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Artificial Insurance Trends in Insurance 0

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Artificial Insurance Trends in Insurance

By SortSpoke — The Property and Casualty (P&C) insurance sector faces many complex challenges. Inflation, climate change and social unrest have led to increasing losses, and a hardening reinsurance market makes it more difficult than ever to sustain growth. No wonder P&C carriers worldwide are looking for new, agile approaches to doing business. For many, that means evaluating new technology to see if it can help them get ahead of those thorny market and societal challenges. Artificial intelligence (AI) is one such technology on the minds of many, and for good reason. It holds great potential for improving workflows in insurance companies—everything from triaging underwriting submissions to customer communication, marketing, and assisting with claims processing. AI is not a panacea, though. It won’t miraculously solve every single technical and labor problem insurance companies face. So, how can it best fit into P&C insurance operations? Carriers are just now starting to understand how it will be. SortSpoke polled our field experts and shared their insights on the major trends in AI P&C insurance carriers can expect to see this coming year. We explore AI’s wider social and economic impact in 2024 and beyond. Key technological and societal trends in AI that...

North American Pet Health Insurance Industry Continued Exceptional Growth Rate In 2023 0

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North American Pet Health Insurance Industry Continued Exceptional Growth Rate In 2023

Industry experienced a ~22% year-over-year revenue increase while surpassing the $4 billion mark for the first time Raleigh, NC (Apr. 11, 2024) – The North American Pet Health Insurance Association has released its 2024 State of the Industry (SOI) Report showing the North American pet health insurance sector grew another 21.9% in 2023. This year’s SOI Report indicated, for the first time, the North American pet insurance industry had exceeded the $4 billion mark, with a record-setting $4.27 billion USD in total premiums sold in 2023 (a 21.9% increase from $3.5 billion USD in 2022) and over 6.25 million pets insured across North America (a 20.9% increase from the 5.17 million pets insured in 2022). With an estimated total of over 170.4 million pets in North America, and an average penetration rate of 3.69% in the US and 3.52% in Canada, Rick Faucher, NAPHIA President and Chief Partnerships Officer with Fetch Pet Insurance, expressed his optimism for the industry’s continued long-term growth. “Last year, for the fifth year in a row, the North American market grew by over 20 percent,” said Faucher. “When we look at our sustained growth across North America, we see a tremendous upside for the industry and...

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Europe’s Wildfires in 2023 Were Among Worst This Century: Report

Article 0 Comments The 2023 wildfire season in the Europe was among the worst this century, according to a European Commission report published on Wednesday. Last year, more than half a million (504,002) hectares, an area twice the size of Luxembourg, was scorched by wildfires, according to a report on Forest Fires in Europe, Middle East and North Africa 2023 by the Commission’s Joint Research Centre. The three worst years this century by the extent of burnt area mapped by the European Forest Fire Information System (EFFIS) were 2017 (988,427 ha), 2022 (837,212 ha) and 2007 (588,388 ha). The report shows that fires intensified during summer 2023, affecting mostly the Mediterranean region, with Greece (near Alexandroupoli) suffering the largest single fire to occur in Europe since the 1980s. Climate change is making wildfires more frequent, and wildfires are increasingly affecting areas that have not been considered fire-prone in the past, the report said. It added that things are likely to get worse, according to the European Climate Risk assessment report published in March. Preliminary data for the first three months of 2024 show almost double the average number of fires, although these did not have major impact in terms of...

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4 Spring Check-in Conversation Starters

What You Need to Know Your clients have just paid, or officially put off paying, their income taxes. They might be interested in hearing about Secure 2.0. They must hear about the end of 2025. It’s springtime: the feeling of a fresh start. Many clients have already filed their personal income taxes for 2023 and have completed forms they can show you. Others may have filed for extensions or have business-related filing deadlines later in the year. Though most of us don’t get excited about preparing and filing our taxes, it can be a good time to review a client’s financial strategy. 1. Secure 2.0 Act: Key 2024 Provisions There are many provisions in the Secure 2.0 Act, but let’s focus on a couple that may broadly apply to the client population, effective this year. The ability to roll over any unused 529 money into a Roth IRA: This money must be moved directly from the 529 to the Roth IRA. The 529 beneficiary must have compensation, and the 529 account must have been maintained for 15 years or longer. The rollover amount is subject to the annual IRA contribution limit, less regular traditional or Roth IRA contributions. In addition,...

