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
Insurance Professionals Face Challenges in Adopting AI and Modern Pricing Technology
Insurance professionals are grappling with AI integration and outdated pricing technology, as revealed by hyperexponential’s "State of Pricing 2024" report, highlighting concerns about skills gaps and future roles.
September 17, 2024
Insurance Industry
Risk Management
Technology
Underwriting
Insurers Address Ethical Concerns with AI to Shape the Future of Claims and Risk Management
As AI transforms the property and casualty insurance industry, insurers are uniquely positioned to guide ethical standards, balancing innovation and risk management while collaborating with regulators.
September 17, 2024
Insurance Industry
Risk Management
Technology
Underwriting
How Underwriters Can Overcome Automation Anxiety and Thrive
Automation is essential for underwriters to meet growing industry demands for advanced risk assessment, enabling faster, more accurate decisions through data-centric processes and AI.
September 13, 2024
Insurance Industry
Risk Management
Technology
Underwriting
Top Innovators in AI-Powered Insurance Fraud Detection
AI is transforming insurance fraud detection, with leading companies like State Farm, Ping An, and IBM developing cutting-edge algorithms to identify fraudulent claims and protect insurers.
September 3, 2024
Fraud
Insurance Industry
Technology
Underwriting
Rising Vessel Complexity and Size Escalate Risks in Global Marine Insurance Market
As vessels grow in size and complexity, the global marine insurance market faces heightened risks, leading to increased volatility and the need for long-term strategies to manage major losses.
August 26, 2024
Insurance Industry
Marine
Risk Management
Underwriting
Insurance Industry Braces for Major Hiring Boom in 2024
The insurance industry is gearing up for significant employment growth in 2024, with over half of companies planning to expand their workforce despite ongoing recruitment challenges.
August 19, 2024
Insurance Industry
Property
Technology
Underwriting
