Explore every episode of the podcast Property & Casualty 360 Perspectives podcast

Market conditions that are a moving target, talent shortages, and quick advancements in technologies such as AI have created unique challenges for the specialty insurance market. According to Mike Kerner, a member of the board of management at Munich Re responsible for global specialty insurance, while there are challenges in specialty re-insurance, there’s also room for optimism. 

In this podcast, you’ll hear:

• The value of expertise, stability and partnerships in the specialty market; 

• What he sees on the horizon for the specialty lines; and 

• Where exactly his optimism is coming from.

Fire and smoke events can be one of the more stressful moments for a policyholder. This podcast looks at some key ways to make them whole again.

Fire and smoke incidents create complex challenges and potential delays in the claims process for insurance companies. Bill Gordon, regional business coach at 1-800 WATER DAMAGE, and Tim Singnysane, director of operations at 1-800 WATER DAMAGE, share best practices for improving claims efficiency, identifying hidden damages earlier, and improving customer satisfaction and retention. 

In this podcast, you’ll learn:

• How specialized expertise can prevent claims slowdowns and address hidden damages.

• Best practices for capturing accurate damage information and improving claims efficiency.

• The benefits of partnering with experienced restoration professionals to support customer satisfaction and retention. 

Ken Davis and Bill Gordon of 1-800 WATER DAMAGE, part of BELFOR Franchise Group, explain strategies to optimize water claims efficiency without increasing costs during high-volume events.

Hurricanes, floods, and other water-related events lead to spikes in claims volumes for insurance companies. As carriers work to efficiently manage the ebb and flow of water claims, Ken Davis, claims partnership manager at BELFOR Franchise Group, and Bill Gordon, regional business coach, at 1-800 WATER DAMAGE discuss best practices for improving claims process efficiency.

In this podcast, you’ll learn: 

• Which key areas can be optimized while keeping insureds satisfied, 

• How this helps with policyholder retention, and 

• What can be done about the upcoming generational shift with adjusters.

In today’s environment, global financial mandates are evolving quickly to thwart money laundering activities, and because insurance companies are considered financial institutions, they are subject to comply with the changes.

In this episode with LexisNexis Risk Solutions, Bob McConn, the associate vice president for claims solutions, shares his take on the current situation, as well as strategies carriers can employ to work toward compliance.

You’ll also hear:

• How the U.S. regulatory landscape is shifting toward targeted sanctions against individuals and organizations.
•   Details on the frequency of watchlist updates.
• Why carriers need to monitor their customers throughout the customer life cycle.
• What actions insurers can take to protect themselves and support improved compliance.

If carriers put themselves at risk, the damage can be both financial and reputational. Listen now to learn how your organization can keep current with the changes.

As insurance risk continues to evolve, understanding the use of CBIS has become increasingly important. In this podcast, Gary Sanginario, associate vice president of product management, and Prasanth Kambhatla, associate vice president of data science, both experts at LexisNexis Risk Solutions, take a look at CBIS, including its history and how it continues to benefit both insurers and consumers.

You’ll also hear:

• How CBIS helps predict a consumer’s risk and how insurers leverage it to predict future insurance losses.
• Details about comprehensive studies conducted to address concerns about unfair bias based on race and ethnicity.
• About the testing framework employed by LexisNexis Risk Solutions, how the framework leverages well-established methodologies, and key takeaways from quantitative testing.

Rising premium rates, stricter underwriting, and carriers pulling out of states are
creating challenging marketing conditions for independent agents looking to maintain
and grow their book of business.

In this podcast, Michael Streit, general manager at Applied Systems’ EZLynx company,
discusses the challenges posed by hard insurance markets for independent insurance
agencies and the strategies for navigating difficult conditions.

You’ll also hear about:

• The drivers of the current hard market conditions, such as inflationary factors,
  tighter underwriting, carrier withdrawals from states, and more.
• Which actions independent agents can take to turn hard market challenges into
  opportunities and capture more renewals and new business.
• How technologies such as retention management tools, customer relationship
  management systems, automated workflows, and others can help support agents
  in the current market conditions.

Climate change is a complex issue with far-reaching consequences across various sectors, including the insurance industry. In this podcast, James Handley, director of data science at LexisNexis Risk Solutions, and Heikki Vesanto, data science manager at LexisNexis Risk Solutions, shed light on climate change impacts on the insurance industry – and how policyholders and insureds can prepare.

