Insurance technology news: Who’s using what in P&C insurance

Stay informed on the latest developments in the insurance industry with the latest insurance technology news. In this edition, we take a look at who is using what in the property and casualty (P&C) insurance sector. Gradient AI is partnering with MEMIC to enhance claims management outcomes, INSTANDA is teaming up with InsCipher to automate surplus tax calculation and tax filing, and Origami Risk is making strides in risk management. Find out how these innovative technologies are being utilized to improve efficiency and decision-making processes in the insurance industry.

Insurance Technology News

Who’s using what in P&C insurance: August 28, 2023

PropertyCasualty360

Insurance technology is a rapidly evolving field, with new advancements and partnerships being announced regularly. In this article, we will take a look at some of the most notable collaborations and technologies being used in the property and casualty (P&C) insurance industry as of August 28, 2023.

Agent & Broker

Agency Management

Agency Technology

The role of agents and brokers in the insurance industry is crucial, and technology plays a significant role in optimizing their operations. In the field of agency management, there are several solutions available to help streamline workflows, improve customer service, and increase efficiency. Agents can leverage agency management software to manage client information, policy data, and claims processing. This technology allows for better organization and automation of tasks, ultimately enabling agents to serve their clients more effectively.

In terms of agency technology, there are various tools and platforms that agents can utilize to enhance their operations. For example, customer relationship management (CRM) software can help agents track client interactions, manage leads, and create personalized marketing campaigns. Additionally, digital marketing tools and social media platforms can assist agents in reaching a broader audience and promoting their services. Overall, the use of agency management and technology solutions can greatly benefit agents and brokers in the P&C insurance industry.

Commercial Lines

Personal Lines

E&S/Specialty Lines

Commercial lines, personal lines, and excess and surplus (E&S) or specialty lines are the three main categories of insurance coverage. Each category has its own unique considerations and requirements, as well as specific technologies and tools that are instrumental in providing effective coverage.

In the realm of commercial lines insurance, there are specialized technologies that enable underwriters to assess risks and determine appropriate premiums. These technologies often involve data analysis, such as predictive modeling and artificial intelligence, to evaluate various factors such as property value, industry type, and historical claims data. This allows for more accurate risk assessment and pricing, benefiting both the insurer and the insured.

Similarly, personal lines insurance utilizes technology to provide tailored coverage to individuals. This can include automated underwriting systems that assess risk factors based on individual characteristics and provide instant quotes. Additionally, personal lines insurance often utilizes telematics and other tracking technologies to monitor driving habits and offer usage-based pricing for auto insurance.

E&S or specialty lines insurance often requires specialized technology solutions to handle unique risks and complex coverage requirements. These technologies help insurers efficiently underwrite and manage policies in areas such as professional liability, cyber insurance, and environmental liability. By utilizing these technologies, insurers can effectively assess risk and tailor coverage for specialized markets.

Coverage & Policy Issues

Coverage Specialist

Sales & Marketing

Coverage and policy issues are critical areas in the insurance industry, as they determine the terms and conditions of insurance contracts. Coverage specialists play a vital role in interpreting policy language and ensuring that clients are adequately protected. Technology can assist coverage specialists in their work by providing access to comprehensive databases, expert analysis, and real-time updates on regulatory changes. This allows specialists to stay up-to-date with the latest developments and effectively advise clients on their coverage needs.

Sales and marketing in the insurance industry have also been greatly influenced by technology. Insurers are utilizing digital marketing strategies, including search engine optimization, social media advertising, and targeted online campaigns, to reach potential customers. Additionally, the use of customer relationship management (CRM) software and data analytics tools enables insurers to identify potential leads, personalize marketing messages, and track customer interactions. Overall, technology has transformed the sales and marketing landscape in the insurance industry, providing insurers with powerful tools to attract and retain customers.

Recruitment

Recruitment is an essential component of the insurance industry, ensuring that companies have the skilled workforce necessary to meet their business objectives. Technology has revolutionized the recruitment process by simplifying candidate sourcing, automating applicant tracking, and enabling remote interviewing. Online job boards and professional networking platforms allow insurers to reach a broad pool of candidates, while applicant tracking systems facilitate efficient screening and selection. Additionally, video interviewing platforms enable remote recruitment, eliminating geographical barriers and streamlining the hiring process. With the help of technology, insurers can effectively recruit and onboard top talent to drive their business forward.

Claims

Auto

Catastrophe & Restoration

Investigative & Forensics

Claims Technology

Education & Training

Litigation

The claims process is a critical aspect of the insurance industry, and technology plays a significant role in its efficiency and effectiveness. In the realm of auto insurance claims, technology solutions such as photo estimating apps and telematics enable policyholders to submit claims quickly and accurately. These technologies streamline the claims process, eliminating the need for manual inspections and reducing processing time.

