Issue #79 | 20th December 2024
Welcome to The Lowdown, your weekly dose of thought-provoking insights, curated by Genasys. Every Friday, we bring you expert predictions, Top 10 lists, and the latest innovations shaping the future of insurance. No news, just powerful ideas to fuel your next breakthrough.
This week in The Lowdown, we look the broken trust in the insurance industry, the evolution of disaster insurance and how MGAs are embracing technology to lead insurance industry innovation.
Broken Trust: Can the Insurance Industry Rebuild Its Reputation?
The Insurance Industry faces a pivotal moment as public trust in institutions hits record lows, exacerbated by high-profile controversies and systemic challenges. This comprehensive piece delves into the erosion of trust stemming from denied claims, rising premiums, and opaque practices, while highlighting growing skepticism around AI's role in fairness and transparency. The article urges insurers to address the widening protection gap, improve communication, and focus on proactive resilience measures. By taking bold, unified action, the industry has a chance to rebuild trust and secure its future.
How Disaster Insurance Evolved in 2024: Challenges and Breakthroughs
Forbes explores how 2024 reshaped disaster insurance through a mix of mounting challenges and innovative solutions. With climate change amplifying risks and driving record-breaking losses, insurers have turned to cutting-edge technologies like AI, IoT, and blockchain to predict, manage, and mitigate disasters. The piece also highlights emerging insurance models, such as parametric policies, designed for faster payouts and more efficient claims processes. While the evolution is promising, significant barriers like affordability and the growing protection gap remain.
MGAs Embrace Technology to Lead Insurance Industry Innovation
Insurance News Net highlights how MGAs (Managing General Agents) are leveraging technology to drive innovation and efficiency. By adopting AI, machine learning, and advanced tools like underwriting workbenches and agent portals, MGAs streamline operations, enhance customer experiences, and maintain agility. With tech-enabled flexibility, they can launch new programs in as little as six months, adapt to market shifts, and build stronger partnerships with carriers. This positions MGAs as key players in reshaping insurance distribution and unlocking niche markets.
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