News
Progressive becomes the latest insurer to flee Texas — leaving thousands of residents scrambling for protection
It's about to get even harder for Texas residents to find insurance coverage for their homes — let alone affordable insurance — as Progressive recently became the fifth major insurer to end or limit its coverage in the state.
Texas Insurance Commissioner Cassie Brown, who recently testified at the Texas Capitol on the matter, says insurers appear to be reacting to the rise of weather-related disasters, especially in the wake of the damage caused by Hurricane Beryl.
Research
ClientCircle unveils 10-year insights into insurance customer sentiment
ClientCircle, a leading U.S. insurance marketing automation platform, has released a comprehensive 10-year analysis of insurance customer sentiment.
Drawing insights from nearly 4,000 insurance agencies using their platform, ClientCircle analyzed feedback and behaviors of 3.8 million insurance consumers (almost 1.5% of the adult U.S. population) across more than 40,000 multi-channel marketing campaigns.
Strong relationships, effective communications and dependable service matter more to insurance consumers than price.
"Despite a pretty unpredictable ride the insurance industry has experienced in the past decade, one thing is clear: strong client relationships, effective communications and dependable customer service still matter more to consumers than price," said Yana Glezina, director of brand at ClientCircle. "Customers want an agent who genuinely cares, communicates well and takes action when problems arise."
A few highlights from the study:
Service quality affects loyalty. Happy clients overwhelmingly mention their agent's service as both excellent and consistent.
Poor service drives dissatisfaction. Unhappy clients repeatedly cite subpar service or even a complete lack of service as their top frustration.
Price takes a back seat. While both happy and unhappy customers mention cost, it was a relatively minor factor comparatively. Only 11.5% of happy clients and 14.8% of unhappy ones said price played a key role in their satisfaction.
Happier clients buy more. Happy customers have 17% more policies than their less satisfied counterparts, showing a direct link between client satisfaction and agency revenue.
AI in Insurance
90% of Insurers Have GenAI Budgets; 10% Can Fully Comply With AI Regs
Data and technology leaders at insurance organizations are gung ho about using GenAI to increase customers satisfaction, reduce operating costs and improve risk management, but few are fully ready to comply with regulations or to monitor AI results.
More than one-quarter are even using “synthetic data” to train AI models in order to overcome what SAS, a provider of data analytics and AI solutions, described as a “data drought.”
Those are some of the findings from a survey of over 200 leaders of technology, data, digital and analytics teams of insurance enterprises published by SAS and Coleman Parks Research in a report titled, “Your journey to a GenAI future: An insurer’s strategic path to success.” MORE
OEMs & Auto Insurance
Liberty Mutual Insurance and Jaguar Land Rover Announce Exclusive Partnership, Offering Insurance Options to JLR Vehicle Owners
Liberty Mutual Insurance and Jaguar Land Rover North America, LLC (JLR) launched an exclusive partnership on September 1 that seamlessly provides auto insurance to US JLR vehicle owners during the car buying journey.
Liberty Mutual’s digital capabilities and long history working with automotive partners will give JLR drivers the ability to obtain online quotes or speak to an insurance advisor and gain access to exclusive features. These features include genuine original equipment manufacturer (OEM) replacement parts and referral to a JLR retailer for vehicle repairs. Customers can also have vehicles towed to the nearest JLR retailer if needed. Drivers can engage with the insurance solution throughout the shopping and ownership lifecycle of their vehicle, ensuring flexibility, accessibility and an elevated digital experience.
“This agreement with Jaguar Land Rover is a valuable opportunity to embrace evolving consumer buying preferences to solve insurance needs,” said Dan Bernstein, senior vice president and manager of Strategic Partnership Groups, US Retail Markets, Liberty Mutual Insurance. “We have more than 40 years of expertise curating affinity partnerships that drive elevated experiences, and this partnership will enhance the JLR vehicle ownership experience.
"At JLR we are always looking to reimagine and deliver elevated products and services for the most discerning of clients. Partnering with Liberty Mutual will help ensure our shared clients have a comprehensive premium insurance product offering in the market" said Josh Hillman, Director of Financial Services – JLR North America.
InsurTech/M&A/Finance💰/Collaboration
Agentech Secures $3 Million to Revolutionize Insurance Claims with AI-Driven Workforce
Former WeGoLook and TokenEx founders launch Agentic AI platform to support insurance adjudication process
Agentech, the global AI support workforce for insurance claims, is excited to announce the successful completion of its $3 million seed round in just 30 days, allowing the company to quickly move into P&C, Workers’ Comp, and Travel claims workflows
Co-founded by insurtech and fintech veterans Robin Roberson and Alex Pezold, who previously exited tech ventures totaling $182 million, Agentech leverages cutting-edge, multimodal Large Language Model (LLM) capabilities to tackle the labor intensive, subjective, and outdated claims process.
The company’s AI-driven ensemble of agents automates the mundane and repetitive tasks typically handled by desk adjusters, allowing carriers to experience a 4x increase in output without incurring additional labor costs (and making the claim handler happier, too!).
With over 100 expertly trained digital Agentic agents supporting a single claim file, desk adjusters receive salient information at key decision points, enabling them to focus on higher-value tasks.
Mobility
[ED. NOTE: HIGHLY RECOMMENDED] How Urban Mobility Will Look Like in 2035 | Oliver Wyman
New technologies are transforming travel and challenging industry executives to find new revenue streams and operating models
Executive Summary
The next generation of technology is intersecting with regulatory shifts and industry consolidation to drive global mobility industry growth to $1.1 trillion through 2035, from $389 billion in 2023, with the highest rates of growth forecasted in Asia. Individual mobility modes were the main drivers of past growth in the mobility sector, and former market disruptors like ride-hailing and e-scooters are largely settled in most major markets. Now, digital services like advanced driver-assistance systems (ADAS) and electric vehicle (EV) charging are set to account for much of the industry’s growth.
