Pet Insurance Expansion Brings Opportunities and Risks
The pet insurance market in the U.S. is expanding rapidly, with premiums potentially surpassing $4.5 billion in 2024. However, rising veterinary costs and market concentration pose challenges for insurers.
January 29
Insurance Industry
Life & Health
Risk Management
Underwriting
Property & Casualty Insurance Market Sustains Underwriting Profit Growth into 2025
The U.S. property and casualty insurance industry is poised for continued profitability, fueled by improving personal auto results, economic growth, and challenges in commercial lines.
January 17
Auto
Property
Underwriting
Workers' Compensation
How AI is Transforming Insurance: Opportunities and Challenges
Artificial intelligence is revolutionizing the insurance industry, enhancing efficiency and accuracy, but its adoption requires overcoming technical, ethical, and regulatory challenges.
January 8
Fraud
Insurance Industry
Underwriting
Understanding MGA Insurance: Roles, Benefits, and Industry Impact
Managing general agents (MGAs) streamline insurance operations, providing specialized expertise, niche market access, and innovative solutions to carriers, agents, and policyholders.
January 3
Insurance Industry
Risk Management
Technology
Underwriting
The Essential Role of Data Cleansing in Insurance Operations
Accurate data is vital for insurance success, impacting underwriting, compliance, and customer satisfaction. Discover how cleansing processes ensure quality and reduce risks.
January 2
Insurance Industry
Risk Management
Technology
Underwriting
Millions of Homeowners Risk Being Underinsured for Detached Structures
AI-based analysis reveals nearly half of U.S. properties have overlooked secondary structures, highlighting risks for homeowners and insurers alike.
December 19, 2024
Property
Risk Management
Technology
Underwriting
California
Georgia
Montana
North Carolina
Rhode Island
AI Brings Speed, Precision, and Control to Insurance Operations
Artificial intelligence is transforming the insurance industry by automating processes, enhancing fraud detection, personalizing policies, and streamlining customer service.
December 4, 2024
Fraud
Risk Management
Technology
Underwriting
Insurance Sector on the Brink of Change with Generative AI Advances
AI, driven by breakthroughs in computing power and generative models, is reshaping claims processing, customer service, and operational efficiency in the insurance industry.
November 18, 2024
Insurance Industry
Technology
Underwriting
Commercial Auto Insurance Faces Steep Losses Despite Rate Hikes, AM Best Reports
Despite over a decade of rate hikes and underwriting reforms, the commercial auto insurance sector has faced escalating losses, with 2023 marking its worst year on record due to high claims costs, social inflation, and other persistent challenges.
November 14, 2024
Auto
Litigation
Risk Management
Underwriting
Insurance Industry’s AI Progress: How Insurers Measure Up and What’s Next
While insurance ranks high in AI innovation, new research reveals the industry’s untapped potential to maximize AI-driven revenue and operational efficiency. With improvements in core functions like claims and underwriting, insurers are well-positioned yet still falling short in areas that could elevate them as AI leaders.
November 5, 2024
Insurance Industry
Technology
Underwriting
Workers Compensation Report Highlights Profitable Year in 2023
NCCI’s State of the Line report reveals a profitable year for workers compensation in 2023, with underwriting gains, premium growth, and declining claim frequency contributing to industry success.
October 21, 2024
Insurance Industry
Risk Management
Underwriting
Workers' Compensation
AI’s Role in Solving the Underwriting Talent Shortage
With the insurance industry facing a major talent gap, AI and generative AI can enhance underwriting efficiency by mimicking the expertise of top professionals, leading to better policies and profitability.
October 14, 2024
Insurance Industry
Risk Management
Technology
Underwriting
Personal Lines Underwriting Sees Gains, Narrowing the Gap with Commercial Lines
Improved underwriting results for personal lines in the first half of 2024 have reduced the performance gap with commercial lines, driven by premium growth in personal auto and homeowners insurance.
October 11, 2024
Auto
Property
Risk Management
Underwriting
OpenAI’s o1 Model Enhances Reasoning: A New Era for Insurance Adjusters
The new o1 model, released by OpenAI, introduces enhanced reasoning abilities to ChatGPT. This development promises to transform decision-making processes in insurance by reducing AI hallucinations and improving complex analysis.
October 9, 2024
Insurance Industry
Life & Health
Technology
Underwriting
Fed Rate Cut to Boost Insurance Portfolios, Affect Premiums and Underwriting
The Federal Reserve’s unexpected rate cut could boost insurance portfolios, while potentially increasing premiums and altering underwriting practices across the sector.
September 18, 2024
Insurance Industry
Life & Health
Property
Underwriting
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Fraud
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Insurance Industry
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