AI and the Insurance Industry: Concerns and Best Practices
It’s easy to get caught up in the hype and promise of new technologies. But as insurance professionals, we must remember that AI is one tool of many at our disposal. We need to combine our understanding of its benefits with a healthy respect for the potential for damage if it is misused.
What Economic Trends Are Impacting Surplus Lines?
Macroeconomic conditions are challenging for insurance companies in general, but they offer some opportunities for surplus lines companies. With inflation at a 40-year high, insurance rates are likely to remain high, driving more risks to the surplus lines market.
The cost of non-compliance for insurance companies
Most insurance professionals understand that failing to meet their compliance obligations can result in censure by regulation authorities. Often, however, they underestimate the real harm such penalties can do
M&A Keeps the Non-admitted Market Growing
Mergers and acquisitions have reached record heights for brokers in recent years. At the same time, rate increases and tightening in the admitted insurance market are causing more business to flow into excess and surplus (E&S) lines.
Personal Lines Insurers’ Post-Pandemic Transformational Tech Plans
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The COVID-19 pandemic was a catalyst for technological change across the insurance industry, especially within personal lines. Although it may not be accurate to classify our current era as post-pandemic, insurers have adjusted their plans to match the needs of society today.
Resident State Change: Compliance Tips
One of the great things about a career in our industry is the ability to pursue it anywhere, especially these days with more companies adopting remote-working strategies. Simply notify state regulators of a new home or business address within the mandated time frame. If a move takes a licensee across state lines, however, the process becomes more complicated.
A Roadmap to Growth for Workers’ Comp Carrier
To achieve long-term growth, a carrier sought to expand into new lines of business and diversify geographically with new products & channels. Throughout this journey, the client needed to maintain a strong balance sheet while delivering a superior customer experience.
The Metaverse: Closer Than You Think or Further Than You Can Imagine?
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There are arguments both for and against the near-term emergence and impact of the Metaverse. It is fun to think about how it may dramatically alter human existence in the future, but first, it is important to define what is even meant by the term—and there is no universal agreement on the concept.
Distribution Tech: Where Personal Lines Insurers Are Investing
Understanding the needs of stakeholders and allocating investments accordingly to enhance digital capabilities not only improves the customer experience of agents and policyholders but also delivers greater efficiencies internally.
ReSource Pro provides strategic guidance to startup MGU
An MGU gained the market expertise and research insights to develop its strategic vison, goals, and priorities, a technology roadmap, and a target operating model.
