News
![P&C claims growth to ease as inflation moderates: Swiss Re](https://dxj7eshgz03ln.cloudfront.net/production/link/image/845762/twenty_by_nine_extra_large_69a802ad-d4b5-4df8-b35d-0bb259c80104.jpg)
P&C claims growth to ease as inflation moderates: Swiss Re
Analysts at Swiss Re have warned of continued claims severity pressures for property and casualty (P&C) re/insurers over the coming year, although the firm says that claims growth will ease slightly alongside a moderation in inflation.
Swiss Re expects headline inflation to decline but stay elevated in 2023, to some extent alleviating upward pressure on claims compared to 2022.
However, it adds that cost inflation in certain prices, such as labour and healthcare, may remain high, with motor and liability also set for continued pressure as additional factors like social inflation and more frequent traffic accidents underpin claims.
“This environment will require P&C insurers to consider continuing underwriting discipline in 2023,” Swiss Re concluded in a new report on the claims environment.
![AI Speeds Insurance Claims Estimates for Better Policyholder Experiences](https://dxj7eshgz03ln.cloudfront.net/production/link/image/845751/twenty_by_nine_extra_large_05483609-446e-42f1-aecc-9b62de4775de.png)
AI Speeds Insurance Claims Estimates for Better Policyholder Experiences
Drivers can get auto repair estimates in seconds instead of days with AI-driven insurance applications from CCC Intelligent Solutions with an assist from NVIDIA DGX Cloud and Base Command Platform.
CCC Intelligent Solutions (CCC) CCC has become the first company in the auto insurance industry to deliver an AI-powered repair estimating solution, called CCC Estimate – STP, short for straight-through processing.
The Chicago-based auto-claims technology powerhouse uses AI, insurer-driven rules and CCC’s vast ecosystem to deliver repair estimates in seconds, instead of days. It’s a technological feat considering there are thousands of vehicle makes and models on the road, and countless repair permutations.
The company’s commitment to AI spans many years, with its first AI solutions hitting the market more than five years ago. Today, it’s working to bring AI and intelligent experiences to key facets of claims and mobility for its 30,000 customers, who process more than 16 million claims annually using CCC solutions.
“Our data scientists play a crucial role in creating new solutions and the ability to build models, experiment and easily integrate the model into our AI workflows is key,” said Reza Rooholamini, chief scientific officer at CCC.
CCC has four decades of expertise in automotive claims and collects millions of unstructured and structured automotive-claim data points every year. The combination of industry experience and raw data, however, is just the starting point for CCC’s efforts. The company runs a 100% cloud production environment, providing customers with a flexible platform for continuous innovation.
As a market leader, CCC regularly reports AI adoption among its customers to track progress. According to its 2023 AI Adoption report, the company reported that more than 14 million unique claims have been processed using CCC’s computer vision AI through 2022. The company also saw a 60% year-over-year increase in the application of advanced AI for claims processing.
![Amwins CEO: banking turmoil could reverse softening insurance markets](https://dxj7eshgz03ln.cloudfront.net/production/link/image/845659/twenty_by_nine_extra_large_c1e5dfd6-b375-4efc-875a-9358efafbc8d.png)
Amwins CEO: banking turmoil could reverse softening insurance markets
The Silicon Valley Bank (SVB) collapse is increasing awareness of risks in the financial system and could reverse some of the softening in insurance markets this year, according to Amwins CEO Scott Purviance.
“When you’re allocating capital and taking risk as an insurance company, there are things that you’re not contemplating,” Purviance told Insurance Business.
“I think we’re seeing that risk is going to be much more in focus as this year goes by, and that likely means some of the lines of business that were softening are going to potentially at least be flat if not up in 2023.”
Following the downfall, a securities class-action lawsuit has been filed against SVB’s parent, SVB Financial Group, and its CEO and CFO – the first of potentially many legal actions taken against the bank’s executives.
If the Federal Reserve had not intervened, insurers would potentially have looked at enormous directors and officers (D&O) liability claims, according to a report by AM Best.
![NICB PRESIDENT AND SAN DIEGO COUNTY DISTRICT ATTORNEY DISCUSS CURRENT CRIME TRENDS, JOINT EFFORTS TO FIGHT FRAUD](https://dxj7eshgz03ln.cloudfront.net/production/link/image/845887/twenty_by_nine_extra_large_2b4cd93c-20fc-4839-ad83-29f2348566b3.jpg)
NICB PRESIDENT AND SAN DIEGO COUNTY DISTRICT ATTORNEY DISCUSS CURRENT CRIME TRENDS, JOINT EFFORTS TO FIGHT FRAUD
The National Insurance Crime Bureau (NICB), the insurance industry's association dedicated to predicting, preventing, and prosecuting insurance crime, continues to focus on strengthening its longstanding relationship with the San Diego County District Attorney's Office to enhance investigative efforts in the county.
NICB President and CEO David J. Glawe and San Diego County District Attorney Summer Stephan met at the Insurance Fraud Management (IFM) Conference in Carlsbad on Monday to discuss current insurance fraud and crime trends plaguing San Diego County and how similar trends are impacting the United States. Additionally, they talked about their continued partnership and future collaborations as they work to investigate and prosecute offenders.
