News
Chubb’s Greenberg: Start Questioning the Societal Benefits of Litigation Funding
Chubb CEO Evan Greenberg said society and the business community need to start asking questions regarding the purpose of third-party litigation funding, a major contributor to increases in frequency and severity within casualty lines.
“What social purpose does litigation funding really serve,” Greenberg proposed during a keynote speech at Riskworld, the Risk & Insurance Management Society’s annual conference in Atlanta.
![State Farm holds No. 1 slot in NAIC’s 2022 top 25 P&C list](https://dxj7eshgz03ln.cloudfront.net/production/link/image/858704/twenty_by_nine_extra_large_2b56e11b-43f6-406f-a62b-e96c8e8c98d9.jpg)
State Farm holds No. 1 slot in NAIC’s 2022 top 25 P&C list
State Farm remains ranked No. 1 by the National Association of Insurance Commissioners (NAIC) and now holds more of the market share at 16.84% compared to 15.98% in 2021.
State Farm wrote nearly $46.7 billion in premiums and earned just over $44.8 billion. Overall, P&C insurers earned nearly $836.9 billion in 2022, wrote about $870.3 billion in premiums, and captured 100% of the market share.
The association’s market share data includes nationwide direct written premiums for the top 25 groups and companies as reported on the state page of the annual financial statement for insurers that report to the NAIC. The Property/Casualty Market Share report contains cumulative market share data for personal auto, commercial auto, workers’ compensation, medical professional liability, homeowners, and other liability (excluding auto liability) insurance. NAIC says the full report, available this summer, will contain more in-depth information.
Digital Shortens Distance Between Accident and Claims Payouts
The auto claims process includes a complex chain of payors, claimants and service providers that can slow down getting money to the right parties, but AI and payments platforms can streamline that process.
The auto claims payment process is ripe for a technology-led overhaul.
“There are inefficiencies and manual processes, and the processes are not yet fully connected,” Kelli Svymbersky, vice president of sales and business development for payments at CCC, told PYMNTS.
“There’s a tremendous opportunity to bring digital intelligence across the entire auto claims experience.”
Meet the Latest Data Miner: Your Windshield
Apple is seeking a patent for an augmented-reality windshield, according to documentation published by the U.S. Patent and Trademark Office on Tuesday, May 2. In addition to displaying speed indicators alongside local speed limits, Apple says the windshield also provides three-dimensional icons representing portions of the road and environment ahead.
Filed in May 2021, part of Apple’s “visual content overlay system” includes a vehicle navigation system (VNS) capable of controlling one or more elements of the vehicle. One such element, according to the patent, is the display of information on transparent surfaces, such as the windshield. Such information could include not only the vehicle’s speed but also the posted speed limit in the area through which the vehicle is traveling. That means Apple’s system not only recognizes elements in the environment but is capable of identifying them as well.
“The VNS can control a display of information to the occupant via a graphical overlay on the transparent surface which provides an augmented reality display of one or more portions of the environment perceived by the occupant …,” reads the application.
![5 positive developments in the insurance industry](https://dxj7eshgz03ln.cloudfront.net/production/link/image/858274/twenty_by_nine_extra_large_68ded20d-6ab5-470c-92a5-8f8c7e4aa7b0.jpeg)
5 positive developments in the insurance industry
The insurance industry has weathered a difficult time and has confronted recent obstacles ranging from an influx of new competitors to technological advancements and premium increases.
Inflation, high interest rates, shifts in consumer demand, skills gaps and climate change are just some of the issues with which the sector continues to grapple, and it looks like there is bound to be more of the same throughout 2023.
It’s no wonder many insurers have struggled to stay afloat. However, there are positive changes in the insurance industry that ought to be celebrated. Plenty of providers have proven their resilience and adaptability in the face of uncertainties. After all, the present is informed by the past — and the present will soon shape the future.
From technological advancements to higher costs of coverage, the way we view insurance is shifting. Companies are partnering with tech firms and altering their insurance offerings to keep up with the times.
But exactly how is the insurance industry changing? How can diversity and hiring be improved?
- Finding fresh approaches to diversity and inclusion
- Changing the game with technology
- Growing partnerships
- Combating costs
- Enhancing employee benefits
Ann Dieleman, executive director, Professional Insurance Marketing Association
![North American Pet Health Insurance Association (NAPHIA) State of the Industry Report 2023](https://dxj7eshgz03ln.cloudfront.net/production/link/image/858562/twenty_by_nine_extra_large_57cae3c8-8e63-4f46-82fc-251827047b45.png)
North American Pet Health Insurance Association (NAPHIA) State of the Industry Report 2023
Pet Insurance in North America
While pet insurance has existed elsewhere since the early 1900s, famous TV collie Lassie received the first pet insurance policy issued in the United States in 1982.
Today, the pet insurance marketplace in North America is comprised of about 25 companies, several of whom also market and/or underwrite multiple white label or co-branded products, representing at least 20 additional pet insurance product brands. NAPHIA State of the Industry data participants represent approximately 98% of the policies in effect in the U.S. and Canada
Each year, NAPHIA conducts an industry-wide survey in order to gather and analyze data around a set of established benchmarks, and produces the State of the Industry (SOI) Report.
The report shows that close to 5.36 million pets were insured in North America at the end of 2022 and that the pet health insurance marketplace increased 21.7% from the 4.4 million total pets insured in 2021.
