Digital Insurance

The U.S. Department of the Treasury Federal Insurance Office (FIO) report on home insurance pricing and climate risks doesn’t share enough National Association of Insurance Commissioners (NAIC) data for independent analysis, according to Doug Heller, director of insurance at the Consumer Federation of America. “Neither FIO nor the NAIC have the bandwidth or breadth of perspective to do all the useful analyses that even this limited data call makes possible,” Heller stated. https://bit.ly/3QJlEIN #insurance #climatechange

Property & casualty insurance rate increases correlate more to insurance market cycles than to large legal judgments for unpaid claims, states Joanne Doroshow, executive director, Center For Justice & Democracy (CJD) at New York Law School. A recent survey by the American Property Casualty Insurance Association (APCIA) found that the public believes plaintiff attorneys’ legal tactics will increase insurance costs. Todd Greenbaum, president and CEO of Input 1, a billing and payments company, says tort reform could lower home insurance rates. https://bit.ly/4h5nJti #legalsystemabuse #UnpaidInsuranceClaims #insurance #PropertyAndCasualty

Manulife announces complete adoption of Gen AI. "By equipping our teams with Gen AI tools, we're enabling them to work smarter, move faster, and make a bigger impact," stated Jodie Wallis, global chief analytics officer, Manulife, in a press release. https://bit.ly/3QO1u06 #insurtech #GenAI #lifeinsurance

Chaz Perera, co-founder and CEO, Roots Automation, has 8 core principles for ethical AI in insurance. “AI solutions must remain ethical, secure, and compliant with industry standards, exceeding regulatory requirements to maintain trust,” he writes. “Embracing ethical AI practices goes beyond meeting legal obligations—it means fostering a culture of responsibility and accountability.” https://bit.ly/3Foazdq #AI #insurtech #insurance

How might heightened geopolitical tensions put stress on insurers? John Bowers, actuarial product director, RNA Analytics Limited, writes about the results of the European Insurance and Occupational Pensions Authority (EIOPA) stress test. “The results indicate that the European insurance industry has sufficient capital to absorb the extreme but plausible scenarios in the stress test,” he writes. https://bit.ly/3QN3Ufs #insurance

Meet Cytora, an risk management insurtech serving insurers and reinsurers. “Cytora enables brokers, insurers and reinsurers to optimize risk workflows by digitizing risk intake and automating workflows, enabling risks to be evaluated against risk appetite, portfolio strategy and other configurable rules,” said Richard Hartley, CEO and co-founder of Cytora. https://bit.ly/4hcD63d #insurtech #insurance #riskmanagement

Agents and brokers are the intermediaries between insurers and their customers. Before, during and after a claim, they help policyholders understand their risks and how to mitigate them, walk them through the aftermath and more.

Tokio Marine HCC president Mike Schell announces retirement. Barry Cook, CEO of the insurer’s international business, has been named deputy CEO. https://bit.ly/4bt3PqW

88% of companies in the insurance industry plan to maintain or increase temporary staff levels in the next 12 months, according to a study by The Jacobson Group and Aon. "Despite a slight spike in the industry's unemployment rate, turnover has slowed since last January and carriers continue to anticipate moderate growth as they move through the next 12 months,” stated Jeff Blair, senior vice president of executive search and business development at The Jacobson Group, in a press release. https://bit.ly/43jnDuO #insurance #HR