You’ll also hear:

• The factors increasing risk, such as record-breaking temperatures, warmer oceans, social inflation, and more.
• The areas hardest hit by climate change and potential future impacts.
• How proactive measures and innovative technologies can facilitate more informed decisions and help mitigate risks associated with climate change.

Clearspeed's CEO explains how their AI-enabled voice analytics      technology is reimagining risk assessment in this exclusive podcast.

A finalist for PropertyCasualty360’s Luminary award, Clearspeed has leveraged its past as a Department of Defense       contractor to pioneer innovation in risk assessment technology for the insurance industry.

In this exclusive Meet the Luminaries podcast, Alex Martin, CEO at Clearspeed, explains how its voice-based risk      assessment technology provides a “missing puzzle piece” for those executing their leadership strategies.

You’ll also hear:

■       How the innovation is revolutionizing risk assessment;

■       Why it’s transforming the customer experience, and simultaneously driving down costs and mitigating risk for fraud; and

■      What lessons Clearspeed can share with other companies interested in innovation.

As organizations handle an increasing amount of data, using that data quickly and efficiently isn’t always easy. That’s why many are turning to AI to help with tasks such as triaging claims and providing adjustors with the right insights at the right moment to support more informed decisions.

Ann Latimer, senior vice president, head of claims operations, at Signal Mutual Indemnity Association, describes how she leveraged Gradient AI to transform their claims triage, and what it takes to get internal buy-in for an AI system.

In this episode, you’ll hear:

·         Why claims triage was a natural introduction point for the AI solution;

·         What challenges Signal Mutual Indemnity has undertaken in adoption; and

·         How Lattimer’s team measures success on the platform.

Accurate reconstruction cost estimates (RCEs) are key to building strong property insurance policies. They support dependable insurance-to-value, which inform policy limits and reliable quoting, benefiting both insurers and policyholders.

In this episode of “Filling the Gap,” Trish Hopkinson, head of 360 Value for Verisk’s Underwriting Solutions, discusses how current and accurate information is critical in avoiding underinsurance gaps, which leave all parties vulnerable in the case of a total loss. You’ll learn:

• The impact a volatile marketplace, including inflation and labor strains, has had on reconstruction trends;
• Why current claims data is critical when recalculating reconstruction cost estimates;
• The main challenges that arise when estimating personal property and contents; and,
• Key elements important to reliable replacement costs.

For insurers, collecting as much information as possible is the name of the game, as it informs any number of insurance processes and ensures accurate risk assessment. With AI and machine learning, insurers now have powerful analytic tools to turn even more sources of underwriting insights into actionable intelligence. This not only enriches the underwriting process it also introduces efficiencies across the business.

In this episode of the “Filling the Gap” podcast series, Othman Loudghiri, director of Small Commercial and Casualty Underwriting at Verisk, talks about what AI and machine learning can help small commercial underwriters achieve. You’ll learn:

• The types of data AI and ML can capture and analyze, and why this is important in small commercial underwriting;
• The specific operational and efficiency benefits insurers can expect with AI and ML;
• How these new technologies complement the human touch, empowering underwriters to focus on more client-facing, strategic endeavors; and
• Why there’s an urgent shift from AI “exploration” to “adoption” among insurers and MGAs.

Each year, carriers spend countless hours applying changes to their rating content. It’s time-intensive work requiring precious resources to load only a fraction of these changes into their own rating engine. By digitizing this content, carriers can accelerate the adoption of rating changes and bring their products to market more quickly.

In this episode of “Filling the Gap,” Mark Sheehan, vice-president of Underwriting Solutions at Verisk Analytics, reviews the benefits of RaaS and the impacts it makes on rating. You’ll learn:

• The evolution of rating, how Rating-as-a-Service works;
• How digitization of rating content is benefiting carriers;
• How Rating-as-a-Service is increasing employee engagement and productivity, while also enriching the carrier’s insurance product;
• What early adopters are saying about Rating-as-a-Service.

The commercial insurance market is no stranger to advanced technology, using it to impact workflows to meet insureds’ demands for faster turnaround times and greater accuracy. Now, AI and ML are being applied to commercial insurance underwriting, helping insurers underwrite property risks more accurately and efficiently.

In this Insurtech Center podcast, Elizabeth Casas, Verisk’s head of commercial lines, underwriting, goes deeper into how AI and ML are impacting commercial lines underwriting. You’ll learn:

• The evolution of the use of AI and ML to collect data;
• How digital technologies are helping insurers to upgrade and enhance their underwriting capabilities by mining “actionable” data; and
• How digital technologies complement, rather than replace, human intervention to enable greater efficiency and accuracy.

