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June 21, 2022

Automating Subrogation for Direct Impact on Insurers’ Bottom Line

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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Steven Kaye

May 12, 2022

Specialty Insurers Are Responding to a Rapidly Changing Market

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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Steven Kaye

April 15, 2022

Individual Life Insurers Embrace Digital, but Need to Work on Customer Experience

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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Steven Kaye

March 24, 2022

Group Life and Voluntary Benefits Insurers: Efficiency and Customer Experience

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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Steven Kaye

February 23, 2022

Reinsurers: Driven by Data

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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Steven Kaye

September 28, 2021

Regulatory Reporting Providers Help Insurers Focus on Strategy

Property/casualty insurers work with regulatory reporting service providers to ensure data is in the proper format for regulators, advisory organizations, and statistical agents. Regulators use this data to assess insurer rates and rating plans and understand emerging issues. Insurers benefit from better predictions of loss costs and loss experience in addition to the benefits of outsourcing the...

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Steven Kaye