Catastrophe and restoration claims often require advanced technology to assess damages accurately and estimate repair costs. Tools such as drones, satellite imaging, and advanced modeling software help claims adjusters survey affected areas, identify damage, and expedite the restoration process. Furthermore, technology can assist in managing large volumes of claims after a catastrophic event, enabling insurers to efficiently process and settle claims.

Investigative and forensic technologies are employed in claims investigations to uncover fraud and determine liability accurately. Data analysis, social media monitoring, and surveillance tools are utilized to gather evidence and build cases. Additionally, claims technology solutions help insurers automate claims processing, reducing errors and improving efficiency.

Education and training in the claims field are also influenced by technology. Online training platforms, virtual reality simulations, and e-learning modules provide claims professionals with the necessary knowledge and skills to handle complex claims effectively.

Litigation in the insurance industry can be complex, and technology assists in the management and resolution of legal disputes. Case management software, document management systems, and e-discovery tools help insurers and legal teams organize and analyze evidence, streamline communication, and facilitate efficient litigation processes.

Markets

Commercial Lines

Personal Lines

E&S/Specialty

Workers’ Comp

Reinsurance

The insurance market consists of various sectors, each with its own dynamics and technological advancements. In commercial lines insurance, technology enables insurers to assess risk accurately, determine premiums, and streamline policy administration. Data analytics, underwriting software, and customer relationship management platforms are utilized to improve operational efficiency and enhance customer service. Additionally, digital platforms and marketplaces connect insurers with brokers, facilitating the placement of commercial insurance policies.

Personal lines insurance utilizes technology to provide custom-tailored coverage to individuals. Online quote generators, comparators, and digital underwriting systems empower consumers to obtain insurance coverage quickly and conveniently. These technologies enable insurers to cater to the unique needs and preferences of each policyholder, while also simplifying the application and underwriting processes.

E&S or specialty lines insurance require specialized marketplaces and platforms to connect insurers with underwriters and brokers who specialize in unique risks. These technology solutions help streamline the placement and management of specialty insurance coverage, allowing for efficient underwriting and policy administration.

Workers’ compensation insurance entails specific technologies to manage claims, track employee injuries, and monitor workplace safety. These technologies often involve data collection, analysis, and reporting to ensure compliance with regulations and improve workplace safety standards.

Furthermore, reinsurance is a critical component of the insurance market, enabling insurers to transfer risk and stabilize their operations. The reinsurance market leverages technology to assess risk, support underwriting decisions, and manage large volumes of data. Advanced modeling and analytics tools assist reinsurers in evaluating catastrophe risks, pricing policies, and optimizing their portfolios.

Luminaries

Luminaries in the insurance industry are thought leaders, innovators, and influential figures who shape the direction of the industry. They often contribute to technological advancements and provide insights and expertise on emerging trends. Luminaries can include industry executives, regulators, academics, and technology experts. Their knowledge and influence contribute to the dynamic nature of the insurance industry, and their contributions are instrumental in driving innovation and growth.

Event Coverage

Event Site

Event coverage plays a vital role in keeping industry professionals updated on the latest developments, trends, and innovations in the insurance industry. Events often focus on specific aspects of the industry, such as technology, underwriting, claims management, or market trends. Event sites provide comprehensive coverage of sessions, presentations, and panel discussions, enabling industry professionals to access valuable insights and stay informed on industry happenings. These platforms also facilitate networking opportunities, allowing professionals to connect with peers and industry experts.

Coverage Interpretation

FC&S Expert Coverage Interpretation

NU Property & Casualty Claims Magazine

Coverage interpretation is an important aspect of the insurance industry, ensuring that policy language is correctly understood and applied. FC&S Expert Coverage Interpretation and NU Property & Casualty Claims Magazine are reputable sources that provide authoritative guidance on coverage and policy issues. These publications offer in-depth analysis of policy language, court rulings, and industry trends. They provide valuable resources for insurance professionals seeking accurate and reliable information on coverage interpretation.

In conclusion, the property and casualty insurance industry continues to embrace technology to enhance operations, streamline processes, and improve customer service. From agency management and underwriting to claims processing and litigation, technology solutions play a pivotal role in the industry. As technology continues to advance, insurers must adapt and leverage these tools to stay competitive and meet the evolving needs of their clients. By staying informed about the latest advancements and collaborations in the insurance technology space, industry professionals can successfully navigate the changing landscape and deliver exceptional value to their customers.