Underwriting

Commercial Property Preparedness: Bracing for Changing Risks

Jan 24, 2024 / by Liza Petrie posted in Commercial Lines, Data, Underwriting, reinsurance, OneShield, risk management

0 Comments

A staggering number of billion-dollar weather and climate disaster events have rocked the United States in 2023. The National Oceanic and Atmospheric Administration reported in early September that 23 events with losses exceeding $1 billion each had hit the country last year. That marked the most in a calendar year in more than four decades of record-keeping.

Catastrophes, higher building costs, and inflation are all impacting commercial underwriting performance and insurer profitability. Proper portfolio valuation is becoming exponentially important as the reinsurance market tightens. So, how can insurance companies better manage their books of business now and into an uncertain future? The answer is rooted in addressing valuation issues by tapping third-party vendors. The answer is tied to partnering with a robust digital platform provider. The answer is collaboration.

In the past, it was easy for insurers to dismiss data as untrustworthy because they didn’t want to invest in it. Now, third-party vendors present necessary advances that help to paint the bigger picture. Platforms like OneShield are the glue that brings these tools together. And, not just for underwriting purposes. In the commercial lines business, customers are generally good risk management partners. OneShield and its customers have seen tremendous engagement with agents and policyholders who want to proactively manage risk. Failing to enable that is a missed opportunity.

Read More

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

0 Comments

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.

Read More

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

0 Comments

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.

Read More

The Value of Risk Control: Moving Beyond the Basics

Mar 15, 2021 / by AAIS posted in Community, Technology, Issues & Trends, Data & Technology, COVID-19, New/Emerging Risks, AAIS Webinar Series, Underwriting, Risk, Agents, RCT, EMC, AAIS Views, Risk Control Technologies, Risk Control

0 Comments

In this edition from the AAIS Webinar Series, titled: The Value of Risk Control: Moving Beyond the Basics, Bryon Snethen, Vice President Risk Improvement at EMC Insurance and Jacob Pereira, a Solutions Engineer at Risk Control Technologies identified the purpose and value of risk control to a variety of stakeholders, including agents, insurance companies, policyholders, and society.

Read More

Tracking CATs and Taming Risk

Jan 7, 2021 / by AAIS posted in Community, Technology, Issues & Trends, Data & Technology, Insurance News/Current Events, New/Emerging Risks, P&C Insurers, Data, AAIS Insights, AAIS Pulse, Underwriting, Modeling/Actuarial, Risk, Analytics Insurance, AAIS Views, risk management, NatCats, AAIS Risk Awareness Service

0 Comments

In August 2020, AAIS introduced its new Risk Awareness Service (RAS), a digital resource center tracking catastrophic risk and providing risk information in real time. At the inaugural AAIS Pulse Newsmagazine, AAIS VP Data and Actuarial Services Phil LeGrone described the Risk Awareness Service, its goals, and the value it can provide insurance carriers and the customers they serve. He also welcomed Jeff Waters, a Senior Product Manager at Risk Management Solutions (RMS), the leading modeling firms, to add his perspective on emerging modeling approaches and tools.

Read More

Adding AI to the Underwriting Equation

Aug 4, 2020 / by AAIS posted in Community, Technology, Machine Learning/AI, Issues & Trends, Data & Technology, Events, COVID-19, Regulatory/Compliance, Insurance Operations, AAIS Webinar Series, Underwriting, Regulation, Compliance, Business Interruption, AI, AAIS Views, CONVR

0 Comments

In a special edition of the AAIS Webinar Series, CONVR VP Sales and Marketing Phil Alampi presented on the topic of "Artificial Intelligence: Creating Super Underwriters." Mr. Alampi discussed the growing impacts COVID-19 has had on insurers. With more than 75% of carriers seeing increases in business interruption claims, the demand for coverage is expectedly surging. This growing challenge has a positive side, however, for the impacts of COVID-19 have expedited the need for the industry to improve its ability to crunch data better and more efficiently.

Read More

Emerging Cyber Exposures

Jun 29, 2020 / by Linda Jancik posted in Personal Lines, Community, Issues & Trends, Data & Technology, IoT, Homeowners, Cyber, New/Emerging Risks, Underwriting, Berkley Re, AAIS Views, AAIS Family Cyber Protection Program

0 Comments

As today’s families fall asleep at night, they rest assured that they are protected from home perils. When thinking about keeping our homes safe, many think of the standard home perils: fire, floods, and burglary. However, as we delve further into the age of technology, many people forget that their homes are susceptible to more than physical perils. Danger can lurk within their phones, computers, and other IoT devices.

Read More

Fighting Fire with Data: How Public Fire Protection Can Save Lives

Jun 13, 2020 / by Phil LeGrone posted in Community, Technology, Issues & Trends, Data & Technology, Homeowners, Modeling/Predictive Analytics, Fire, Data/Tech, Underwriting, Modeling/Actuarial, National Science Foundation, Homeowner By-Peril, NFIRS, AAIS Views

0 Comments

With more than $22 billion in losses recorded annually, fire insurance is burning a hole in the insurance industry’s proverbial pocket. Having used the same approach to assessing public fire protection (PFP) risk for the past 30 years, insurers have failed to evaluate the impact it has on overall loss cost.

Read More

Home Smart Home: Advances in Home Technology

Sep 19, 2019 / by Linda Jancik posted in Personal Lines, Community, Issues & Trends, Data & Technology, IoT, Homeowners, Cyber, New/Emerging Risks, Underwriting

0 Comments

Our houses are more than buildings; with the advances in smart home technology, they’re becoming technology centers, all focused on keeping us healthy, safe and protected. It’s an exciting advancement in the personal lines industry – but where should insurers focus their efforts, and how can they keep up with the rapid changes in home technology?

Read More
Be Modern...Get All Access to Modern Advisory Solutions

Lists by Topic

see all

Posts by Tag

See all