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GIC Underwriters Leverages Indemn’s Generative AI Agents to Answer Broker Inquiries 0

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GIC Underwriters Leverages Indemn’s Generative AI Agents to Answer Broker Inquiries

GIC Underwriters Slashes Email, Phone, and Live Chat Traffic by 46% in 60 Days Using Indemn’s Generative AI Agents to Answer Broker Inquiries New case study highlights how generative AI helped GIC Underwriters to free up customer service representatives during peak phone hours and quote more new business by automatically answering broker questions about risk appetite, coverage details, and quote generation New York, NY (Jan. 23, 2025) – Indemn AI, a conversational insurance platform powered by Gen AI, and GIC Underwriters, a wholesale broker & MGA, is pleased to announce the release of a new case study demonstrating how Gen AI is improving the broker experience and helping GIC to scale its high service standards. GIC Underwriters, based in Miami, Florida, offers commercial and personal lines products in Arizona, Florida, Georgia, and Texas.  The company attributes its 30 years of success to superior customer service and a commitment to meeting the needs of its brokers. Before engaging with Indemn AI, GIC built a well known chat system that their team of six customer service representatives (CSR) used to respond to broker questions. While this tool was popular with brokers, GIC knew AI could help them respond to more broker inquiries...

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Families Sue TikTok in France Over Teen Suicides they say are linked to harmful content

Article 0 Comments In the moment when her world shattered three years ago, Stephanie Mistre found her 15-year-old daughter, Marie, lifeless in the bedroom where she died by suicide. “I went from light to darkness in a fraction of a second,” Mistre said, describing the day in September 2021 that marked the start of her fight against TikTok, the Chinese-owned video app she blames for pushing her daughter toward despair. (AP editor’s note — This story includes discussion of suicide. If you or someone you know needs help, the national suicide and crisis lifeline in the U.S. is available by calling or texting 988. There is also an online chat at 988lifeline.org. Helplines outside the U.S. can be found at www.iasp.info/suicidalthoughts.) Delving into her daughter’s phone after her death, Mistre discovered videos promoting suicide methods, tutorials and comments encouraging users to go beyond “mere suicide attempts.” She said TikTok’s algorithm had repeatedly pushed such content to her daughter. “It was brainwashing,” said Mistre, who lives in Cassis, near Marseille, in the south of France. “They normalized depression and self-harm, turning it into a twisted sense of belonging.” Now Mistre and six other families are suing TikTok France, accusing the platform...

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14 Tax Changes Republicans Could Make in 2025

Republican members of the House Budget Committee have floated a draft list of ideas to cut or increase taxes, or to cut federal spending. Lawmakers must make cuts to pay for the promised extension of the 2017 tax overhaul known as the Tax Cuts and Jobs Act. “The wide variety of options suggests lawmakers are still debating the best approach to achieve a fiscally responsible and pro-growth package of tax reforms,” Erica York, vice president of federal tax policy at the right-leaning Tax Foundation in Washington, told ThinkAdvisor Thursday in an email.

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10 Steps to Get a Prospect to Commit

Sales is tough. You may be offering financial advice to people who need it, but it is still selling. People rarely (make that never) say: “Stop talking! You have convinced me! Where do I sign?” In many cases, they put you off. You will need to keep the conversation going in the days and weeks ahead. This talk falls into your lap. How do you follow up?

Nearly Half of Consumers Feel Comfortable with Insurers Using AI to Monitor Severe Weather Risks, but Concerns About Premiums Remain High: Insurity Survey 0

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Nearly Half of Consumers Feel Comfortable with Insurers Using AI to Monitor Severe Weather Risks, but Concerns About Premiums Remain High: Insurity Survey

Insurity 2025 AI in Insurance Report highlights consumer sentiment on AI adoption in the P&C insurance industry, uncovering crucial insights for insurers navigating the future of risk management Hartford, CT (Jan. 21, 2025) – Insurity, the leading provider of cloud-based solutions for insurance carriers, brokers, and MGAs, is pleased to announce the release of its 2025 AI in Insurance Report, highlighting key consumer opinions on the use of artificial intelligence (AI) in P&C insurance, specifically how it pertains to severe weather. The report revealed that while 45% of consumers state feeling comfortable with their insurer using AI to monitor and provide real-time alerts about potential weather-related risks, 42% express concern about how the accuracy of those predictions could influence their premiums or coverage. These findings highlight a significant challenge for insurers as they work to balance the introduction of AI-powered preventative services with transparent communication about their reliability and potential financial impact on policyholders. Despite these concerns, there are clear opportunities for insurers to build trust. While 26% of consumers say they are more likely to trust AI-generated early warnings compared to traditional forecasts, only 20% consider it important that their insurer use AI to predict and mitigate severe weather...

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Banks Have Unfair Edge Over Insurers in M&A Race: NN CEO Says

Article 0 Comments A top European insurance executive slammed a piece of regulation that has emerged as key driver behind a recent slate of asset management acquisitions by banks. The rule known as Danish Compromise gives the region’s lenders “an advantage” when buying investment units, NN Group NV Chief Executive Officer David Knibbe said in an interview at the World Economic Forum in Davos. He has complained about the issue to several European regulators, he said. The Danish Compromise allows banks to reduce the hit to their regulatory capital levels if they buy an asset management firm through an insurance subsidiary. BNP Paribas used the loophole when buying AXA’s investment unit last year and Banco BPM SpA in Italy has said the effect is essential in its proposed acquisition of the asset manager Anima Holding SpA. The comments show that insurance companies are unhappy with what they see as a distorted competitive landscape. Speaking at an event in November, Carlo Cimbri, the chairman of Italian insurer Unipol Assicurazioni SpA, labeled as “scandalous” the advantage afforded by the Danish Compromise to banks in asset management M&A “It is not very much facilitated that insurance companies own a bank…while the other way...

