An innovation strategy around big data and artificial intelligence will uncover insights that allow smart carriers to acquire the most profitable clients and avoid the worst. Companies that develop the best portfolios of risks will ultimately enjoy a flight to quality while those left behind will compete for the scraps of insurability.
The American Property Casualty Insurance Association (APCIA) has filed a lawsuit against the regulator in Washington state over the ban against using credit scores for insurance premium calculation.
For the past few decades, mobility innovation has trended in one direction: empowering the individual consumer. Google Maps and GPS have made navigation simple and paper maps obsolete, while rideshare apps offer options that traditional taxi services could not.
As the world continues to invest in growing technology and the internet of things (IoT) evolves to offer more in the way of risk solutions, it’s no wonder that businesses and their risk teams are looking to utilize the capabilities offered.
Straight-through processing (STP) is becoming more common in insurance underwriting and claims, especially in personal lines, individual life and small commercial.
A pandemic, civil unrest, and weather-related catastrophes impacted the U.S. property/casualty (P/C) insurance industry in 2020, but not to the extent that was originally feared.
A recent study by the Geneva Association on the topic of ‘social inflation’ addresses the challenges of defining and quantifying the phenomenon. More important, it takes on the question of what insurers and reinsurers can actually do about it.
This could be the year telematics driving data actually provides meaningful information — and change — to insurers and drivers alike, allowing risk to be underwritten more accurately, experts predict. To pull that off, smartphones will be a critical tool despite their drawbacks.
The Travelers Companies, Inc. has today reported record net income of $1.3 billion for the fourth-quarter of 2020, driven by an improved underwriting gain, higher favourable reserve development and investment income, and a reduction in catastrophe losses.
