Blogs by Steven Kaye

May 30, 2023

Specialty Lines: Moderating Rate Increases, but Continuing Economic, Political, and Regulatory Uncertainty

Specialty insurers have traditionally made less use of automation than insurers in other sectors. But that’s beginning to change. These carriers are now differentiating themselves in a competitive marketplace.

This is happening through investments in distribution (especially new business submission), product development, underwriting, and claims. In addition, ChatGPT and other large language models (LLMs) have spurred conversations about broader AI strategies.

Here are six of the top developments happening in the specialty lines market:

May 4, 2023

MGAs: A Growing Distribution Channel With a Slippery Definition

Managing general agencies (MGAs) are in the news, either in their own right or as targets for acquisition. MGAs have historically been a profitable and high-growth distribution channel, especially for commercial and specialty lines. Vendors are increasingly targeting MGAs in addition to their core carrier bases.

April 4, 2023

Individual Life Insurers Must Pursue Holistic Agent and Customer Experiences: Digitalization Is Not Enough

Individual life insurance carriers are more open to greenfield policy administration system (PAS) deployment for new lines of business or new products, rather than launching on existing platforms. Carriers are waking up to the importance of customer experience from the perspective of both the policyholder and the producer. Automation and digitalization of processes are still necessary, but so are data access and quality, along with easy integration with sales and service ecosystems.

February 22, 2023

Grabbing the Low-Hanging Fruit for Greater Revenue at Lower Expense

Grabbing the Low-Hanging Fruit for Greater Revenue at Lower Expense Aite-Novarica Group’s Three Levers of Value framework proposes three ways insurers can create value. First, insurers can sell more.

Blogs by Steven Kaye

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