On a recent edition of AAIS Pulse, Crawford & Company CEO Rohit Verma and AAIS VP of Products John Kadous sat down to discuss the state of the insurance market, including topics such as the economy and supply chain, auto risks, climate change and natural catastrophes, data, and technology, and much more.
Telematics
Crawford CEO Provides Market Report
May 2, 2022 / by AAIS posted in Insights, Technology, Insurance, Data & Technology, COVID-19, Telematics, Climate Change, Auto, Innovation, AAIS Pulse, pandemic, Economy, auto insurance
Open Source Benefits are Coming to Insurance
Dec 6, 2021 / by Joan Zerkovich posted in openIDL, Machine Learning/AI, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Robotics/Drones, Open Source, Tech News, IoT, Telematics, Modeling/Predictive Analytics, AAIS News & Views, AAIS Insights, Data/Tech
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].
The Open Road to Real Change in the Insurance Industry
Jul 9, 2020 / by AAIS posted in openIDL, Community, Technology, Data & Technology, Events, AAIS Event Archive, Open Source, Tech News, Insurtech, Telematics, Auto, Latest News, Data/Tech, Insurance Services/TPAs, 2020 VME, IBM
IBM, who has partnered with AAIS on the development of the openIDL data-management platform on blockchain, has long been a strong proponent of open-source software development. Chris Ferris, an IBM Fellow and CTO for Open Technology at IBM, spoke to AAIS’s Joan Zerkovich on the importance of the open-source concept and the powerful outcomes IBM has seen from building technology in an open environment.
A Data-Driven Future: 2020 Auto Trends
Jun 16, 2020 / by Casey Brewer posted in Issues & Trends, Data & Technology, Insurtech, Telematics, P&C Insurers, Auto, Commercial Auto, Data Management
The auto industry is fueling up for new technology down the road. Fully autonomous vehicles and advanced crash-data analysis will all impact not only how the industry operates, but how it is insured as well.
Safe at Home, Safe Online: Smart Homes, Sensors, and IoT
Jun 15, 2020 / by Linda Jancik posted in Personal Lines, Community, Issues & Trends, Data & Technology, IoT, Homeowners, Telematics, Cyber, P&C Insurers, Security, Data Management
Advancements in technology have brought great strength to home security systems, transforming what we once considered an average house into a modern smart home.
Driving the Future of Auto Insurance
Jul 8, 2019 / by Casey Brewer posted in Issues & Trends, Data & Technology, Insurtech, Telematics, Auto, Commercial Auto, Innovation
Earlier this year, AAIS surveyed insurance carriers to better understand where they believe the auto insurance market is heading and the challenges associated with the auto technology evolution. After analyzing the responses, the results were clear: change is coming, and the opportunities for AAIS to help Members stay ahead of the curve are great.
Insuring the Ridesharing Economy...Vehicle Sharing and Telematics
Nov 29, 2017 / by Casey Brewer posted in Issues & Trends, Data & Technology, Insurtech, Telematics, New/Emerging Risks, Auto, Commercial Auto
Shared mobility services are not only growing, they also are expanding in scope. Among these trends is the significant increase in vehicle sharing programs. A recent Frost & Sullivan report noted that approximately 7 million users were sharing roughly 112,000 vehicles in 2015 in the United States alone. These numbers are expected to grow to over 36 million users and 427,000 vehicles by 2025. Market revenues are predicted to increase to more than $16 billion within the next five to ten years.
Disruption in the Personal Auto Market
Oct 11, 2017 / by Casey Brewer posted in 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.