Viewing entries written by Mark Breading
How My View of ChatGPT Changed in 90 Days… And What It Means For Insurance
When I was asked in late 2022 and early 2023 about the implications of generative AI for insurance, my reply was always two-fold. First, I advised that it is absolutely a technology space to monitor closely, given the rapid advancement, broad application, and unlimited potential.
Commercial Lines Distribution: Agencies and Carriers Diverge on Digital Investment Priorities
It’s not uncommon for agents/brokers and carriers to express frustration with one another. For many risks, especially those more complex, agents are prone to gripe about carriers’ submission process, which is often laborious and requires a lot of back and forth with the underwriter.
Tags: Distribution
Commercial Insurers are Approaching Strategic Initiatives Differently
If you were to ask us to describe the transformational activity of commercial lines insurers in the past few years, acceleration would be the first word to come to mind. But in 2023, another word may be more accurate—adapting.
The Metaverse: Closer Than You Think or Further Than You Can Imagine?
The Metaverse was one of the major themes at CES2023, as evidenced by a wide range of sessions and tech solutions. The keynote from the Consumer Technology Association identified Metaverse as one of the top themes with the tagline of “Closer Than You Think.” I believe there are arguments both...
Distribution Technology: Where Personal Lines Insurers Are Investing Today
We say it often here at ReSource Pro Consulting: The personal lines segment frequently leads the insurance industry with deploying new innovations, particularly within distribution. Over the next five years, insurers focused on personal lines will likely continue to spearhead the distribution revolution through new technologies and channel strategies.
Tags: Distribution
The Evolution of Mobility and Transportation: What it Means for Insurers
In part one of this blog series, we discussed major trends spotted at CES, including mobility, electrification, sustainability, and digital experience. But how will these emerging trends impact P&C insurers now and in the future? I categorize the implications into the good, the bad, and the ugly below.
The Evolution of Mobility and Transportation: New Trends Spotted at CES 2023
CES has become one of the biggest auto shows in the world—but rather than focusing on new models and styling, the orientation is toward the most advanced technology capabilities and the user experience. Among the many sessions and exhibits featured this year, I spotted four interrelated themes.
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 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