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E.g., 2022-11-27
E.g., 2022-11-27
October 31, 2022
Workers’ compensation insurers are delivering innovative solutions despite the highly regulated nature of the business line. They are investing in capabilities to improve the ease of doing business for insureds, agents, and brokers as well as to mitigate loss costs. Core systems transformation; agent and customer access; and the expansion of AI, data, machine learning, and predictive analytics...
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September 27, 2022
The frequency of customer interactions in personal lines has made these insurers fast adopters of technology, both to drive customer experience and to improve their own efficiency and profitability. While they are ahead of other sectors from a technology perspective, personal lines insurers face increasing loss costs for a variety of reasons, including climate change, increased claims frequency...
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September 8, 2022
Defined contribution (DC) retirement plans are a scale business. Some carriers have decided not to continue in administration or record-keeping due to the investment required to be a competitive player. Plan providers must satisfy three constituencies: the brokers and consultants who help firms select DC plans and specify features, plan sponsors, and plan participants. The challenge for plan...
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July 25, 2022
Commercial insurance is characterized by complex coverages, heterogeneous exposures and risks, and individually negotiated and priced contracts. Distribution is often through independent agents and brokers; there is an involved sales process of negotiation between policyholder, agent, and insurer. Commercial lines insurers continue to raise rates, seek growth through expanded jurisdictions and...
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July 18, 2022
Carriers’ ability to rapidly roll out new products, product changes, and pricing in response to market conditions is vital for growing revenue and market share. Economic uncertainty, compounded by a volatile and turbulent investing environment, will stress consumers and product manufacturers. Insurers are waking up to the importance of customer experience from the perspective of policyholders...
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June 21, 2022
Loss and loss adjustment expenses are the largest cost component for property/casualty carriers. As such, anything carriers can do to reduce these costs has a significant impact on profitability. Insurers may choose to subrogate claims, that is, seek recovery of expenses for claims in which their policyholders were not at fault. This may be accomplished by recouping medical costs and/or the...
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May 12, 2022
Specialty insurers have traditionally made less use of automation than insurers in other sectors. They are now differentiating themselves in a competitive marketplace through investments in distribution (especially new business submission), product development, underwriting, and claims. Specialty lines renewal rates are mixed. Renewal rates are either flat or a mix of increases and...
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April 15, 2022
Individual life insurance carriers’ ability to roll out new products, pricing, and product changes rapidly in response to market conditions and regulatory changes is vital to grow revenue. Carriers are waking up to the importance of customer experience from the perspective of both the policyholder and the producer, with continuing straight-through processing efforts and growing acceptance of...
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March 24, 2022
The voluntary benefits market has become more attractive as responsibility has shifted from employer to employee for many non-medical, health-related insurance products. As plan sponsors want to drive out costs, insurance carriers must execute the basics—benefit and policy administration, enrollment, case installation, marketing, and product design—while driving greater efficiency. Scale...
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February 23, 2022
The reinsurance business faces multiple challenges. Years of soft market conditions followed by sudden, sharp hardening periods; tremendous losses from man-made and natural catastrophes; and open-ended liabilities (e.g., asbestos, terrorism) are putting intense pressure on reinsurers. These difficult conditions challenge reinsurers to adapt and come up with creative solutions. Reinsurers...
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