AAIS recently attended the IRMI Agribusiness Conference (AgriCon), the premier event for insurance and risk management professionals specializing in the exposures and coverage needs of farms and agribusinesses. Among the many interesting and informative sessions, AAIS Product Development Specialist Hope King highlighted two topics particularly near and dear to AAIS and our Members.
Technology (3)
AgriCon Focus on Timely Industry Issues: Blockchain Potential, Cannabis Complexities
Mar 21, 2022 / by Hope King posted in openIDL, Technology, Issues & Trends, Open Source, Cyber, Agribusiness, Cannabis, CannaBOP, Farm & Ag, Blockchain, Farming
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
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:
Update from The Farm…Farmowners Product Expanding
Nov 30, 2021 / by Hope King posted in Technology, Issues & Trends, Data & Technology, Robotics/Drones, Tech News, Farm & Ag, P&C Insurers, Farming, AAIS News & Views, AAIS Insights, Data/Tech, Insurance Line of Business, Farmowners (FO)
The farm industry continues to transform. While smaller family farming operations maintain a strong presence and make up a large percentage of the market, we’re seeing growth of large commercial farms that include a variety of operations and layered revenue streams. It is an ultra-competitive market with each company searching for an edge over their competitors.
Value of Blockchain “Sandboxes” Being Realized by Regulators
Nov 17, 2021 / by Robin Westcott posted in Community, Technology, Data & Technology, Data Management/Distributed Ledger, Tech News, Regulatory/Compliance, Blockchain, Legislation & Regulation, Data/Tech
We’re at an inflection point with blockchain technology. A greater community of interest has developed beyond cryptocurrency with the realization that blockchain can solve all types of problems. Insurance regulators nationwide are starting to create “sandboxes,” essentially incubators where new technologies and innovations can be developed and tested, exempt from prohibitive regulations, until a proper regulatory framework can be created.
Keeping Pace with the Evolving Auto Industry
Nov 2, 2021 / by Ash Naik posted in Community, Technology, Issues & Trends, Data & Technology, Tech News, Telematics, P&C Insurers, Auto, Commercial Auto, AAIS News & Views, AAIS Insights, Personal Auto, Data/Tech, Insurance Line of Business
A Fast-Moving Auto Industry Presents Challenges and Opportunities
The automotive industry transformation continues to have significant repercussions in the insurance industry. With improving sophistication in car technology, telematics, and consumer behaviors, insurance carriers face new and unprecedented challenges spanning the entire lifecycle of the policy from research to claims. Still, personal and commercial auto insurance remain the industry bellwether as the largest product lines accounting for more than $300 billion in annual premiums.
Modernizing Statistical Reporting: What It Means for Our Industry
May 27, 2021 / by Dina Burgess posted in openIDL, Technology, Data & Technology, NAIC, IBM, Linux Foundation, Hyperledger, AAIS Views, Statistical Reporting, Modern Advisory Services
Regulatory-driven statistical reporting was first established for the insurance industry by the NAIC Property & Casualty Model Rating Law some 70 years ago. And the practices and procedures that underpin insurer statistical reporting have changed little in the decades since. Now, however, statistical reporting is being modernized with the development of the open Insurance Data Link (openIDL). Dina Burgess, Manager of Enterprise Risk Applications at AAIS, talks about the need for this change and the new ease, efficiency and accuracy that characterizes modern regulatory reporting.
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.
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.