The Evolution of Insurance
Insurance Insider
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Editor's Note
While insurance is often seen as a dry and boring industry – a reputation earned perhaps when people try to read and digest policy forms – those of us in insurance know how quickly it is evolving and innovating.
Three recent interviews demonstrate this.
Traditionally, insureds paid their premium and then didn’t speak with their carrier unless a claim happened. That relationship is shifting, says Matt Scott, head of commercial lines innovation and risk services for The Hartford. “So much more is expected… clients are looking for a relationship with their insurance carrier that goes beyond risk transfer,” Scott shares.?
In this interview, Ashleigh Cashman, President of ICAT, discusses how the property insurance market is adapting to increased natural catastrophes and shares fresh strategies for handling valuation and claims inflation challenges.
While the volume of investments in the insurtech space is diminished, Scott Whitehead of Markel Insurtech Underwriters discusses the evolving role of digital managing general agents, highlighting innovation, challenges, and future growth.
As always, thanks for watching, listening and reading!
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Business Development | Operational Leadership | Liveryman | Veteran
2 个月Richard Smith CCRA Shaun O'Leary
IT Recruiter & Talent Acquisition Specialist | HR Professional with 13+ Years of Strategic Recruitment (IT and Generalist) | Expert in Process Optimization and High-Performance Team Development
2 个月It's refreshing to see the insurance industry embracing such significant changes. The shift from transactional relationships to more engaged, value-driven interactions between insurers and their clients is a notable evolution. Matt Scott’s insights into the evolving expectations of clients and Ashleigh Cashman’s strategies for dealing with natural catastrophes highlight how dynamic and adaptive the sector is becoming. Scott Whitehead’s discussion on digital managing general agents also underscores the role of technology in driving innovation. Exciting times ahead for the industry!
Senior Insurance Specialist - Marine Cargo Claims and Internal Audit | Insurance Industry
2 个月It’s interesting to hear Hartford’s take on the evolution of relationships between insurers and their insureds. When I started my career back in 1990 in the Lloyd’s insurance market, serving North American wholesale and retail brokers looking to access the expertise and flexibility of bespoke Lloyd’s marine cargo coverage, I was told that many people in the industry were somewhat introverted and uncomfortable with client interactions. Whilst that was sometimes true, it was not my personal experience. From day one I was given a list of accounts and was picking up the ‘phone to speak directly with clients to better understand how to solve their problems and settle their claims. Before AI, or personal computers, speaking directly with clients and underwriters was the only way to satisfactorily resolve complex or high value claims. Direct, human to human, communication was always the most effective way to solve problems and innovate for future risks. Technology has its place of course, but I hope we are seeing the industry re-learning forgotten skills.
#educacaofinanceira #fe #co-cidadania #empreendedor
2 个月Bom dia desejo sucesso e excelente 5a feira.