Technology and data have pushed an immediate restoration for the marine insurance market. The pandemic has accelerated the implementation of digital technologies that could potentially invigorate a historically lethargic market, according to a Re/insurance Lounge panel.
The newly formed AM Star Claims will provide value to its cedants and international partners, Grant Miller, its president, explains.
Bermuda offers a diverse talent base—but are re/insurers on the Island making the most of it? Jacqueline Muschett, head of valuations and a managing director at HSCM in its Bermuda office, gives her view.
Risk managers have a key role to play in helping their organisations address sustainability issues, as Valentina Paduano, leader of FERMA’s sustainability group, told Intelligent Insurer.
Removing pain points from and increasing efficiency in the claims process using automation at a time when customer expectations are high is becoming an important point of differentiation for carriers.
The technology is already there to dramatically streamline the claims process, says Sean Baird, director, product marketing at Nuxeo—insurers just have to take advantage of them. With automation able to reduce the number of manual interactions required to support the claims process, carriers can now move with confidence towards a touchless experience, all while enhancing customer experience, he explains to Intelligent Insurer.
Accessing the value from driver data and advanced auto systems is easier than many carriers assume, argues Jason Verlen, SVP Product Management, Strategy, and Marketing at CCC Information Services. The sheer volume of information available to carriers may seem daunting, but there is huge value that can be found within it, in terms of both policy development and policyholder satisfaction.
From the impact of the UK Financial Conduct Authority business interruption test case, and other BI cases around the world, to the ongoing hardening market, 2020 is expected to leave quite a legacy for 2021. Industry leaders share their hopes, fears and warnings as we head towards the New Year.
As re/insurance leaders look back on 2020, they share their thoughts on the unprecedented past 12 months with Intelligent Insurer and consider how this will affect the year ahead. In exclusive insights, they also reflect on the debate over whether it was a black swan event, or more of a ‘grey rhino’, recognise the critical nature of advancing technology and express a real desire to return to face-to-face negotiations, as well as setting out their stalls for 2021.
In part two of Intelligent Insurer’s year in review series, we hear from re/insurance leaders from six industry companies with their thoughts on the impact of 2020 on the industry and what trends we’re likely to see in 2021.