Digital Insurance

The California homeowners insurance market is under intense strain following devastating wildfires, with damages estimated to exceed $75 billion. The state is imposing a $1 billion assessment on the California FAIR Plan to cope with increased claims, further complicating recovery efforts. Additionally, new state regulations are challenging private insurers, as policyholders potentially shoulder future wildfire-related costs. Learn more about the volatility below. #insurance #wildfire

Players Health, Clearcover, Beam and Federato are among the top U.S. insurtech equity deals of 2024. Check out the rankings for more about the top deals. https://bit.ly/4keAyUM #insurtech

Will climate disasters in N.C. and California forever change the framework of state-based insurance regulation? Peter Dugas, executive director, Capco, and Karl Canty, vice president, life insurance, annuities and group benefits analytics, EXL, lay out what the U.S. Congress may do. “The debate centers on whether property & casualty insurance companies will be able to continue to underwrite certain risks within states that either plan to, or already limit, an insurance company's ability to charge premiums that adequately cover escalating rebuild costs,” they write. https://bit.ly/4kiVuKv #climatechange #insurance #PropertyAndCasualty

Insurers are using AI for claims workflows and data verification, not judgments or denials, according to Chris Raimondo, insurance consulting leader at EY. “AI is not utilized for judgment on claims, whether that's settlement amounts, approvals or denials,” he said. “From our experience in the market, we're not really seeing a lot of interest in or utilization of AI for claim judgments.” https://bit.ly/4bkmO6P #insurtech #insurance #AI

Farmers Insurance hires Erik Toohey to lead agency owner operations, Prudential Financial names Vicki Walia, Ph.D. as chief people officer, and more career moves from Travelers Europe, Grange Insurance, Allianz Commercial, CAC Specialty, Tokio Marine HCC, Chubb, AIG and AmTrust Title . https://bit.ly/3QSrc3P #peoplemoves #insurance #insurtech

Vertafore survey of its independent insurance agent network finds 69% rank digital rating and submission in personal lines as a must-have capability. "This report highlights how carriers and agents rely on technology to make agents' work easier while bringing the human element into the process to strengthen relationships across the distribution channel,” stated Kelly Maheu, JD, vice president of partnerships and industry relations at Vertafore, in a press release. https://bit.ly/3ESX8Cl #insurance #insurtech

Casualty insurance brokers should watch risks carefully as exposures increase, according to Bill Chepulis, head of large casualty, US accounts at Zurich North America. "Make sure the product fits the exposure," he advised. "Know the frequency of and primary types of losses, as well as the excess losses and find the right product that fits. Know your risks and exposures." https://bit.ly/41gpNJ8 #PropertyAndCasualty #insurance

IoT devices are helping insurers customize policies, writes Rob Bhatt, licensed insurance agent and staff writer, LendingTree. “The providers who succeed in the coming years will be those that can utilize these technologies to improve their business models, expand their offerings and increase customer satisfaction,” he writes. https://bit.ly/3D0JfkR #IoT #insurtech

42% of insurance consumers are concerned about AI effects on coverage and premiums, according to an Insurity survey of 1,000 policyholders. "Insurers have a unique opportunity to bridge the trust gap around AI by providing clear, tangible examples of how AI improves severe weather predictions and supports policyholders," said Sylvester Mathis, III, chief insurance officer and chief revenue officer at Insurity. https://bit.ly/3EX5icB #AI #insurtech #insurance

Agentic AI workflows are gaining on software as a service (SaaS) in the insurance industry, writes Attila Toth, founder and CEO of ZestyAI. “Unlike traditional SaaS systems, agentic workflows use AI agents to analyze data, make decisions, and execute tasks autonomously in real time,” he writes. “This change could enable insurers to move away from rigid processes and adopt more flexible, intelligent operations.” https://bit.ly/4b76UMY #insurtech #AI #AgenticAI #SaaS