Published: March 2020
Change Is Inevitable
A Global Conversation: Specialty Talk: Industry professionals discuss the hot topics and challenges facing the program, wholesale, and excess and surplus industry with AMBestTV.
AM Best TV & Radio: Joint Industry Forum, Leader Of the Year and Coronavirus: AMBestTV reports on two major gatherings of insurance luminaries: the annual Property/Casualty Insurance Joint Industry Forum and St. John’s University’s 25th annual Insurance Leader of the Year Awards Dinner. Video news also includes coverage of Pennsylvania Lumbermens Mutual’s 125th anniversary, the possible insurance impact of the coronavirus, and an update on the Vermont captive insurance market.
AM Best Webinars: The Evolving Capabilities Of AI, Developing Issues In the ILS Market: An AM Best webinar examines how artificial intelligence and machine learning are helping underwriters assess risk. Also, a look at the ILS market.
Asset Management: Building Assets: European insurers are eyeing illiquid assets such as commercial real estate to boost investment returns.
At Large: Power to The People: Customer experience will continue to rule in 2020.
Captives: Top Performers: AM Best’s Molineux says rated captives in Cayman, Bermuda and Barbados outpace the U.S. commercial market.
Executive Changes: Marsh Names Leader to the Newly Created Role of Head of Cyber, International: Also: Geico names successor to retiring CEO as do American Equity and Beta Healthcare Group; Philadelphia Insurance names chairman and president.
From the Editor's Desk: Making Change: Starr’s Greenberg discusses the need to continuously evolve. Lloyd’s of London goes through a self-imposed transformation. And two fraternal insurers join hands to overcome technology challenges.
In the News: IRS Says It Puts an End To Misuse of Microcaptives: Crackdown on abusive microcaptives successful; 80% accept settlement offers.
In the News: Regulatory Update: Pennsylvania court orders long-term care insurer into rehabilitation, District of Columbia and Tennessee name new insurance department heads.
In the News: UK Motor Insurers’ Bureau Launches Whiplash Portal: New program touted as a milestone in changing the way whiplash injury claims are filed and paid.
Industry Updates: Setting a Record: Willis Towers Watson reports insurtech funding volume increased 25% in fourth quarter 2019 compared to the same period in 2018.
Insurance Marketing: Brand Builders: Gallagher’s Chris Mead discusses effective branding strategies and harnessing the power of digital marketing.
Insurtechs: Insurtech Focus: Health care insurtech carriers reported losses in the first nine months of 2019. Oscar’s loss, however, was a sharp improvement over the loss from the same period a year ago.
Life Insurance: Stepping It Up: John Hancock’s Vitality program transforms the traditional static relationship of life insurance ownership into an interactive experience with their policyholders.
Next Wave: Beyond Bias: Diversity is good for business and essential for the long-term health of the insurance industry.
Regulatory/Law: Litigation Uptick: D&O insurers are seeing an increase in securities class action lawsuits.
Risk Adviser: Clearing The Air: Opioid litigation is setting a precedent for future diesel fuel lawsuits.
Technology: Checking the Answers: Information technology security audits can ensure an insurer’s data is safe while avoiding reputationally damaging breaches and expensive regulatory fines.
Technology: Find True North: Three northeastern U.S. cities have been dominant forces of insurtech innovation.
The Last Word: A Tall Tale: After holding the unofficial title of the world’s first skyscraper for more than four decades, the Home Insurance Building that once stood in Chicago may soon be dethroned of that designation.
Transformation: Fraternals: Coming Together: Two Catholic fraternal benefit insurers joined forces to create a groundbreaking technology initiative that they hope will bring back-office efficiencies and lower costs for their organizations.
Transformation: Greenberg: ‘Change Is Inevitable’: Maurice R. “Hank” Greenberg has been transforming insurance companies for nearly seven decades. Along the way, he also has transformed the global insurance industry.
Transformation: Lloyd's: The Choppy Seas Of Change: Lloyd’s sets sail on an ambitious journey of transformation, reform.
What AM Best Says: Looking Ahead: AM Best analyst explains how IFRS 17 will give a clearer view of insurers’ financials after it is implemented in 2022.