[ad_1] Leading insurers are defining new revenue paths while contributing to communities in the process. This is defined as inclusive insurance, a concept that is playing a key role in the insurance industry’s evolution. Take two of the major global carriers, Generali and Allianz: Generali has created The Human Safety Net, to support families living … Read more
[ad_1] P&C insurance agencies find themselves at a crossroads, where embracing Insurtech opportunities offers unprecedented opportunities for growth and innovation. However, traditional insurers navigating this landscape requires adaptability, a customer-centric approach, and a willingness to harness the power of technology while preserving the core values that make these agencies indispensable in the insurance world. As … Read more
[ad_1] According to AM Best Financial reports, between 2018 and 2023, litigation management costs for the combined Property & Casualty industry increased by 19%, amounting to an increase of $4-5 billion, or for context, bringing total litigation expenses to ~$24B of LAE. In both personal and commercial lines, carriers have experienced the adverse effects of … Read more
[ad_1] Insurtech is not just about bringing insurance into the digital age; it’s about making personalized insurance work for you. Insurtech customization is the secret to transforming insurance from a rigid, one-size-fits-all product to a personalized solution that meets your unique requirements. So, if you’re a P&C insurance agent, it’s time to embrace the power … Read more
[ad_1] The digital transformation in insurance is a remarkable story of adaptation and innovation. It’s not just about making insurance companies more efficient; it’s about putting customers at the center of the business models. It’s about leveraging digital technology to make your insurance experience smoother, safer, and more accessible. So, the next time you think … Read more
[ad_1] By Oscar Miniet The North Carolina and South Carolina insurance markets have two key things in common: carrier appetite for a variety of risks has abated, and premiums on some of the most at-risk properties have skyrocketed – creating placement challenges for independent insurance agents in both states. The issue of coverage availability is … Read more
[ad_1] As with any new technology, as well as the opportunities it opens up, there are concerns about unintended consequences of generative AI and the need for responsible implementation. We were delighted to be in the hotspot usually claimed by Kenneth Saldanha in this episode of Insurance News Analysis to discuss this important topic and … Read more
[ad_1] Insurers must stay abreast of InsurTech trends to stay competitive, enhance operations, and improve customer services in the dynamic insurance landscape. InsurTech, which combines technology with insurance, incorporates artificial intelligence, machine learning, data analytics, blockchain, and Internet of Things. The leveraging of innovations such as AI chatbots for 24/7 support and ML algorithms for … Read more
[ad_1] By Ujjval Patel In order to protect your insurance agency against cyber threats, there are three key terms you first need to familiarize yourself with: phishing, smishing, and vishing. Phishing is the process by which a cyber criminal uses using a legitimate-looking e-mail to trick one of your employees into providing private information (such … Read more
[ad_1] As we bid farewell to 2023 in this final Insurance News Analysis of the year, we are happy to welcome Cory McAnelly, Assistant Vice President of Enterprise Innovation Strategy at Principal, to join as we delve into what made the headlines this year. We start with a recurring theme: generative AI. Cory brings his … Read more