"I have tremendous respect for District Attorney Stephan, and NICB is grateful for our partnership with her office," said NICB President and CEO David J. Glawe. "One of NICB's core strengths is our ability to maintain robust relationships, which is why NICB is proud to be working hand in hand with District Attorney Stephan and the men and women at the San Diego District Attorney's Office."
"We remain committed to working in collaboration with NICB to prevent and prosecute criminals who perpetrate insurance fraud, one of the top fraud schemes in the U.S.," said San Diego County District Attorney Summer Stephan. "San Diego County is known for obtaining justice through its unique partnership with law enforcement agencies and organizations dedicated to preventing crime and supporting victims."
States Pressure Hyundai, Kia to Do More to Tackle Theft Risk
A group of 22 U.S. state attorneys general on Monday blasted Hyundai Motor and Kia Corp. and said they need do more to address problems with millions of U.S. vehicles that are prone to theft.
Last month, the Korean automakers said they would offer software upgrades to 8.3 million U.S. vehicles to help curb increasing car thefts using a method popularized on TikTok and other social media channels.
“The surge in thefts of these vulnerable vehicles has been truly shocking,” said the letter from 22 states and the District of Columbia led by Wisconsin Attorney General Joshua Kaul. “More needs to be done so that every current owner can obtain one of these devices at no cost as soon as possible – especially those owners whose cars are not compatible with the software upgrade you recently announced.”
Trade Groups Ask NAIC for a Toned-Down Revised Privacy Model Act
Insurance trade groups asked members of the National Association of Insurance Commissioners to tone down some of the sections in a proposed revision of its Privacy Model Act as the NAIC’s Spring Meeting got underway in Louisville, Kentucky.
“The draft really goes significantly far,” said Wes Bissett, senior counsel for the Independent Insurance Agents and Brokers of America. “It would dramatically restructure the privacy framework in a way that would really uniquely… apply to only one sector of the business world. We don’t believe such dramatic changes are needed in the insurance code.”
Bissett said among the group’s concerns are burdensome notice requirements and mandates that third parties adhere to the same contract between the agent and the consumer. That, he said, could put agents in a position of trying to compel a large insurance company to follow his requirements.
“It opens up Pandora’s Box,” he said.
“The draft really goes significantly far,” said Wes Bissett, senior counsel for the Independent Insurance Agents and Brokers of America. “It would dramatically restructure the privacy framework in a way that would really uniquely… apply to only one sector of the business world. We don’t believe such dramatic changes are needed in the insurance code.”
Bissett said among the group’s concerns are burdensome notice requirements and mandates that third parties adhere to the same contract between the agent and the consumer. That, he said, could put agents in a position of trying to compel a large insurance company to follow his requirements.
“It opens up Pandora’s Box,” he said.
Colorado lawmakers propose bill to curb underinsurance
Two Colorado state representatives have proposed a bill aimed at curbing underinsurance in response to widespread problems Marshall Fire victims experienced covering the cost of rebuilding their homes.
The December 2021 Marshall Fire near Boulder become the most destructive in the state’s history. Two lives and nearly 1,100 structures were lost as a result of the event. More than 1,000 pet also perished in the blaze, which is suspected to have had two ignition points; one in a private shed and another inside an abandoned underground coal mine. The fire burned more than 6,000 acres, according to news reports, and caused more than $500 million worth of damage.
In the time since the event, several homeowners found that their property insurance was insufficient to rebuild their homes or businesses. Now that more than a year has passed, homeowners also have exceeded their additional living expenses coverage, spurring state leaders to respond.
InsurTech/M&A/Finance💰/Collaboration
![Artificial Intelligence Preventing Workplace Accidents Before They Happen](https://dxj7eshgz03ln.cloudfront.net/production/link/image/845578/twenty_by_nine_extra_large_68c2d49d-7336-4be2-b421-4ae8c6aa2fd6.jpeg)
Artificial Intelligence Preventing Workplace Accidents Before They Happen
Business owners want to keep their employees safe while on the job. Despite their best efforts, they may not be able to see a workplace hazard – even if it’s right in front of them.
Nationwide, Swiss Re Reinsurance Solutions and CompScience understand the role that Artificial Intelligence (AI) can play in helping business owners find those safety “blind spots.” They’re teaming up to make CompScience’s Intelligent Safety Platform available to more business owners and prevent workplace injuries.
CompScience’s technology detects previously unreported workplace risks by analyzing existing workplace videos to identify and stop an accident before it happens. CompScience’s computer vision models can detect more than 50 behavioral and environmental hazards. The technology has reduced their customers’ worker’s compensation claims by as much as 23%.
![Mike Holmes Inspections Teams with EagleView to Offer the Next Generation in Roof Inspections](https://dxj7eshgz03ln.cloudfront.net/production/link/image/845698/twenty_by_nine_extra_large_d91f7b44-f616-4ae0-8ee2-4558bb082923.jpeg)
Mike Holmes Inspections Teams with EagleView to Offer the Next Generation in Roof Inspections
EagleView, the premier provider of aerial imagery for property insurers, announced a collaboration with Mike Holmes Inspections, a firm built by Mike Holmes, host and creator of one of the leading and most popular home improvement shows in North America and globally. Mike Holmes Inspections will utilize EagleView Assess and its revolutionary drone-based damage analysis and digital image capture technology to help improve the quality and efficiency of roof inspections for property insurance claims.