Perseus Group Software Corp. Acquires Valeyo Inc. and its Loan Origination Software (LOS) Business from Securian Canada, Inc. 0

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Perseus Group Software Corp. Acquires Valeyo Inc. and its Loan Origination Software (LOS) Business from Securian Canada, Inc.

Valeyo Inc. provides loan origination technology to serve Canadian financial institutions North Andover, MA (Apr. 8, 2024) – Perseus Group Software Corp., which is part of Constellation Software Inc., is pleased to announce that it has acquired Valeyo Inc. and its loan origination software (LOS) business from Securian Canada, Inc. The insurance portion of Valeyo’s business will be retained by Securian Canada. As part of the transaction, Valeyo will be joining forces with Securian Canada to continue to provide an LOS and integrated insurance offering to the market. The acquisition amplifies Perseus Group’s industry-leading technology suite with the addition of flexible, scalable, and dependable loan origination software services for Canadian financial institutions. Valeyo is a leading software provider partnering to deliver a full suite of business loan origination solutions for financial institutions nationwide. For more than 40 years, clients have trusted Valeyo to be their go-to provider based on the strength of their proprietary products, strategic partnerships, and people. “We’re excited to welcome the Valeyo team to the Perseus family. This strategic move reflects our ongoing commitment to growth in the financial services software industry.” said Alvin Lau, President, Financial Solutions Group. “We’re optimistic about the opportunities this acquisition brings...

TSD and Axle Partner to Deliver Instant Insurance Verification for Car Dealerships 0

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TSD and Axle Partner to Deliver Instant Insurance Verification for Car Dealerships

TSD and Axle Partner to Deliver Instant Insurance Verification, Streamlining Operations and Reducing Risk for Dealerships and Car Rental Companies North Andover, MA (Apr. 8, 2024) – TSD, the world’s largest provider of loaner and car rental software, and Axle, the leading universal API for insurance data, have announced a strategic partnership to bring instant insurance verification to dealerships and car rental companies across the US. This partnership will allow TSD’s 16K car rental and dealership customers to mitigate up to $40,000 of annual unrecovered loss that the average automotive company faces or hundreds of hours spent on the phone verifying insurance due to the lack of access to verified insurance information. Additionally, the Axle integration improves the customer experience by reducing the time customers spend waiting for insurance to be verified and clearing ambiguity on whether they are covered. Through TSD’s scale, this partnership lays the groundwork to improve risk management across the ecosystem, providing OEMs with another way to protect assets across their entire dealership fleet. TSD’s status as the exclusive provider for 18 OEM mobility programs will help ensure a smooth rollout due to the long-standing corporate relationships already in place. When asked about Axle, Shawn Concannon,...

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Employers Can’t Use Vicarious Liability to Block Negligence Claims, TN High Court Says

Article 0 Comments The Tennessee Supreme Court this week dealt a blow to businesses and insurance companies, finding that employers can no longer argue that direct negligence claims are barred when the business admits vicarious liability for a worker’s actions. “We hold that the preemption rule is incompatible with Tennessee’s system of comparative fault and decline to adopt it,” the court said in a slip-and-fall case against Trader Joe’s that has become a bellwether for multiple industries. The decision finally puts to rest long-standing questions about when employers can use vicarious liability to bar direct negligence claims and discovery that could potentially show that a company had failed to properly train its workers. Griffith “This puts an end to all the chatter we’ve heard from insurance companies about preemption,” said Jonathan Griffith of Franklin, Tennessee, the lead plaintiffs’ attorney in the case. An attorney for Trader Joe’s declined to comment Tuesday. But Griffith said that insurers and businesses, including trucking companies, had used the preemption argument in recent years to hide behind vicarious liability, a stategy that limited discovery of a company’s safety and training regimes and did nothing to help prevent accidents in the future. “As the opinion says,...