InsurTech/M&A/Finance💰/Collaboration
![Global insurtech investment jumps 37% in Q1: Gallagher Re](https://dxj7eshgz03ln.cloudfront.net/production/link/image/858538/twenty_by_nine_extra_large_a2b2c4bd-ede8-43bc-b487-3ba5e17833b4.jpg)
Global insurtech investment jumps 37% in Q1: Gallagher Re
Global insurtech investment increased 37% from the previous quarter to $1.39 billion in first-quarter 2023, according to the Global InsurTech Report released Thursday by Gallagher Re, the reinsurance brokerage business of Arthur J. Gallagher & Co.
Just over half, 53%, of all funding went to the U.S., followed distantly by the United Kingdom with 8%, and India with 6%. No other single nation garnered more than 3% of funding, and “other” destinations accounted cumulatively for 28%, according to data in the report.
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Novidea Raises $50 Million in Series C Funding Led By Battery Ventures - Insurtech Israel News
Novidea, creator of the born-in-the-cloud, data-driven platform optimizing the entire insurance policy and distribution lifecycle, today announced that it has raised $50 Million in Series C funding. The funding round was led by Battery Ventures with participation from Cross Creek, both new investors, and the company’s existing investors, Israel Growth Partners (IGP), KT Squared, and JAL Ventures. To date, Novidea has raised $90 Million.
In recent years, the company has experienced hyper-growth, selling to insurance leaders across the globe. Novidea will leverage the investment to continue its journey to becoming an industry leader and increase international market share. Specifically, funds will go to the further development of its cloud-based, data-driven insurance platform, fortification of its customer success infrastructure, and expansion of teams and offices across all target markets in the US, UK, EMEA, and APAC.
![Sophos Announces Partnership with Measured Analytics and Insurance to Unlock Cyber Insurance Premium Savings for Customers](https://dxj7eshgz03ln.cloudfront.net/production/link/image/858136/original_ratio_extra_large_59ec6e20-087c-4b32-86a6-4713609f910d.png)
Sophos Announces Partnership with Measured Analytics and Insurance to Unlock Cyber Insurance Premium Savings for Customers
New Research Exposes How the Quality of Cyber Defenses Directly Impacts Insurability, Premium Costs and Policy Terms
Sophos, a global leader in innovating and delivering cybersecurity as a service, today announced a partnership with Measured Analytics and Insurance ("Measured"), the AI-powered cyber insurance provider. The new partnership unlocks Measured insurance premium savings for Sophos’ U.S.-based customers in recognition of their strong cyber defenses.
New research published today finds that cyber insurance adoption is now the norm with 91% of organizations reporting having coverage, with an additional eight percent reporting they don’t currently have coverage but plan to obtain it in the next year
TempusDirect Joins the CCC Network to Deliver Third-Party Casualty Solutions
Integration Establishes a Single Workflow for Insurers to Optimize the Review, Adjustment, and Negotiation of Third-Party Medical Bills
CCC Intelligent Solutions Inc. (CCC), a leading cloud platform powering the P&C insurance economy, announces today that TempusDirect (Tempus), an innovation leader in repricing services for third-party medical billing, is the newest company to integrate into the CCC Network.
CCC Casualty customers will be able to perform medical bill review in CCC’s Injury Evaluation Solutions (IES) offering and seamlessly refer medical bills to Tempus for a variety of services. Referral results will be returned to CCC's IES where the adjuster can easily apply adjustments and finalize an evaluation with the click of a button.
Percipience and Concirrus Partner to Expand Data Capabilities for Insurers
Percipience LLC, the leading insurance data and analytics platform provider is pleased to announce a new partnership with Concirrus, the leading artificial intelligence (AI) insurtech that is helping commercial insurance clients accelerate digital strategies.
This partnership has already led to the integration of the two companies’ complimentary software products, combining Percipience’s comprehensive insurance data and analytics platform with Concirrus’ big data and machine learning capabilities to provide an even more compelling value proposition for insurance organizations.
“Now more than ever, data and analytics need to be at the core of how insurers differentiate themselves in an increasingly competitive marketplace,” said Bruce F. Broussard Jr, managing director for Percipience. “Unfortunately, most insurers struggle to drive value from the data buried within all their applications. Data Magnifier puts insurers in control of their data by establishing a comprehensive data platform and delivering meaningful business insights. Our partnership with Concirrus adds AI analytics and digital capabilities to Data Magnifier, greatly increasing the power of the platform while also reducing the total cost of ownership.”
Events
Reuters Events: Connected Claims USA 2023 Releases First 'Sneak Peek' of 2023 Attendee Snapshot After Moving to Austin TX
Claims teams are facing headwinds from an evolving business landscape, with social inflation, nuclear verdicts, economic pressures, digital demands from customers and the war for talent.
"Carriers must act now to achieve claims excellence;" said Alexander Bird, Project Director of Connected Claims USA 2023, "claims teams turn to Reuters Events to provide answers to their challenges, connecting people through valuable networking and discussion-led learning, at the must-attend event for senior decision-makers in North America's claims community."
Connected Claims USA 2023 will take place on September 26-27 at the Austin Convention Center, an announcement which has been met with tremendous excitement. With 700+ senior claims leaders heading to Austin, TX, for the first time, the event is already seeing a great deal of interest as the enthusiasm and momentum continues to build.
AM BEST TV: CSAA’s Daryanani: Product Liability a Main Concern for Adjusters Responding to Driverless Vehicle Incidents
Joey Daryanani, vice president, specialized services, CSAA, said autonomous vehicles that become involved in accidents present questions of fault and issues of product liability.