Send’s Post

If you haven’t already taken advantage of the Underwriting Innovation USA 2024 launch discount, don’t delay—this offer expires this Friday, July 19th at midnight. Secure your delegate ticket now and save $800! Join us on November 19-20 at the DoubleTree by Hilton on Chicago’s Magnificent Mile to hear from industry leaders tackling the biggest challenges in underwriting. Learn about moving beyond risk transfer towards risk prevention, closing the protection gap for cyber and digital assets, and much more. Presentations you can’t afford to miss: • The impact of insurance on fostering economic growth – Carrie Brodzinkski, The Hartford • Preparing for and reducing risk from catastrophic events – Guenter Kryszon, CPCU, Markel • Why Underwriting Modernization is Essential for Company Success – Kevin Klestinski CPCU, CIC, SECURA Insurance • Quantifying exposure to climate risk with better modeling and data – Mia Finsness, Markel • The evolution of cyber insurance underwriting – Anthony Dagostino, AXA XL • Focusing on risk prevention – Anthony Shapella, SiriusPoint • Product innovation for emerging risks – Jesse Paulson, Ascot Group • Maintaining Cyber Underwriting Performance – Jacob Ingerslev, Tokio Marine HCC Exciting panel discussions: • Mitigating workforce impact and promoting expansion through AI and Machine Learning – Xu Cheng, Ascot Group; Justin Gress, Vantage Risk Companies • The impact of market volatility on CX and broker/underwriter relationships – Brian Sabia, ARe, ASLI, RPLU, The Toa Reinsurance Company of America; Amanda Lyons, Aon; Steve Hanke, Howden Re Join us at Underwriting Innovation USA 2024 and connect with insurers and brokers to strengthen relationships for the year ahead. Lock in your early bird rate and save $800 now: https://bit.ly/4bMaLOm #UnderwritingUSA #Insurance #Innovation #RiskManagement #CyberInsurance #AI #Networking #ChicagoEvents

Much has been made of the potential downside of the increasing digitization of the insurance industry, but here's some wafting optimism from WTW's Taffy Jo Mayers posted on Insurance Thought Leadership: Everybody wins! "When this industry transformation comes to full fruition, we’ll see a level of collaboration — and efficiency and transparency — that we’ve never seen before," she wrote, in a shared byline piece with Patrick Anderson-Higgins. In this "golden era," we are shifting toward a more unified industry, they said, where digital synchronicity is expected and everyone partakes. Advantages of this level of collaboration include: collective product development, enhanced customer experience, unified advocacy and fraud prevention, combined R&D resources and shared data-driven decision making to name just a few. "Co-creation, collaboration and community will serve the industry in ways 'go-it-alone' competition never could," Mayers and Anderson-Higgins explained. "Pooling strengths to navigate challenges and serve customers is how this industry will create and seize the opportunities of the future." Read their full take: https://lnkd.in/gB8zyfy8 #insurance #technology #innovation #data #opportunities #collaboration #risk

Two amazing days at the Insurance Innovators 2024 Summit have concluded, filled with deep insights and numerous highlights. My personal top two takeaways: 1️⃣ Future of Insurance Industry Alison Martin shared a compelling vision on how the industry will evolve, particularly in light of climate change-driven risks that impact us all. The three key elements were: ◆ #Resilience: We need to help our customers building resilience via creating awareness, offering expertise, and jointly developing and building resilience against growing risks. ◆ #TransitionRisk : As an industry, we need to strive to reach #NetZero as soon as possible by playing our role in collaboratively finding new and alternative ways to manage the associated transition risks with our clients and innovative technology companies. ◆ #Prevention: We need to insure as many people as possible. Increased focus on risk management, risk prevention and resilience is essential for achieving this. Zurich Insurance is successfully advancing in this direction. 2️⃣ Unlocking #NextGenUnderwritting ◆Strategic Vision First: The starting point is not technology or automation, but rather a clear vision and a new perspective on today's and future risks. Strategic underwriting plays a crucial role in establishing and developing long-term, continuous partnerships with clients, focusing on risk management and building resilience. ◆Foundational Elements: The foundations for enabling client-centric and customized underwriting include leveraging data, AI augmentation, deep client understanding, and proactive risk management. Everything that is seen as "non-strategic" or "commodity in underwriting process should be targeted for maximum automation. ◆ With these changes, the underwriting skill profile is expected to evolve, placing even greater emphasis on sales, data analytics, and insights. #InsuranceInnovation #IIS24 ##IISummit24

European Insurance Market: Trends and Opportunities 🌍 The European insurance market is a powerhouse, driven by a strong regulatory environment and diverse consumer needs across countries. While facing challenges like aging populations and low interest rates, insurers are also embracing opportunities in digital transformation, insurtech, and sustainable insurance products. 🌱 With key players like Allianz, AXA, and Zurich leading the way, the market is seeing the rise of telematics, cyber risk coverage, and parametric insurance, offering innovative solutions to meet evolving customer expectations. 🚀 As we look ahead, the focus on personalization, climate risk management, and cross-border collaborations is set to shape the future of insurance in Europe, creating a dynamic space for both established firms and new entrants. #Insurance #EuropeanMarket #Insurtech #DigitalTransformation #Sustainability #Innovation

