International Women's Day, March 8, 2023  March 8th 2023

International Women's Day 2023

International Women's Day 2023 campaign theme: #EmbraceEquity. For International Women's Day and beyond, let's all fully #EmbraceEquity.

Equity isn't just a nice-to-have, it's a must-have.

A focus on gender equity needs to be part of every society's DNA.

And it's critical to understand the difference between equity and equality.

The aim of the IWD 2023 #EmbraceEquity campaign theme is to get the world talking about Why equal opportunities aren't enough. People start from different places, so true inclusion and belonging require equitable action. Read more about this here.

All IWD activity is valid, that's what makes IWD inclusive.

Best’s Market Segment Report: Volatile Weather, Rising Personal Auto Losses Drag on U.S. Property Casualty Insurers’ 2022 Results

Weather-related losses persisted for the U.S. property/casualty (P/C) insurance segment in 2022, pressuring financial results in a year that also included a 40-year high for inflation and the second costliest catastrophe event on record, according to a new AM Best report. Trends within personal auto space provided the biggest drag on the overall U.S. P/C segment’s results, despite auto insurers’ best efforts to contend with rising severity, supply chain issues and increased medical costs.

“Despite the unrealized losses and healthy 8.8% growth in net premiums written, the ratio of net writings to surplus is estimated to have increased slightly to 0.8 at year-end 2022, indicating the industry’s solid capital position”

Pricing momentum achieved by P/C companies in 2021 carried into 2022, but personal auto and homeowners’ results and the volatility that weakened the economy contributed to an estimated four-point year-over-year deterioration in the overall segment’s reported combined ratio, from 100.0 to 104.0. The personal lines segment incurred an estimated underwriting loss $34.9 billion for 2022, nearly tripling the prior-year level and driving a five-year high underwriting loss for the overall industry. The deterioration in the personal auto line was primarily responsible for the much larger underwriting loss in 2022, which was also reflected in the rise within this segment’s combined ratio to 108.2 from 102.7 in 2021.

On a positive note, the P/C industry’s estimated net investment income grew a significant $16.9 billion, to an estimated $73.0 billion, marking a considerable rebound from 2021. However, AM Best notes that this result was significantly impacted by a $10.8 billion intercompany distribution at one very large reinsurer during the year. Substantial unrealized losses, estimated at $111 billion, were the primary driver for the 9.4% decline in the P/C segment’s policyholders’ surplus at year-end 2022.

AI must be integrated into underwriting and claims processes: Munich Re’s Greene

As artificial intelligence (AI) and machine learning technology continues to grow and expand within the industry, Patrick Greene, Vice President of Data at Munich Re Automation Solutions suggests that, eventually, AI must be “fully integrated” into the underwriting and claims process.

“Those that have invested in state-of-the-art underwriting rules engines are able to respond immediately and implement new underwriting standards in real-time to ensure that they apply either a fair premium, where the risk is increased, or an exclusion where the risk is unknown/undefinable”, said Greene.

Looking into the longer term, Greene anticipates that nimbler firms will increasingly deploy augmented automated underwriting systems that use machine learning and AI technology to pre-assess applicants, to identify those who can be routed through a “lighter-touch underwriting process.”

Greene notes that by taking this approach, this will eliminate the need for face-to-face interactions such as nurse or doctor visits entirely.

Digital Transformation: The Not-So-Secret Sauce To Getting The Basics Right

Successful digital transformations start with getting the basics right.

Digital transformations are notoriously hard. In Forrester’s Business And Technology Services Survey, 2022, nearly all services decision-makers have or anticipate challenges in executing their digital transformation. But this does not mean that there is some secret sauce that only a chosen few digital natives possess that remains hidden to the rest of us. Akin to fitness plans, there’s a new program revealed regularly, presenting the latest “celebrity secret” to finally getting the transformation results you seek.

But as with exercise, the foundation for a successful digital transformation starts with getting the basics right. And our data shows that most transformation journeys are still struggling with the basics.

Don’t get me wrong: To truly excel at transformation, advanced concepts are crucial. At Forrester, we apply these daily to help clients push the envelope toward becoming future fit enterprises. But those concepts won’t help as long as the basics are not in place.

4 Ways to Balance Digital Trends with Customer Expectations |

The insurance industry has undergone a period of extensive change in recent years. In fact, business owners respondents to a McKinsey study reported that the COVID-19 pandemic had accelerated their digital transformation agendas by seven years. Despite this positive step, customer expectations for digital services continue to evolve, requiring the insurance industry to adopt a comprehensive shift towards digital-first, agile services.

Customer expectations for digitization are often set by the leading tech giants. But, as technology and trends are constantly changing, knowing what to prioritize can be difficult. Ultimately, insurers need to place the customer at the heart of everything they do, developing a digital strategy for both front and back-office operations to meet customers where they are. Here are four key areas to address:

Will ChatGPT disrupt insurance? Insurtechs weigh in |

Whatever your feelings are about generative artificial intelligence (AI), ChatGPT believes it can positively impact the insurance industry.

The chatbot, which became a global sensation after its launch in November, made a case for itself at a demonstration at the Insurtech Insights Europe conference last week.

Prompted about the benefits it could give to insurance companies, ChatGPT its “knowledge” (based on 175 billion data parameters) and communication skills could assist customers with their insurance queries and help insurers stay on top of emerging trends and customer needs.

Unlocking the Future of P&C Insurance with the Power of ChatGPT

In my life, I can recall three specific moments where a piece of technology has completely gobsmacked me.

It was June 2007. I vividly remember waiting on line for several hours on a hot summer day outside the flagship Fifth Avenue New York City Apple Store until I saw my first iPhone. The gorgeous minimalistic design combined with the fact that I had a phone, a computer, a camera, and a music player all-in-one was unbelievable. At that very moment I knew the iPhone would completely revolutionize the world.

In 2019 I test-drove my first Tesla. Sitting in the driver’s seat, I felt like I was in my own personal spaceship. On the highway, the salesperson suggested I pull the lever to engage the auto-pilot setting. I was terrified, but after thinking about it for a few long seconds that really felt like minutes: I did it. Suddenly, I was overtaken by a jolt of adrenaline. I couldn’t believe it. The car was safely driving down the highway, keeping its distance from other cars, and effectively yet cautiously switching lanes. I thought about the endless possibilities and the seemingly inevitable day in the future where driving may not be a human activity.

A few weeks ago, I tried ChatGPT (a commercial solution based upon a large language model – of which many are now in fairly advanced stages of development) and was completely floored . My buddy who was with me at the time told me to ask it any question I wanted.

Andrew Schwarz, Analyst, Celent North American Property & Casualty, leading InsurTech and claims coverage

Sedgwick's fraud strategy saves clients $1.48 million

Sedgwick, a provider of technology-enabled risk, benefits and integrated business solutions, has announced that efforts related to its international claims fraud strategy saved about $1.48 million for clients in 2022.

Sedgwick has a program in the UK and US markets for handling the challenges presented by claims fraud.

Over the past three years, the company has noted an increasing appetite for fraud mitigation in other countries such as France, Ireland and the Netherlands, with an emphasis on strengthening capabilities with cross-border activities across all product lines. Based on last year’s data, Sedgwick predicts that fraud and suspicious claims activity will continue to rise.

“Countries are at different stages of their claims fraud journeys; some are in their infancy, while others are more advanced,” said Steve Crystal, international head of claims fraud at Sedgwick. “Notwithstanding the challenges of differing legislation, regulation, compliance, culture and market approach, there’s one common denominator: no matter the location or language, claims fraud is unwelcome news.”