3 life insurance underwriting predictions for the year ahead | Insurance Blog
Life insurance stands on the cusp of a new chapter in reinvention. Until now, insurers have been gradually moving forward with wide-scale digital transformation. But with the impacts of AI, including generative AI, change is coming fast. We’re in a vibrant new year, and life insurers are starting to accelerate and implement their reinvention strategies. […]
Insurance News: International Women’s Day Special Edition | Insurance Blog
In celebration of International Women’s Day, we are delighted to be part of a panel of extraordinary women leaders for this special edition of Insurance News Analysis. We discuss the strides being made toward gender equality and the work that remains. So, what is being done to recruit, retain and promote women in the insurance […]
3 ways insurance underwriters can gain insights from generative AI | Insurance Blog
Generative AI (GenAI) has the potential to transform the insurance industry by providing underwriters with valuable insights in the areas of 1) risk controls, 2) building & location details and 3) insured operations. This technology can help underwriters identify more value in the submission process and make better quality, more profitable underwriting decisions. Increased rating […]
A new day for risk in insurance | Insurance Blog
Risk used to be relatively simple. If a local bakery wanted insurance, you would worry about the structure, the location, how it operated and could have a pretty good view of its risk profile. Today that same business is far more complicated and interconnected: Third party Point of Sale systems are used to process transactions […]
Driving claims insights for insurance carriers | Insurance Blog
Strategic claims segmentation diverges from the traditional ways of managing claims, promoting a more detailed, data-driven approach. Traditional segmentation only considers the monetary value and data points such as the cause of loss and the exposure. Strategic segmentation considers the individual merits of each claim, ensuring more accurate and efficient adjudication, a major priority in […]
Insurance News: London Calling | Insurance Blog
The UK is the historical birthplace of the modern insurance industry and where the London Market emerged as a hub for global risk. How are industry dynamics and new domestic challenges in claims and pricing shifting the landscape? It’s London Calling. We mark the 4th anniversary of Insurance News Analysis with this special edition recorded […]
4 strategic ways to achieve a 12 – 15% expense ratio | Insurance Blog
Navigating the competitive P&C personal lines market The global P&C personal lines market, which historically saw premium growth at 3%, has risen sharply to more than 15% in the last two years. Despite this premium growth, the expense ratio for most insurers remains in the high-cost range of 20 – 30%. The need for operational […]
5 areas of algorithmic underwriting advantage | Insurance Blog
Use of algorithmic underwriting is increasing across the insurance industry. With enhanced decision-making and improved risk assessments, an algorithmic approach to underwriting can optimize operations for insurers and experience for their customers. In this post we delve into the evolution and advantages of algorithmic underwriting and share our insights on building and scaling an algorithmic […]
Your Underwriter Says You Need a CPA-Prepared Statement. What Now? Part I
This post is part of a series sponsored by Old Republic Surety. Many commercial contractors have experienced the stress caused by the surety requiring them to obtain a financial statement prepared by a certified public accountant (CPA). Often this is triggered by a large project opportunity. Faced with the possibility of losing a project, it […]
Beyond premiums: What really drives customer loyalty? | Insurance Blog
Personal lines insurance is very price-sensitive. As discussed previously, maintaining a 20+% expense ratio is not feasible for insurers. Beyond pricing, what truly fosters customer loyalty, and how can insurers compete to increase their market share? In this blog, I explore strategies for enhancing customer loyalty and retention, provide forecasts on the evolving risk landscape […]