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
Today’s Leading P&C Claims InsurTechs: 20 Making a Difference
Anyone who says InsurTech is an up-and-coming space hasn’t been paying close enough attention. The InsurTech movement, which began around 2010, is long past its infancy and is both maturing and evolving. This is especially true in the P&C claims space, where companies are gaining traction and having a significant...
Tags: Claims, InsurTech
Adapting to Change: The Next Era of Underwriting in Mid/Large Commercial Lines
What word would you pick to describe the future of underwriting? If ‘adaptable’ came to mind, you would be joining the majority of insurer executives in the mid/large commercial lines segment who thought the same in a recent SMA survey.
Tags: Underwriting, Commercail Lines
Personal Lines Distribution: From Agents First to Agents Last?
Let me begin by saying I am a big fan of agents, and I believe they will play a vital role in personal lines distribution for a long time to come. Clearly, direct distribution models in personal lines, and the prominent companies that feature them, have gained traction and market...
Tags: Distribution
Insurance Vendors Are Upping Their Game as The Competition for Talent Heats Up
Talent has been a front and center topic in boardrooms across the U.S. amid the pandemic, widespread resignations, a labor shortage, and other trends challenging the recruitment and retention of employees. Yet, through the adversity, companies across the insurance ecosystem have adapted remarkably well, including the vendors that serve the industry.
