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Unlocking the untapped potential of insurance and the Internet of Things 0

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Unlocking the untapped potential of insurance and the Internet of Things

By Heather Turner, ReSource Pro — The insurance industry is known for being traditional and cautious, which often means adopting new technology later than other industries. But with the rise of the Internet of Things (IoT) and other connected world technologies, insurers have the opportunity to tap into new data sources and unlock untapped potential. Today, more than 25 years since the IoT first emerged, billions of devices seamlessly connect to the internet. These span a diverse range of categories, from vehicles to property to machinery. Some within the insurance sector were quick to recognize the potential these devices held for enhancing risk management strategies. Even today, however, both personal and commercial carriers lag behind. Many are not taking advantage of the the full potential of the IoT for insurance. At ReSource Pro, we define “connected world technologies” as devices, sensors, and computing hardware that connect t othe internet, deliver real-time capabilities, and facilitate data-sharing across networks. The use of telematics in insurance Many people first think of telematics when they hear the term IoT. This is especially true for personal lines, where many auto insurers offer programs. Telematics devices can collect data on driving behaviors, such as speed, acceleration,...

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People Moves: Coalition Appoints AIG’s Simonsen as European Head of Insurance

Article 0 Comments Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, has appointed Tine Simonsen as the company’s head of Insurance for Continental Europe. As an experienced cyber underwriter and broking leader, Simonsen will anchor Coalition’s presence and expansion in the European region. Simonsen has worked as a specialist within the financial lines and cyber-insurance area for nearly 14 years, focusing on products such as cyber Insurance, D&O insurance, and professional indemnity. In her previous role at AIG, Simonsen led the Nordic financial lines team and managed the financial lines portfolio as the largest profit center for AIG in the Nordics. Before joining AIG, she worked 10 years as a specialist broker for Willis Towers Watson, where she held various positions, the latest being the cyber growth leader for Northern Europe. “Throughout her years in specialized insurance, Tine has attained valuable insights into European market strategy, making her the best person to spearhead the expansion of Coalition’s Active Insurance across Europe,” said Kyle Bryant, Coalition’s head of International. “It’s important to us to have someone centrally located with such a deep understanding of the insurance industry, and we’re thrilled that Tine has joined to help us expand...

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7 Portfolio Tips for a Falling-Rate Environment: Advisors’ Advice

3. Consider advantaged sectors. With the Fed cutting interest rates, I’m advising clients to adjust their portfolios by rebalancing into growth-oriented equities and sectors that may benefit from lower borrowing costs, such as technology and consumer discretionary. While the market often bakes in speculation about rate cuts in advance, there are still opportunities to capitalize on the positive momentum lower rates can bring. At the same time, I recommend reassessing bond holdings, as the drop in interest rates can lead to lower yields. For income-seeking clients, diversifying into high-quality, dividend-paying stocks or considering alternative income-generating investments can help. Lastly, maintaining global diversification remains crucial, as rate cuts in the U.S. can affect international markets differently, offering additional opportunities abroad. — Arielle Tucker, lead planner, Connected Financial Planning

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How Advisors Plan to Use Tech to Boost Growth: Schwab

What You Need to Know Schwab’s annual independent advisor study shows a big interest in using technology for faster growth. Data integration is a major goal for many firms, as is studying up on the potential in AI tools. Cybersecurity is another growing focus and a common area of investment this year. Independent financial advisors expect technology to remain a driving force behind their industry’s growth in the future, according to Charles Schwab’s 2024 Independent Advisor Outlook Study, with particular interest expressed in the opportunities presented by automation and artificial intelligence. When asked what they feel is the biggest driver of change in the industry, a plurality of advisors (43%) cited “technology.” The survey responses show they continue to view technology as a critical enabler of their businesses, especially when it comes to creating internal efficiencies. Even more advisors (87%) agreed that the technology they have embraced has actually allowed them to run their firms more efficiently. Advisors also feel that technology continues to play a key role in how they engage with investors, with 82% saying it is important to how they work with existing clients and 57% saying tech has become more important for attracting new clients. In...

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El-Erian Warns Fed After Jobs Data: ‘Inflation Is Not Dead’

Yields on the policy-sensitive two-year Treasury surged after the release, trading more than 18 basis points higher at 3.89%. “For markets, this is pushing back on overly aggressive expectations of rate cuts by the Fed,” said El-Erian, who’s also a Bloomberg Opinion columnist. “This will get the market closer to what’s likely.” Fed official Austan Goolsbee had a different take after the data. He said the jobs readout supported a case for lower rates in the months ahead while acknowledging that the central bank’s focus should remain on longer-term trends in inflation and the labor market. “That we got a superb number, I’m extremely happy with, but let’s not lose sight of what’s the longer thread,” Goolsbee, president of the Federal Reserve Bank of Chicago, told Bloomberg Television. “A large majority of the committee feels that conditions are going to improve on inflation, that we’re going to keep getting closer to the 2% target, that the unemployment rate is going to stabilize at full employment, and that rates are going to come down a lot over the next year, 12 to 18 months,” Goolsbee said. (Credit: Bloomberg) Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or...

