CES 2023: Major Themes in Technology
The CES event in Las Vegas always provides a good window into technological advancements and innovation. The over 3,200 exhibitors and hundreds of sessions once again provided all-encompassing views of the current state of tech and the future possibilities.
Business Drivers Shift for Small Commercial Distribution Tech Investments
Small commercial insurers are in a unique position in the insurance industry. While the personal lines segment often pioneers the latest innovations first in the industry, small commercial carriers are frequently at the forefront of change in the commercial market before technologies reach mid/large commercial risks.
Tags: Distribution
Are Transformational Tech Plans Still Important in Commercial Lines Amid Economic Turbulence?
Commercial lines insurers have endured their fair share of ups and downs since COVID-19 was declared a global pandemic over two years ago. And through the course of 2022, geopolitical conflicts and inflation have rocked economies, leading to further uncertainty about the stability of markets worldwide.
Are Insurers Satisfied with Their Digital Offerings for Mid/Large Commercial Distribution?
In recent years, the mid/large commercial lines segment has worked extensively to evolve the distribution ecosystem through new partnerships and expansion strategies. Additionally, carriers in the segment have been deploying new technologies for distribution to not only enhance internal operations and processes but to further support the success of distributors,...
Tags: Distribution
Personal Lines Channel Strategies Break From the Status Quo
Personal lines insurance rarely sticks with the status quo for long – think of the wealth of changes that have occurred in the past two years. Societal forces, such as the pandemic and inflation, paired with ongoing changes across the industry, are pressing insurers to reevaluate their business priorities, strategies,...
Tags: Distribution
Personal Lines Underwriting is Entering a New Age of Data
It would not be an understatement to say that the insurance industry is built on data. For decades, insurers have harnessed data and analytics to drive risk analysis decisions, and perhaps no other segment has done that better than personal lines.
Tags: Underwriting
Commercial Lines Insurers Cannot Afford to Stand Idle in Today’s Channel Environment
Aggressive channel expansion plans are nothing new to commercial lines insurers. In fact, many insurers have built relationships, technology capabilities, and brand recognition for years to form the foundation for their channel strategies today. But 2022 is presenting new challenges that are forcing insurers to shift their channel focus –...
Tags: Distribution
Automation Accelerates in Small Commercial Lines Underwriting
Over the past few years, insurers reexamined their strategies amid new demands and increasingly digital customer interactions, with underwriting departments, in particular, experiencing waves of changes. Now, new research shows the results of insurers’ efforts in transforming their underwriting businesses, and the small commercial segment is entering a new phase...
Tags: Underwriting
The Evolution of MGAs: Strong Relationships Are No Longer Enough
Today's Managing General Agencies (MGAs) and Managing General Underwriters (MGUs) look vastly different than they did ten years ago. The InsurTech boom brought new tech capabilities to the space, including digital and analytics platforms, that have evolved the services MGAs/MGUs are able to offer.
How Satisfied are Agencies with Insurers’ Digital Capabilities in Personal Lines?
Perhaps no other business segment in insurance has seen the ripple effects of distribution changes like personal lines. Agencies and insurers focused on the segment are often the pioneers of innovative, new approaches in distribution. In recent years, agencies have progressed leaps and bounds in automating business with carriers that...
Tags: Distribution