If you’re an insurer reading this, you successfully made it through your first year of COVID-19. Like a dependable four-wheel drive, the insurance industry kept itself on the road over the past year’s many first-of-their-kind hazards: remote-working mandates, the evaporation of face-to-face channels, mass event cancellations and a slew of Business Interruption claims, to name…
Discussions about systemic risk have moved beyond climate change to include pandemics, ransomware, and more. The “unprecedented” events of the past year may have combined to set a new precedent. In this month’s Insurance News Analysis, my colleague Abbey Compton and I discuss the myriad of new risks insurers and their customers now face. The…
At most insurers right now, underwriting is fragmented into market segments or lines of business. This drives internal competition and tactical success, but it can also hold back the investments needed for underwriting to reach its full potential. My colleague Kym Gully and I recently joined Josh Landau, the president of the International Insurance Society,…
The past year has altered our lens on many aspects of work and life, including sustainability. For insurers, sustainability evolved beyond altruism into a new business imperative. There are both external market forces and internal culture forces elevating sustainability items on the insurer’s agenda. Insurance carriers are responding to pulls in the market relating to…
Insurers understand the need for digital innovation – many have had digital transformation strategies in place for several years. However, since the coronavirus pandemic, the race to digital has taken on more urgency. With fewer in-person channels, insurers are faced with the need to make faster and more impactful innovation investments to deliver digital experiences…
Recently, there has been a seismic shift in the C-suite with most the likes of the CFO and CIO, among others, taking on much more strategic roles in the business. One roll though, that has largely remained unchanged for decades is that of the Chief Underwriting Officer. Historically sitting at the end of the pipeline,…