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California Commissioner Orders 1-Year Moratorium for Residents Affected by Boyles Fire

Article 0 Comments California Insurance Commissioner Ricardo Lara issued a mandatory one-year moratorium on insurance companies to preserve residential insurance coverage for more than 16,000 policyholders affected by the Boyles Fire located in Lake County. The commissioner’s order shields those living within the perimeters or adjoining ZIP Codes of the fire from insurance non-renewal or cancellation for one year from the date of the Governor’s emergency declaration regardless of whether they suffered a loss. Related: California’s Lara Orders 1-Year Moratorium for 750K Residents Following Wildfires Lara’s ability to issue the moratoriums is a result of a California law he authored in 2018 as a state senator to provide temporary relief from insurance non-renewals and cancellations to residents living within or adjacent to a gubernatorial-declared wildfire disaster. This order protects more16,000 policyholders for one year, effective September 29, for the Boyles Fire. Related: California Commissioner Issuing Moratorium on Cancellations for Wildfire Victims Consumers can go to the California Department of Insurance website to see if their ZIP Code is included in the moratorium. Topics California 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...

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Optio to Acquire Luxembourg-Based Film and Events MGA, Circles Group

Article 0 Comments Optio Group, the London-based specialty managing general agent, announced it has acquired the Luxembourg-based MGA, Circles Group for an undisclosed sum, subject to regulatory approval. The acquisition of Circles, Optio’s largest in Europe to date, represents a strategically critical development in Optio’s ongoing international expansion, with the Circles Group set to become Optio’s European headquarters. Founded in 2001, Circles specializes in contingency and special risks insurance. With over €50 million in premium, it is one of the largest insurers of cinema and live performances in Europe, insuring over 100,000 films and events to date. Circles provides a variety of solutions for TV and film production as well events, fine art, jewellery and equine insurance. Its proprietary distribution technology, used to connect and maintain relationships with its network of brokers worldwide, has helped Circles to grow organically into new markets, establishing a presence in Hong Kong, Singapore and Brazil. The acquisition of Circles will broaden Optio’s product portfolio and provides an important strategic foothold that will continue to drive growth and further acquisitions across Europe, as part of Optio’s hub and spoke expansion model, Optio said, noting that all staff will remain and the founder and CEO Olivier...

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AM Best Withdraws Credit Rating of Farmers Mutual Insurance Co. of Michigan

Article 0 Comments AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of C++ (Marginal) and the Long-Term ICR of “b+” (Marginal) of Farmers Mutual Insurance Company of Michigan (FMIC) (Coldwater, MI). The outlook of the FSR is stable. Concurrently, AM Best has withdrawn these Credit Ratings (ratings) as the company has requested to no longer participate in AM Best’s interactive rating process. The ratings reflect FMIC’s balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, very limited business profile and appropriate enterprise risk management. The negative outlook of the Long-Term ICR reflects pressure on the overall balance sheet strength assessment associated with recent declines in surplus and subsequently risk-adjusted capitalization. Additionally, the increased volatility in underwriting results has the potential to erode capital and overall balance sheet strength further. Following a slight decline in 2023, modest capital erosion through the first half of 2024 continues to be a product of FMIC’s marginal operating performance driven by increased volatility in net underwriting losses, AM Best said. The credit rating agency said management has been challenged by the...

Plnar Launches ‘Instant Exterior Measurements’ To Transform the Property Claims Process 0

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Plnar Launches ‘Instant Exterior Measurements’ To Transform the Property Claims Process

Austin, TX (Oct. 1, 2024) – Plnar, the leading smartphone imagery solution for claims and underwriting, is excited to announce the launch of its latest innovation: SmartPix Exterior. This groundbreaking technology expands Plnar’s patented SmartPix interior measurement capabilities to include spaces and objects on the exterior of a building or home. Comprehensive Damage Assessment With SmartPix Exterior, users can capture detailed images of various exterior structures, such as siding, fences, foundations, outbuildings, garage doors, decks including hail damage. Our measure-ready technology ensures that these images are not only clear but also embedded with data for precise measurement extraction. This advancement accelerates claims processing and enhances overall workflow efficiency. Streamlined Claim Reporting Integrating SmartPix Exterior into your workflow allows for instant access to photos ready for scoping. This streamlines documentation for exterior property claims, speeding up the settlement process and reducing resolution time. “SmartPix Exterior represents a significant leap forward in our smartphone imagery technology,” said Andy Greff, CEO of Plnar. “By embedding precise measurement capabilities directly into the photo capture process, we’re enhancing the accuracy of property assessments and significantly expediting the claims and repair processes for both interior and exterior spaces.” Precise Property Exterior Measurements Gone are the days...

Travelers Canada is the First Insurer to Achieve CSIO eDocs Certification 0

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Travelers Canada is the First Insurer to Achieve CSIO eDocs Certification

Toronto, ON (Oct. 3, 2024) – CSIO commends Travelers Canada on achieving CSIO’s eDocs Certification, confirming that they have deployed the updated eDocs codes and descriptions into production for personal and commercial lines. Travelers has achieved this important industry milestone by programming the updated eDocs Standards, and as a result, all their eDocs reflect the updated codes and descriptions. CSIO’s eDocs Standards enable documents to be delivered to Broker Management Systems (BMS) directly from an insurer’s system via CSIOnet. eDocs streamline broker workflows by eliminating the need for paper and portals, saving time and money. Despite this, brokers reported that they were receiving documents from insurers that were not clearly labelled, resulting in the need to open individual eDocs to determine the nature of the document. To resolve this pain point associated with mislabeled documents, CSIO and its members developed 40 updated eDocs codes and descriptions. Travelers is the first insurer to be awarded eDocs Certification for the updated eDocs, a significant accomplishment that reflects their dedication to delivering an enhanced experience for their broker network. As all BMS vendors have successfully deployed the updated eDocs Standards, brokers working with Travelers will be able to receive the updated eDocs in...