope of the problem, the current state-of-the-art in mitigating these types of incidents, and a clarion call for insurers to join the fight in addressing this scourge.

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AAIS Vice President of Products Reveals Organizational Opportunities in the MGA Segment & Member Support Initiatives

Oct 17, 2023 / by AAIS posted in Technology, Insurtech, membership, Data/Tech, Advisory Report, MGA

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For this Advisory Report, AAIS spoke with its Vice President of Products, John Kadous. He discussed current issues for insurance carriers, opportunities in the MGA segment, how AAIS is supporting its Members, and more.

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Jarus Technologies Vice President Analyzes Top Issues for Insurance Carriers and How They Are Addressing Market Challenges

Sep 29, 2023 / by AAIS posted in Personal Lines, Technology, Data/Tech, Underwriting, NAMIC, Insurance Market, Jarus Technologies

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The National Association of Mutual Insurers (NAMIC) held its 2023 Annual Convention on September 17-20 in National Harbor, Maryland. During the convention, AAIS sat down with Bala Kumar, Co-Founder and Vice President of Jarus Technologies, to discuss top issues insurance carriers are facing, how to address them, how Jarus Technologies is helping carriers and its upcoming initiatives.

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Home Is Where the Battery Is

Jul 17, 2023 / by Matt Hinds-Aldrich posted in Personal Lines, Technology, Issues & Trends, Insurance News/Current Events, Homeowners, New/Emerging Risks, Fire, AAIS Insights, Risk, AAIS FLAMES

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“Now that my solar array is complete, and I’ve connected the new 3000-watt home battery backup, I’m ready to go off-grid.”

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Advanced Driver Assistance Systems- A Game-Changer for Auto Insurance Ratemaking

Jul 12, 2023 / by Ash Naik posted in Technology, Auto, Personal Auto, ADAS

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By utilizing the insights and capabilities of ADAS, carriers can enhance risk assessment accuracy, reduce accident frequency, and improve profitability. ADAS complements traditional rating variables like vehicle build, providing a dynamic layer of risk assessment and enhancing underwriting accuracy. Additionally, understanding the calibration status of ADAS systems is crucial to ensure optimal functionality and avoid potential hazards. As product managers in charge of auto insurance, it is essential to understand and leverage the power of ADAS to stay competitive in the evolving insurance landscape.

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