Property & Casualty 360 Perspectives Podcast

While the digital transformation has opened up new possibilities for insurance companies, it's also opened up companies to new and more sophisticated security threats designed to take advantage of vulnerabilities and exploit unknown weaknesses. And they're everchanging.  In the first episode of the "Top Tech Trends From Insurance Leaders" podcast series sponsored by OneShield Software, we'll join...

As cyberthreats get more sophisticated, a new tool is emerging for carriers to fight the risk: behavioral biometrics. Find out more in this podcast with LexisNexis Risk Solutions.

Digital transformation was already taking hold in the insurance industry, and it's had some in the industry asking "What's next?" According to Reid Holzworth, IVANS CEO, the correct answer may be "What's now?" We recently spoke with Holzworth to understand how the key to digital success may lie outside the tech, how consumers are being enabled by these advancements, and how an insurer can future-p...

In recent years, customer expectations have evolved, with people expecting faster and more convenient experiences. This trend accelerated during the pandemic, partly driven by customers wanting to minimize unnecessary in-person interactions. As a result, customers became more comfortable with — and even prefer — online transactions. Carriers responded to this demand in many ways, but generally by...

The market is undergoing rapid changes — experiencing everything from rising inflation to increased costs of goods and supply chain issues. Many insureds reduced maintenance and repairs during the pandemic, and now getting these tasks completed is a challenge. Carriers need the ability to rate and underwrite based on accurate and up-to-date information, but evaluating risk continues to be difficul...

The war on talent is disrupting the insurance market as staff are stretched thinner than ever, and many employees are on the brink of retirement. The result is longer customer hold times and shorter adjuster hours because there aren't always enough resources to manage workloads. However, automation and smart data hold the promise of reducing adjuster workloads to address growing demands. We recent...

The pressure to deliver on rising customer expectations has never been higher. Up to 32% of customers report they are prepared to walk away from a poor experience, and this comes at a time when digital adoption is rapidly increasing. MGAs that leverage intelligent document processing enable faster times to market and unlock touchless processing capabilities, both important elements to improving cu...

MGAs are navigating a highly competitive market and require tools and strategies to keep pace with rapid changes. With underwriters spending at least half their time on tedious tasks such as rekeying data, recovering that lost time with an intelligent document process and data automation is important. In this podcast episode, Mladen Subasic, Head of Product and Innovation at OIP Robotics, and Chri...

Insurance carriers are focused on creating better claims experiences for customers, but when disruptors like a global pandemic or the Great Resignation add pressure to operations, it presents a challenge. As insurers navigate these forces, they are still required to deliver the easy and seamless interactions their customers seek, and data and automation can make this happen. In this podcast episod...

With vast amounts of data available, many insurers face a difficult challenge finding the right data and using it effectively. Those that succeed, though, can see a significant payoff. According to a survey by Willis Towers Watson, over two-thirds of insurance companies reported that predictive analytics helped reduce underwriting expenses, and 60% credited the additional insights for increased sa...

Auto and commercial fleets have always posed a risk management challenge, but evolving market conditions, such as the ongoing driver shortage and social inflation, are exacerbating those risks and further underscoring the need to mitigate these challenges. Telematics is a tool that helps insurers more accurately understand underwriting risk profiles to address potential issues and reduce exposure....

Capturing insurance renewals is increasingly important as customers' expectations rise and people demand greater personalization and attention. Auto insurance carriers in the U.S., for example, could capture an additional $2 billion if they could retain only 10 percent of the $19 billion in direct premium switches from one carrier to another each year. Data sophistication is a powerful tool that c...

Underwriting commercial auto insurance comes with a variety of expenses, including the ordering of a motor vehicle report, which costs $10.32 on average. At the same time, many customers are expecting faster and more accurate quotes. To address these challenges, some insurers are implementing data-first strategies that enable them to enhance the customer experience and reduce expenses, such as the...

Many small commercial insurers are leveraging data to make underwriting decisions with greater speed and precision. But some data that's available is not useful for small commercial insurers and creates extra "noise" for already busy underwriters. We recently spoke with Tracey Waller, director of small commercial underwriting at Verisk, to learn how to cut through the data noise in small commercia...

The expectations of insurance customers are changing rapidly, as demand grows for more seamless experiences and less friction during the application process. To meet this demand, many insurers are turning to automated underwriting and looking to reduce the number of questions on an application to zero. We recently spoke with Tracey Waller, Product Director for Small Commercial Underwriting at Veri...

Commercial lines underwriting has undergone rapid transformation in recent years, as insurers implement data-first strategies to try to make faster and more refined decisions. But as the amount of information on businesses continues to grow, finding the data you need and generating relevant insights can be a major challenge. We recently spoke with Ron Biederman, Vice President of Commercial Lines...

The pandemic brought many challenges to insurance agents, including issues of customer acquisition and retention, increased digital competition, staffing issues, and more. However, technology proved a valuable tool for navigating difficult times and a resource for capturing a competitive edge and securing more of the market.  We recently spoke with Herb Chirico, Chief of Marketing at Imperial PFS,...