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E.g., 2024-07-19
E.g., 2024-07-19
May 30, 2023
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...
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May 4, 2023
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. But the definition of MGA is slippery. Though it has an official/regulatory...
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April 4, 2023
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...
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February 22, 2023
Aite-Novarica Group’s Three Levers of Value framework proposes three ways insurers can create value. First, insurers can sell more. They can do so by expanding the market, serving new segments, and generating or targeting demand for products. They can also introduce new products, improve speed to market, improve brand favorability, offer better services, and engineer positive customer experiences...
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January 10, 2023
The reinsurance business continues to face 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 still putting intense pressure on reinsurers. A newer development is capital constraints, with investors reluctant to invest in insurance-...
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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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