Insurance industry remains a mixed bag in 2025 – Amwins  December 9th 2024

Modernizing Life & Annuities for Millennials | Insurance Thought Leadership

Rather than viewing annuities as products that are simply “sold, not bought,” the industry must evolve to take advantage of a historic opportunity. 

The life insurance and annuities (L&A) industry stands on the precipice of a massive generational wealth transfer, so the millennial market represents an unprecedented opportunity for growth. But the insurance industry — burdened by legacy technology and human intensive and inefficient processes — has traditionally been ill-equipped to capture this burgeoning market.

Rather than viewing annuities as products that are simply “sold, not bought,” the industry must focus on evolving to meet the needs of today’s consumers. Historically, a lack of strong education and transparency around these products has required agents to serve as the primary source of information. However, as we adopt more technology-driven, self-serve solutions — similar to those in banking and wealth management — we can empower consumers with the tools they need to make informed decisions independently.

To get there, we must work toward the development of industry best practices and standards that enable more interoperability across the L&A value chain. This shift is not about incremental improvements, but about fundamental transformation — enabling carriers to launch products faster, streamline operations, and deliver superior customer experiences.

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Brad Medd is the chief technology officer at Zinnia

Online Car Auctions | Repairable & Used Cars - Copart

From our humble beginnings in 1982 as a single salvage yard in Vallejo, Calif. we’ve had recycling as the center of our business model. Vehicles offer a lot to be recovered, reused and repurposed. Let’s talk about where Copart fits in to the circular economy.  

What is the Circular Economy?   The circular economy refers to industries that require fewer inputs to create outputs and thus have less of an impact on the environment and consume fewer raw materials. Sustainable businesses belong to circular economies.  

How Does Copart Work with the Circular Economy?   Copart connects buyers and sellers of all kinds of vehicles in all kinds of conditions. But for a simple example, let’s talk about electric vehicles, or more specifically how Copart helps recycle electric vehicles. 

Businesses harvest raw materials that then go to make all the different pieces that EV manufacturers assemble into completed automobiles. This part is no different than the regular economy. 

For this example, let’s say the electric vehicle gets involved in an accident. If the insurance company decides the cost to repair it is higher than the vehicle is worth, they’ll have its title branded as salvage and then contact Copart. 

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Mark Cuban labels home insurance crisis biggest threat to housing affordability

Home insurance in places that have constantly suffered from natural disasters will be the top issue in housing affordability in the next four years, according to billionaire entrepreneur and investor Mark Cuban.

Writing on his Bluesky page, Cuban said that as buyers in the housing market continue to prioritize low interest rates in eyeing their new home, home insurance should also be a major factor for consideration.

“Home insurance in areas hit by repetitive disasters is going to be the number one housing affordability issue over the next four years. And possibly going into the midterms. More so than interest rates,” he said on the platform, emphasizing Florida’s possible predicament.

Bankrate Insurance Analyst Shannon Martin supported his idea, telling CNBC that it was “an accurate statement” as many other insurance experts agree.

Financial institutions often require homeowners to have coverage when legally owning a home, insuring them for damages to the house, related structures, personal property and liability. Individual factors can hike up the costs in such areas, with houses that have a higher likelihood of requiring claims to repair damages to weather events needing to pay more money.

Bankrate noted that Florida residents pay an average of $5,527 every year for $300,000 in dwelling coverage. As those living in disaster-prone areas would see more expensive coverages, Martin said that insurance companies were understanding extreme weather risks better.

“More insurance companies have been using technology and AI to get into predict-and-prevent mode instead of a reactive mode. They’re starting to be able to pinpoint what homes are really at the higher risk, narrow it down,” said Martin.

Experts also highlighted the potential for tariffs on materials entering the US from abroad under the incoming Trump administration to spike building costs.