The collaboration between Mike Holmes Inspections and EagleView creates an extensive network of qualified roof inspectors across Canada who are trained and equipped with EagleView technology and who can be utilized by insurance companies to inspect a property for an insurance claim.
“My team was impressed with how easy it was for an inspector to fly the EagleView drone and the quality of the imagery provided,” shared Mike Holmes. “And the autonomous flight capabilities ensure a consistent and efficient roof inspection every time. Combined with automatic damage detection, teaming up with EagleView was a no brainer.”
EagleView Assess employs the latest in drone-based digital imaging technology by leveraging high-definition cameras. Utilizing artificial intelligence and machine learning, hail, wind, and other types of damage are consistently and accurately identified from the safety of the ground and delivered through EagleView Cloud, which offers the highest-resolution aerial imagery available
![Porch applies to form reciprocal insurance exchange with Texas Department of Insurance](https://dxj7eshgz03ln.cloudfront.net/production/link/image/845592/twenty_by_nine_extra_large_d7bdd09a-f414-49d1-95ba-58a046c2fc5f.jpg)
Porch applies to form reciprocal insurance exchange with Texas Department of Insurance
Porch Group, Inc., a vertical software company has announced that its insurance business, Homeowners of America (HOA) has filed an application to form and license a Texas reciprocal insurance exchange with the Texas Department of Insurance (TDI). If the application is approved and fully implemented by Porch, its insurance underwriting business would be conducted exclusively through the reciprocal.
A reciprocal insurer is an insurance association that is owned by its policyholder members who spread risk by pooling their risks together.
![Cowbell Doubles Down on Innovation by Opening India Technology Center](https://dxj7eshgz03ln.cloudfront.net/production/link/image/845888/twenty_by_nine_extra_large_543ffb8a-c9f4-4472-8a19-17e3040bed1e.jpg)
Cowbell Doubles Down on Innovation by Opening India Technology Center
Cowbell, the leading provider of cyber insurance for small and medium-sized enterprises (SMEs), has announced the opening of its new technology center in Pune, India. The center will augment Cowbell's existing development centers in Pleasanton, California; Plano, Texas; and Toronto, Canada, and extend the company's global focus on innovation for cyber insurance.
The newly opened India technology center will play a critical role in the effort to address an ever-increasing cyber threat landscape. According to Check Point Research, the volume of cyber incidents continues to increase. Compared to 2021, in 2022 there has been a 38% increase in global attacks. Cyber insurance needs to continue to rapidly innovate and evolve to meet this increasing demand.
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Insurtech Joyn Insurance Adds Former AIG Executive Chairman and CEO Brian Duperreault to Board of Directors as Fast-Growing Company Continues to Gain Momentum
Insurance technology company Joyn Insurance announced today the addition of Brian Duperreault to its board as an independent director, adding decades of insurance industry experience at the highest levels. Duperreault previously served as Executive Chairman for AIG's Board of Directors and as CEO of AIG from 2017 to 2021. Before joining AIG, Duperreault had a 30-year career working in senior executive roles at Hamilton Insurance Group, Marsh & McLennan Companies, ACE Limited, and AIG.
"Brian Duperreault is without question one of the biggest names and most experienced leaders in the entire insurance industry, and we are proud that he will be bringing his expertise to our Board of Directors," said Joyn CEO Seraina Macia. Brian has long believed in and supported Joyn's mission to integrate insurance, data, and technology to create a best-in-class insurance experience, and his wealth of expertise will be critical as Joyn continues to grow."
"I've argued for many years that the insurance industry is ripe for transformation and the team that Joyn has assembled is changing the game for insurance in ways that are long overdue," said Brian Duperreault. "Seraina Macia is one of the most dynamic and forward-thinking leaders in insurance today and the product that her team has created will be the future of this industry. I am honored to be able to play a part in Joyn's future."
NeuralMetrics Appoints Dr. Henna Karna, Insurance Industry Leader and Google Cloud Executive, to Advisory Board
NeuralMetrics, a provider of fast, actionable commercial lines data intelligence for insurance classification and underwriting, announced the appointment of Dr. Henna Karna, general manager of global insurance and risk management industry solutions at Google Cloud, to its advisory board.
"Dr. Karna’s vast experience in insurance operations and technology aligns with our mission to bring data transparency, greater accuracy, and speed to the commercial classification and underwriting process," said Prakash Vasant, chief executive officer at NeuralMetrics. "Her industry-focused expertise on the advantages of AI-driven data access will be invaluable as NeuralMetrics continues to develop data-empowered risk-evaluation capabilities for the insurance ecosystem.”
Karna brings more than 25 years of strategic and practical experience in insurance data mastery and intelligent technology to the NeuralMetrics advisory board. She previously held executive roles at AXA, AIG, and Verisk Analytics.