Ontario’s July Flash Flood Insured Damage Total Approaches $1 Billion: CatIQ 0

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Ontario’s July Flash Flood Insured Damage Total Approaches $1 Billion: CatIQ

CatIQ estimates CAD 991m in insured damage from July flash flooding in Toronto Toronto, ON (Jan. 15, 2025) – Catastrophe Indices and Quantification Inc. (CatIQ) has disclosed its latest industry loss estimate for the flash flooding in southern Ontario between July 15-16, 2024, estimating CAD 991 million in insured damage. During July 15-16, 2024, southern Ontario and Toronto, experienced severe flash flooding due to heavy rainfall exceeding 120mm in some areas, including at Toronto Pearson Airport (123 mm). This was caused by a stationary weather system that brought moisture from the Gulf of Mexico northward. CatIQ’s most recent estimate compares to the third loss estimate of CAD 998 million issued by the company in October 2024. According to the announcement, Personal Property losses made up the majority of the total, accounting for 77% of the industry loss. CatIQ’s initial estimate in August was $940 million in insured damage. Laura Twidle, President and CEO of CatIQ, commented: “July’s flash flooding was the first of four major events to impact Canada in the summer of 2024. This event is currently the tenth costliest insured catastrophe in Canada’s history, ranking just behind the devastating Toronto flooding of 2013. “In terms of total rainfall...

QuickFacts Expands Partnership with Wawanesa Insurance 0

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QuickFacts Expands Partnership with Wawanesa Insurance

Halifax, NS (Jan. 22, 2025) – QuickFacts, a leader in knowledge management software for insurance brokerages, is proud to announce an expanded partnership with Wawanesa Insurance. This collaboration underscores Wawanesa’s commitment to supporting its broker partners through innovative solutions that enhance access to critical information and streamline operations. With this partnership, QuickFacts will provide Wawanesa contracted brokerages with underwriting information that saves time, reduces costs, and allows them to deliver excellent service through detailed, up-to-date carrier comparisons. This service equips brokers with the tools needed to deliver outstanding service to their clients while navigating a complex and ever-evolving insurance landscape. “We are honoured to strengthen our partnership with Wawanesa Insurance, an organization that is dedicated to empowering its brokers through strategic, forward-thinking solutions,” said Christy Barsalou, President and CEO of QuickFacts. “By offering brokerages who sell Wawanesa products with access to our comprehensive knowledge base, Wawanesa is investing directly in the efficiency and success of its broker partners across Canada.” “This partnership aligns with Wawanesa’s values and commitment to supporting brokers as they guide policyholders through important insurance decisions,” said Paul Fast, Director, Business Development Executive Office at Wawanesa. “Our collaboration with QuickFacts marks an ongoing investment in the broker...

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AXA XL Supports UK’s First Development-Stage Accelerator for Climate Tech Businesses

Article 0 Comments AXA XL is partnering with London GreenCity, the UK’s first accelerator for development-stage climate tech entrepreneurs, to offer expertise in insurance and risk management to the accelerator’s members. London GreenCity supports the development of new technologies that address the causes and impact of climate change, encouraging innovation in renewable power generation, battery storage, transport, agriculture, the built environment, and the financing of the transition to a low-carbon economy. Its London-based campus offers a dynamic, physical, collaborative space for the growth of early-stage climate tech ventures, providing the facilities and tools for the development of their product offerings. “Insurance is an enabler of the energy transition, and we are delighted through our partnership with London GreenCity to be able to provide our risk management expertise and to support the unlocking of finance to power the growth of these exciting early-stage climate tech businesses,” commented Sean McGovern, CEO of UK & Lloyd’s. “AXA XL’s belief in our mission to be the largest, development-stage climate tech accelerator in the UK is not just a testament to its leadership in sustainability, it’s a powerful step towards driving the global clean energy transition. Together, we can make a difference that will resonate...

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Kaplansky Insurance Buys 3 Massachusetts Agencies

Article 0 Comments Kaplansky Insurance has acquired two central Massachusetts insurance agencies and a third in the western part of the state. The agencies acquired are Buckley Insurance and Mobilio Insurance in Worcester and Pijar Insurance in Holyoke. Buckley Insurance serves clients in Worcester, Grafton, Shrewsbury, Boylston, Northborough, Westborough, Millbury, and surrounding areas. Mobilio Insurance serves Worcester, Oxford, Sturbridge, Paxton, West Brookfield, Holden, Auburn, and surrounding areas. Kaplansky said it will retain Buckley Insurance’s existing location on Belmont Street and Mobilio Insurance operations will be added to that office. Pijar Insurance serves Holyoke, Southampton, South Hadley, Chicopee, Easthampton, Westfield, Granby and the surrounding area. Its operations will merge with Kaplansky’s Chicopee office. Headquartered in Needham, Massachusetts, Kaplansky Insurance serves clients across New England. Topics Mergers & Acquisitions Agencies Massachusetts Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Agencies? Get automatic alerts for this topic.