These digital services are projected to have average growth of 25% per year over the current decade through 2035, compared to 9% for the overall mobility sector. Digital services are expected to generate annual revenue of $610 billion in 2035, up from $42 billion in 2023, with potential gains for sustainability and the livability of cities
Claims
Near Space Labs AI cameras on balloons could speed up insurance claims
Near Space Labs, a Brooklyn, New York-based startup, invented stratospheric, AI-enabled robotic cameras that fly on weather balloons.
The task for insurance adjusters is enormous in the wake of back to back hurricanes Helene and Milton, which caused catastrophic damage across several southern states. For decades, these adjusters have used the same methods to assess property damage after natural disasters. They visit individual properties and use small airplanes with high resolution cameras to view damage to roofs, structures and neighborhoods. The planes speed the process and help prioritize specific claims.
New technology, however, using drones, artificial intelligence and weather balloons aims to modernize and accelerate that process. Near Space Labs, a Brooklyn, New York-based startup, invented “Swifts,” or stratospheric, AI-enabled robotic cameras that fly on weather balloons. Space Labs is using Swifts to assess property risk, but by next year, they will be deployed to assess damage from climate-related disasters.
“With our balloons and our Swifts, insurance companies are able to get access to information right after the catastrophe and assess the damage and pay out claims within days instead of weeks and months,” said Rema Matevosyan, CEO of Near Space Labs.
The giant weather balloons fly twice as high as airplanes cruise. The cameras provide high-resolution imagery over thousands of square miles, according to the company.
“Our balloons capture what 800,000 drones would with one flight,” Matevosyan said. “An airplane would be flying in a snake like pattern, back and forth, back and forth for weeks to capture the data that we can capture within hours. This means that we can be faster, better and cheaper for our customers.”
Awards
Guidewire Named Leader in the 2024 Gartner® Magic Quadrant™ for SaaS P&C Core Platforms, North America,
As a brand marketer, few moments light me up like Superbowl Sunday. It’s packed with ads, which companies have paid astonishingly high fees to place, not to mention the millions they’ve spent to produce them. The stakes are high.
But, of all the days on this marketing nerd’s calendar, today is the most highly-anticipated.
Today, Guidewire was named a Leader in the 2024 Gartner® Magic Quadrant™ for SaaS P&C Core Platforms, North America, a recognition we are immensely proud of. This report speaks to both our ability to execute and the completeness of our vision. It’s a moment of pride for our entire team, and a moment of profound gratitude for the valued customers and trusted partners who have linked arms with us along this journey
Events
Insurity to Host Executive Leadership Panel on the Future of P&C Insurance at the Excellence in Insurance Conference
Insurity to Host Executive Leadership Panel on the Future of P&C Insurance at the Excellence in Insurance Conference
CEOs from the P&C insurance industry will reveal how they are driving innovation, shaping leadership strategies, and leading industry transformation to meet the demands of 2025
Insurity, the leading provider of cloud-based software and regulatory bureau-managed services for insurance carriers, brokers, and MGAs, today announced it is hosting an executive leadership panel discussion titled "How Insurance CEOs are Steering the Future of P&C in 2025" at the Excellence in Insurance conference this October 28-30 in Amelia Island, Florida. The highly anticipated panel will feature top presidents and CEOs from the P&C insurance industry, who will share their strategies for navigating the challenges of 2025 and beyond.
With 2025 on the horizon, P&C insurance CEOs are reshaping what success means in a rapidly changing landscape. The panel will not only focus on how these leaders adapt to regulatory shifts, embrace emerging technologies, and meet evolving customer expectations, but also provide attendees with practical insights into how to stay ahead in a competitive market by innovating at every level, from underwriting to claims management. This session is a key opportunity for industry professionals to understand firsthand the strategies that will drive the future of P&C insurance and keep their organizations competitive.
Athenium Announces Insurance Quality Assurance (IQA) 2025 Conference
Athenium, a leading provider of quality assurance solutions, is excited to announce its upcoming IQA 2025 Conference. The event will bring together industry leaders, technology experts and insurance professionals to explore cutting-edge innovations, best practices and trends in quality assurance across claims, underwriting, compliance and operations.
Early-bird registration is now open for IQA 2025. Attendees can take advantage of discounted individual and group registration rates through October 31, 2025. Register HERE
Just for Fun
75 Years of Peanuts' Rich Heritage and Innovation
Peanuts Worldwide conveys how it has built an iconic brand and kept its authenticity. It also shares what the licensing industry can expect for its 75th anniversary.
Peanuts is one of the most enduring and beloved brands in the world. In fact, it’s been seven decades since Snoopy, Charlie Brown and the Peanuts gang first appeared in newspapers. And today, Peanuts seems to be everywhere you look. The brand’s rich legacy translates into a licensing portfolio with over 1,000 partnerships, including long-time collaborators like Hallmark and NASA, strategic partnerships with Apple and the YMCA, and ongoing initiatives: Take Care with Peanuts and The Armstrong Project.
October 2016.... MetLife has announced that Snoopy will no longer be used on marketing materials, including blimps and commercials. The Peanuts character has been repping the company for over three decades, but MetLife reps told the Wall Street Journal that the company is looking to go in a new direction.
NEWS FROM SEMA/MSO 2024
IOT Observatory's Carbone: Success in Embedded Insurance Depends on Market, Locale
Matteo Carbone, founder and director, IoT Insurance Observatory, warned against treating embedded insurance uniformly. Local market structures and product characteristics play a crucial role in its potential success
Podcast Sponsor
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