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How Fidelity’s Helping Smaller RIAs ‘Get to the Next Level’

The higher rate of U.S. inflation, heightened market volatility and increased business expenses account for a 40% decline in RIA assets under management, according to Fidelity Investments’ 2023 Benchmarking Survey. Organic growth dropped from 8.2% in 2021 to less than 4% in 2022. “Organic growth is one area where we’ve seen a challenge across the board,” Noni Robinson, head of emerging RIA at Fidelity Institutional, says in an interview with ThinkAdvisor. In the smaller and mid-sized RIA segment, organic growth is a significant issue since these firms typically lack dedicated staff to help them “evolve to the next level,” Robinson notes. But Fidelity, among other firms, is making a concerted effort to help such custody clients by supporting them in such areas as technology integration, operating efficiencies, scaling and portfolio construction. Other areas of RIA concern are cybersecurity and attracting talent. In the interview, Robinson cites a Fidelity white paper that details five areas of focus for drawing talent, like creating “a destination workplace.” Robinson, who joined Fidelity in 2022 after more than 23 years at Vanguard — most recently as head of retirement plan client services of the Institutional Investor Group — explains much of the plan for RIAs that she...

BrokerLink Grows Again In Ontario 0

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BrokerLink Grows Again In Ontario

Toronto, ON (Apr. 8, 2024) – BrokerLink is pleased to announce the acquisition of two Ontario-based brokerages: M. Edward Powell Insurance Brokers Ltd. (Powell Insurance Brokers) of Oakville and Russ Bastow Insurance Broker Ltd. (Bastow Insurance) of Ajax. The company also acquired the personal and small to medium enterprise commercial insurance book of business from Halpenny Insurance Brokers Ltd. (Halpenny Insurance Brokers). All three transactions were effective April 1. These acquisitions expand BrokerLink’s growth in these respective Ontario communities and we look forward to welcoming our new employees, who will continue providing insurance solutions to new and existing customers. Building BrokerLink’s Oakville team Founded in 1954 by Edward and Charlotte Powell, Powell Insurance Brokers has strong roots in the Oakville community and has provided tailored insurance solutions for home, auto, business, life and employee benefits for 70 years. The professional and knowledgeable team at Powell Insurance Brokers has helped customers navigate the complex world of insurance, from product selection to claims assistance, with a personal touch. The principals of Powell Insurance Brokers, David and Jeff Powell, share the following statement: “From our humble roots, we were very fortunate to continue our parents’ legacy and bring Powell Insurance Brokers into its...

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Violence Against Nurses Climbed 5% Last Year, Report Shows

Article 0 Comments Reported assaults on nurses jumped 5% across the United States in 2023, according to a new report, raising questions for workers’ compensation insurers and potentially adding to calls for legislation from Congress. Press Ganey, a company that analyzes health care data and surveys patients and workers, released a report last week that shows that the rate of reported assaults climbed from 2.59 per 100 nursing personnel in 2022 to 2.71 last year — a record high. The rise may be partly due to increased reporting of incidents, but the numbers are concerning, the company said: Almost 17,000 assaults last year, nationwide. The Press Ganey surveys also showed that, overall, health care workplace safety culture and awareness is improving. Becker’s Hospital Review reported that nurse and physician groups are pushing for two bills that could address the danger to health workers. Senate Bill 1176, sponsored by Sen. Tammy Baldwin, D-Wisc., would require the U.S. Occupational Safety and Health Administration to issue a workplace violence prevention standard, mandating that hospitals develop prevention plans. Another bill in Congress, S 2768, the Safety from Violence for Healthcare Employees Act, would stiffen penalties for assaults on health workers. Both bills were introduced...