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.
Technology
Pinpoint Predictive to offer AAIS Members access to their revolutionary risk selection platform that goes beyond traditional variables.
The connection between home inspections and securing reinsurance is crucial for insurance carriers. In this interview with AAIS Partner, Chrp Technologies, we delve into the pivotal role of maintaining a high-quality book of business for insurers seeking reinsurance. Micah Kalisch, Founder and CEO of Chrp Technologies, elucidates how adhering to inspection protocols aligned with stringent underwriting standards not only safeguards insurers against potential risks, but also enhances their appeal to reinsurers. He also discusses how Chrp can support underwriters throughout this process.
Generative Artificial Intelligence (GenAI) is revolutionizing industries with its ability to understand, synthesize, and create language-based content. In this interview with AAIS Partner, BluePond.AI, we explored how this leap forward is particularly impactful in the insurance sector, where manual processes and complex documentation are prevalent. Hear from Pranav Pasricha, CEO of BluePond.AI, to learn what GenAI is, its transformative applications within the insurance industry, the challenges of adopting this technology, and how carriers can effectively navigate these obstacles to harness GenAI's full potential.
Due to today’s hard market, reinsurers are much more selective about the risks they underwrite. To secure reinsurance coverage, personal lines property carriers must maintain a healthy book of business and loss ratio.
Apoorva Insurance to offer AAIS Members affordable products and services to further accelerate their speed to market for all lines of business.
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.
As part of the AAIS Webinar Series, AAIS hosted a virtual discussion on April 4, 2024, featuring AAIS Partner, GhostDraft. Moderated by John Kadous, AAIS Vice President of Products, the session explored the importance and challenges of speed to market. Joined by panelist Laurence White, Executive Vice President of Sales at GhostDraft, the two discussed modern technologies and innovations that can accelerate internal processes as well as how to balance speed and compliance. Kadous and White also offered successful strategies to improve operational efficiencies.
AAIS spoke with Lillian Colson, Vice President and Secretary of Inland Marine Underwriters Association (IMUA), the national association for the commercial inland marine insurance industry in the U.S. Colson discussed trends shaping today’s inland marine market, effects of climate change on inland marine, the use of data and technology tools, and what’s new at IMUA, including its upcoming Annual Meeting.
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.
