ITC 2023: Revealing a Time of Uncertainty for P&C

At InsureTech Connect 2023 in Las Vegas, generative AI dominates discussions. Amidst this, four contrasting observations portray the insurance industry’s uncertain future. The balance teeters between positive and negative outcomes, leaving the direction uncertain. Success hinges on adaptability, responsible innovation, and strategic vision.

AI + Data is a Force Multiplier for P&C Commercial Lines

For P&C commercial lines carriers, data-driven decision-making and predictive models have been sought as a competitive edge. Yet, the challenge lies in collecting and maintaining structured data for model training, leading to manual processes and difficulty in staying up-to-date.

How Technology Is Shaping the Future of Insurance

In a recent interview with Modern Insurance Magazine, ReSource Pro’s Meredith Barnes-Cook, Consulting Partner, discussed about the impact of technology on the insurance landscape and the evolving expectations of insurance customers. Here’s a recap of her key insights.

S-Election and Business Entity Taxes

In the insurance sector, many businesses opt for C corporations or LLCs. These entities can leverage the Internal Revenue Code’s provision, known as an S-election, to pass income, losses, deductions, and tax credits to individual owners, avoiding double taxation of business income.

Capacity Management is Carriers’ Secret Weapon

Many leaders and carriers rely on qualitative assessments instead of data-driven analysis to gauge productivity and plan their workforce. The alternative is implementing capacity management to accurately assess workload capacity and make informed decisions.