The P&C market has gone through rapid transformation in recent years, which is opening up new opportunities that are drawing investor interest to the trillion-dollar market. But what’s underpinning that interest, and what does that mean for property and casualty insurance?

Cameron Parker, CEO of OneShield Software, takes a look at this in this podcast episode. He’ll also discuss:

• Investment trends in the startup sector
• Key success factors investors look for
• Impact of current economic conditions on funding

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Thoughts and opinions conveyed in this podcast are for information purposes only and are not intended to be taken as direct investment advice.

The sheer volume of data insurers collect can make using it effectively an arduous task. But according to Dave Tobias, Betterview co-founder, and Rakesh Parikh, SVP of product development at OneShield Software, integrating the right data into the right process at the right moment is getting easier – improving speed, transparency, and the customer experience.

They explain how technology plays a role in core insurance processes, such as helping underwriters make faster decisions about new policies and renewals, and where the industry is headed in the future.

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In Q2 of 2022, OneShield surveyed PropertyCasualty360 readers to discover insurers’ biggest struggles in achieving their business goals. The survey found that almost half of respondents struggle with the same roadblock: accessing the right technology to stay competitive. Respondents also share the most significant barriers that prevent them from adopting innovation initiatives, including IT resources, staff, and infrastructure.

Liza Smith, Chief Revenue Officer at OneShield Software, joins us to unravel the results and provide firsthand experience and tips for overcoming some of the market’s largest challenges.

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The rapid evolution of technology has quickly transformed what customers expect, how business is conducted, and the best way to secure a competitive advantage. But this has also prompted an important question: Is it “future-proof?” That is, will it become obsolete shortly after implementing, and what will the next trend be, such as the metaverse or Web 3.0, that will become a requirement for the next generation of insurer?

Vivek Gujral, CTO & Co-founder of OneShield Software, joins us to discuss which technology innovations will have the most significant impact over the next five years and what actions insurers can take to prepare.

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Satyajit Nashikkar of OneShield breaks down the concept in this exclusive podcast episode from the “Top Tech Trends From Insurance Leaders” series.

Launching a new initiative often starts with creating a “minimum viable product,” but for insurers who are increasingly expected to deliver fast and easy technology experiences, the path to creating a product that customers love isn’t always straightforward. “That’s where the “minimum lovable product” comes in” says Satyajit Nashikkar, Chief Customer Success Officer at Oneshield Software.

Nashikkar shares the critical thinking, and process required to design a “minimum lovable product,” the necessary components of a successful rollout, and what’s behind “the art of the possible” in this episode of the “Top Tech Trends From Insurance Leaders” podcast series.

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While the digital transformation has opened up new possibilities for insurance companies, it’s also opened up companies to new and more sophisticated security threats designed to take advantage of vulnerabilities and exploit unknown weaknesses. And they’re everchanging. 
In the first episode of the “Top Tech Trends From Insurance Leaders” podcast series sponsored by OneShield Software, we’ll join Chad Galgay, CISO at OneShield, on the potential risks and the best ways to protect against them. He’ll discuss what insurers should consider as they move along the digital transformation path, and share insights about what’s next in the future and steps to get prepared. 

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As cyberthreats get more sophisticated, a new tool is emerging for carriers to fight the risk: behavioral biometrics. Find out more in this podcast with LexisNexis Risk Solutions.

Digital transformation was already taking hold in the insurance industry, and it’s had some in the industry asking “What’s next?” According to Reid Holzworth, IVANS CEO, the correct answer may be “What’s now?”

We recently spoke with Holzworth to understand how the key to digital success may lie outside the tech, how consumers are being enabled by these advancements, and how an insurer can future-proof themselves as technology marches forward.

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In recent years, customer expectations have evolved, with people expecting faster and more convenient experiences. This trend accelerated during the pandemic, partly driven by customers wanting to minimize unnecessary in-person interactions. As a result, customers became more comfortable with — and even prefer — online transactions. Carriers responded to this demand in many ways, but generally by using additional data and reducing unnecessary process steps.

We recently spoke with Kelly Rush, Director, Home Solutions, at LexisNexis Risk Solutions, to discuss the role of data solutions in improving the customer experience. He also explains why data is critical to better understanding changes in exposure and risk.

