The Open Road…to the Future of Insurance

Dec 28, 2020 / by AAIS

Insurance is not a new industry. Insurers have been offering coverage to United States businesses since the Declaration of Independence. But the role of advisory organizations within the U.S. insurance industry has evolved over time…and at AAIS, we’re evolving with it.

Since our inception in 1936, we’ve seen the nature of advisory organizations change as the insurance industry responds to market, customer and technology changes. Originally established to serve as a neutral partner for carriers and regulators to share critical data and information, some advisory organizations have shifted more towards a profit-focused motive. Over time, the industry has largely turned away from the shared community benefits and mutual data and information-sharing principles upon which we were founded.

This paradigm shift has changed how advisory organizations interact with carriers and regulators, how carriers cooperatively compete in the marketplace, and the successful introduction of new technologies in an industry populated by numerous legacy systems and processes. A focus on shareholder value has hurt collaboration withing the industry…leading to a lack of trust slower, decreasing competitive cooperation and slower innovation.

AAIS sees a better way, a more collaborative path to the future. 

We believe in the power of community, of building a coalition of like-minded insurance organizations to share experiences, data, information, and ideas. We believe in rebuilding the role of the advisory organization as a trusted third party. We believe advisory organizations should be trusted, neutral partners, committed to the success of its Members and the industry we all support.

A major pathway to this success is embracing open-source technology, putting our industry’s best and brightest minds to work together to develop modern solutions that fit our changing world. Modern technology, including distributed ledger data management, artificial intelligence (AI), predictive analytics, and machine learning have opened up the possibility of delivering important new insights to better understand customer needs. Now more than ever, it’s important that we harness the information, knowledge and ideas to move insurance forward…together.

The potential for the future of the insurance industry is great, and at AAIS, we’ve built a Membership model for carriers – and other like-minded organizations in the industry – so they may realize new opportunities. Our new, open Membership model fosters a community

where all Members have access to best-in-class advisory programs and responsive services, modern technologies and tools, and industry-leading advice and counsel…all for one annual Membership fee.

We’re excited about the new AAIS Membership model and what it means for the insurance industry, but we can’t do it without participation from across the ecosystem. The road to the future of insurance is open. To learn more about AAIS Modern Advisory Solutions and the new All-Access Membership, click here.

Tags: Community, Issues & Trends, Data & Technology, Data Management/Distributed Ledger, Industry Associations, Insurance Operations, P&C Insurers, Industry, AAIS Insights, membership

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