Critical Information for P/C Carrier Executives
| Today's Headlines | January 16, 2020 |
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What does the year have in store for property/casualty insurers? There have been a lot of predictions published since late last year, with most forecasters commenting on insurance market conditions, and a few offering updates on economic growth and technology trends as well. Rate hikes are expected to continue for the next year or two... read more | | |
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"Be optimistic and be indefatigable." Charles Chamness, president and CEO of the National Association of Mutual Insurance Companies, carefully pronounces each syllable of the last word as he recalls the way in which one of his former bosses, Jack Kemp, delivered the advice. Chamness served as deputy assistant secretary for public affairs for the former... read more | | |
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After Bill Pieroni, the CEO of ACORD, delivered a presentation about ACORD's latest study, "Intelligent Growth: Intent, Decisions, Outcomes," he sat down with Wells Media's Andrew Simpson to talk about winning carrier strategies. Pieroni, who discussed carrier growth and profit variances in the first part of this two-part interview, basing his comments on findings from... read more | | |
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For more than 50 years, insurers have used technology to automate the systematic procedures and processes of the business. The focus has been on streamlining operations and managing large volumes of transactions—with goals of cutting processing costs and improving turnaround times and customer service. Many improvements in automation are still needed; both cost control and... read more | | |
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Using just a single source of a small business' financial performance leaves critical information gaps for insurers, according to LexisNexis Director Sharon Maloney, who notes that these gaps can cause carriers to quote high premiums for low-risk customers and low premiums for high-risk customers. She writes that instead of suffering the long-term portfolio consequences of each scenario, carriers can dramatically improve their risk assessment efforts by incorporating a multisourced strategy. read more | | |
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Renowned machine learning researcher and New York Times bestselling author Kai-fu Lee has described the era we are living in as "the age of implementation," a time period during which artificial intelligence (AI) is moving out of the lab and into practical applications. As it does, it is raising questions and concerns about what the... read more | | |
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Artificial intelligence (AI) seemingly has been discussed everywhere over the last few years, and now it's made its way into the commercial insurance industry. Organizations are using AI and machine learning for everything from streamlining operations to offering more personalized care and better customer service. In reality, it's hard to accurately weigh the perceived benefits of a highly customized internal platform against the time and cost requirements of purchasing a tested third-party solution. read more | | |
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The underwriting behind most commercial insurance is a marvel of steadfast, gradual iteration. It stretches back to the 14th century, after all. In my experience running a commercial insurance brokerage for over 30 years, I encountered both the positive and the negative outcomes of an approach that is so unwavering: Reliability is what policyholders and... read more | | |
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