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The market is undergoing rapid changes — experiencing everything from rising inflation to increased costs of goods and supply chain issues. Many insureds reduced maintenance and repairs during the pandemic, and now getting these tasks completed is a challenge. Carriers need the ability to rate and underwrite based on accurate and up-to-date information, but evaluating risk continues to be difficult due to market changes, which are moving targets. 

We recently spoke with Kelly Rush, Director, Home Solutions, at LexisNexis Risk Solutions, to discuss how carriers can access the information they need to understand evolving customer risk better. He further explains the role of data solutions in improving overall coverage accuracy with new business and annual changes during renewal. 

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We recently spoke with Frank Cesario, Director of Claims LexisNexis, and Megan Hunsucker, Senior Vertical Market Manager, Claims, to learn how emerging technologies support adjusters, freeing up time and resources to focus on more critical and higher-level tasks.

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The pressure to deliver on rising customer expectations has never been higher. Up to 32% of customers report they are prepared to walk away from a poor experience, and this comes at a time when digital adoption is rapidly increasing. MGAs that leverage intelligent document processing enable faster times to market and unlock touchless processing capabilities, both important elements to improving customer satisfaction. 

We recently spoke with Mladen Subasic, Head of Product and Innovation at OIP Robotics, and Nemanja Jokic, Director of Business Technology at OIP Robotics, to explore how the use of clean, reusable and enriched data can improve underwriting decisions. Additionally, they discuss the role of AI and how to transform from transactional underwriting to portfolio management.  

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MGAs are navigating a highly competitive market and require tools and strategies to keep pace with rapid changes. With underwriters spending at least half their time on tedious tasks such as rekeying data, recovering that lost time with an intelligent document process and data automation is important.

In this podcast episode, Mladen Subasic, Head of Product and Innovation at OIP Robotics, and Chris Sylvester, Chief Information Officer at XS Brokers Insurance Agency, join Nicki Howell to discuss how an innovative approach to data helps build a 360-degree view of the MGA portfolio, risks and markets. They discuss how XS Brokers took the journey with insurtech, which moved them from being product focused to being data enabled.

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With vast amounts of data available, many insurers face a difficult challenge finding the right data and using it effectively. Those that succeed, though, can see a significant payoff. According to a survey by Willis Towers Watson, over two-thirds of insurance companies reported that predictive analytics helped reduce underwriting expenses, and 60% credited the additional insights for increased sales and profitability.

We recently spoke with Maroun Mourad, President of Global Underwriting at Verisk, to discuss how data, analytics and digital technologies are transforming the industry and delivering benefits for risk professionals. He explains how innovation is helping companies reimagine insurance and improve the customer experience.

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Auto and commercial fleets have always posed a risk management challenge, but evolving market conditions, such as the ongoing driver shortage and social inflation, are exacerbating those risks and further underscoring the need to mitigate these challenges. Telematics is a tool that helps insurers more accurately understand underwriting risk profiles to address potential issues and reduce exposure.

We recently spoke with Greg Jacobs, Director of Product Management, IoT and Telematics at Verisk, to understand how telematics-based technology solves many of the challenges facing insurers and the most significant benefits of this technology.

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Capturing insurance renewals is increasingly important as customers’ expectations rise and people demand greater personalization and attention. Auto insurance carriers in the U.S., for example, could capture an additional $2 billion if they could retain only 10 percent of the $19 billion in direct premium switches from one carrier to another each year. Data sophistication is a powerful tool that can help improve the customer experience and profits.

However, many insurance companies struggle to implement a complete retention strategy, which can cause loss ratios to take hits and ultimately impact the customer experience and retention. We recently spoke with Patience Peterson, director of product management at LexisNexis Risk Solutions, to discover a winning strategy that provides auto insurers with deeper insights needed to win at auto-renewal.

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Underwriting commercial auto insurance comes with a variety of expenses, including the ordering of a motor vehicle report, which costs $10.32 on average. At the same time, many customers are expecting faster and more accurate quotes. To address these challenges, some insurers are implementing data-first strategies that enable them to enhance the customer experience and reduce expenses, such as the cost of the MVR report, by as much as 30%.

We recently spoke with Diane Injic, Director of Commercial Auto Underwriting at Verisk, to explain how data-first strategies can improve expense ratios and customer interactions. She also describes how new technologies enable underwriters to use their expertise on more complicated and higher-risk exposures.