From addressing ambiguity in claims to enhancing fraud detection, Mosaic technology offers a transformative approach for insurers navigating modern challenges 💪🏽 Learn how our 360º Camera Systems tackle ambiguity in #insurance claims, grant insights before disasters strike, and elevate precision in assessment. Explore the impact of technological disruptions and regulatory changes on the insurance industry and how Mosaic's technology becomes a strategic advantage for insurers! Find out how our technology is changing risk assessment methodologies and positioning insurers as innovators in a rapidly evolving market: https://bit.ly/3WEx0Sh 🔍 This is a new frontier we're exploring with #mobilemapping technologies. Do you see the vital role of #streetview imagery in fraud detection within the insurance industry? What obstacles do insurers encounter when embracing modernization? We're eager to hear your thoughts! #GIS #Mapping #Surveying

An interesting read in The Fintech Times last month which spotlighted the transformative role of advanced data analysis in the insurance sector as businesses look at the latest innovations in insuretech to help with a myriad of challenges they face across a dynamic, and changing landscape. From enhancing risk assessment accuracy to personalising products and services, industry experts have weighed in on how data is reshaping insurance operations and strategies globally, highlighting its impact on risk assessment, fraud detection, policy management, and enhanced customer interactions, insight and servicing. David Bairstow chief product officer at EagleView a provider of aerial insights for insurance companies in the US, also emphasises the pivotal role of data and analytics in addressing key challenges in the sector such as talent retention, population density shifts in disaster-prone areas, and economic pressures. Bairstow states that by leveraging data-driven insights, insurers can proactively assess climate risks, model property portfolio exposure, and enhance customer service efficiency, particularly in the aftermath of large-scale events. #bigdata #advancedanalytics #powerbi #insurancesector #insuretech

Key Trends Shaping South Africa’s Insurance Industry The South African insurance industry is evolving rapidly. Here are the key trends to watch: Increased Technology Adoption: Insurers are using new technologies like telematics and insurtech to enhance products and customer experience. Growing Demand for Cyber Insurance: With rising cyber threats, there’s a higher demand for insurance against cyber-attacks and data breaches. Evolving Customer Expectations: Consumers want more personalized products, transparent pricing, and easy-to-use digital platforms. ESG Factors: Environmental, social, and governance considerations are becoming integral to business models, focusing on sustainability and diversity. AI and Data Analytics: Insurers are leveraging AI and data analytics to improve risk assessment, underwriting, and customer service. Rise of Insurtech: Innovative solutions are making insurance more accessible and affordable. Regulatory Changes: Adapting to evolving regulations is crucial for compliance and competitiveness. Staying informed and adapting to these trends is essential for both insurers and consumers Call us to assist you with your insurance needs #insurance#jimmypantazis#foryou#foryoupage#viral#4you

In today’s evolving #insurance landscape, meaningful #partnerships are reshaping how we address and protect against severe weather events. #Insurtechs and insurers are working together to bring smarter, more resilient solutions to customers in this challenging climate. (Source: InsuranceNewsNet) #PropertyClaims #Innovation #Insurtech #Data #Technology

Key Trends Shaping South Africa’s Insurance Industry The South African insurance industry is evolving rapidly. Here are the key trends to watch: Increased Technology Adoption: Insurers are using new technologies like telematics and insurtech to enhance products and customer experience. Growing Demand for Cyber Insurance: With rising cyber threats, there’s a higher demand for insurance against cyber-attacks and data breaches. Evolving Customer Expectations: Consumers want more personalized products, transparent pricing, and easy-to-use digital platforms. ESG Factors: Environmental, social, and governance considerations are becoming integral to business models, focusing on sustainability and diversity. AI and Data Analytics: Insurers are leveraging AI and data analytics to improve risk assessment, underwriting, and customer service. Rise of Insurtech: Innovative solutions are making insurance more accessible and affordable. Regulatory Changes: Adapting to evolving regulations is crucial for compliance and competitiveness. Staying informed and adapting to these trends is essential for both insurers and consumers Call us to assist you with your insurance needs #insurance#jimmypantazis#foryou#foryoupage#viral#4you

#InsurTech Evolution: A Collaborative Future for Insurance   In the wake of accelerated digital transformation, the #insurance landscape is rapidly evolving. Our latest InsurTech Trends white paper, co-created with the digital, innovation, and marketing expert Prashant Agarwal - explores how traditional insurers and InsurTech disruptors are navigating key challenges to drive innovation and growth.   Key insights include: 🏗️The balance between operational stability and innovation 🤝 The rise of partnerships between InsurTechs and traditional insurers 🤖 AI’s game-changing role in claims processing, underwriting, and customer experience 🌍 The growing importance of embedded insurance and cybersecurity risk management   At Pedersen & Partners, we’re proud to facilitate conversations around the future of insurance. Our Global Insurance and InsurTech Practice led by Rod Haire is committed to helping industry leaders find the right talent to drive innovation and collaboration in this digital-first world.   Find out more insights in the white paper and discover how the insurance industry can evolve through collaboration, not disruption.