Contents
- Cover
- Editors Desk: Reciprocal Insurance Exchanges and Florida
- Contents: Risk Frontier and Cayman Islands
- Bests Calendar and Executive Changes
- Executive Changes: Appointments and Hiring
- Executive Changes and Web Traffic
- Masthead Forestay and Issues and Answers
- Issues and Answers and Workers Compensation
- Issues and Answers and Artificial Intelligence
- Workers Comp Regulatory Trends
- Bests Rankings Workers Compensation and Asset Distribution
- Bests Rankings Life Health Investment Returns
- Risk Frontier and Insurtech Playbook
- Technology Incubators and Insurance Industry Integration
- Artificial Intelligence and Insurance Tech Evolution
- Internet of Things and Innovation and Data
- Evolutionary Tech and Artificial Intelligence
- Small Language Models and Technology Talent
- Reciprocals: Insurance Exchanges and Florida
- Reciprocals Launched and Florida Takeouts
- Reciprocals and Florida Homeowners Market
- Bests Rankings: US Homeowners Multiperil Writers
- Flood Insurance: Private Market and Climate Uncertainty
- Flood Insurance and Life Insurance
- Life Insurance: Excess Mortality and COVID
- Cayman Islands: Wealth Transfer and Life and Annuity
- Cayman Islands and Insurance and Reinsurance
- What AM Best Says: Workers Compensation and Profitability
- What AM Best Says and Underwriting and Loss Control
- Underwriting and Loss Control and State Rate Filings
- State Rate Filings and Cyber Identity Theft
- Bookstore and Preferred Podcasters
- Preferred Podcasters and Preferred Publishers
- Trending Bests News and Trending Bests Research
- AM Best Webinars and AM Best TV and Audio
- Bests Credit Rating Actions: Americas Life Health and Property Casualty
- Bests Credit Rating Actions: Americas PC and Europe Middle East and Africa
- Bests Credit Rating Actions: Financial Strength Ratings and Issuer Credit Ratings
- Corporate Changes: Mergers and Acquisitions and State Actions
- Insurance Professional Resources and Energy Production Injury Litigation
- Industry Updates and Masthead Backstay
- Artificial Intelligence: Reciprocal Insurance Exchanges Benefits
- Back Cover
8
Chubb Names Three Execs for Finance Organization
hubb Ltd. has made three executive appointments in
the company’s finance organization. Annmarie Hagan
was named vice president, Chubb Group and chief financial
officer of operations and technology and transformation.
George Ohsiek succeeds Hagan as VP, Chubb Group and
chief accounting officer. Mong-Diep “Dee” Le succeeds
Ohsiek as chief auditor.
Hagan will be responsible for all financial planning
and analysis activities for the company’s technology and
operations organizations,
including real estate
operations in the countries
and territories where
Chubb operates; tracking
technology-related
transformation initiatives;
controllership of technology-
related assets and
compliance functions; and
operationalizing ESG-related
financial reporting for the
company, according to a
company statement.
Hagan has more than
35 years of experience in
insurance, accounting and
financial management.
Prior to serving as chief
accounting officer, she
was global controller of
Chubb from 2016 to 2020.
She joined the company’s
combined insurance
business in 2014 as senior
vice president, operations
George Ohsiek
and finance. Earlier in her
career, from 1999 to 2001, she also served as a VP in
finance with Chubb. Prior to rejoining the company in
2014, Hagan served in executive leadership positions,
including CFO for Cigna Corp., the company said.
Formerly chief auditor, Ohsiek will be responsible for
the company’s corporate and regulatory accounting
matters; managerial and external financial reporting;
groupwide FP&A; and statutory and GAAP accounting
policy. He also will have direct oversight of corporate and
subsidiary controllers, according to the company.
He has more than 25 years of accounting and finance
experience.
Le, who formerly served as global controller, will
be responsible for all Chubb internal audit functions
worldwide, including control processes and key risk
assessments.
She has more than 25 years of accounting and
reporting experience.
C
Annmarie Hagan
BEST’S REVIEW
•
NOVEMBER
Lockton Promotes COO-Northeast to US President,
Appoints Successor
ockton appointed Tim Ryan as U.S. president and
named Josh Korzon to succeed Ryan as chief
operating officer for the Northeast.
Ryan will guide Lockton’s broader leadership team
to drive growth, develop
strategy, set priorities, and
nurture culture for the U.S.
business. He will oversee
Lockton’s largest region
and will report to Chairman
and CEO Ron Lockton, the
company said.
Ryan has 19 years of
experience as the COO
of Lockton’s Northeast
business and 30 years
of industry experience,
according to the company.
In his new role, Korzon,
a 20-year insurance industry veteran, will partner with
leadership to drive growth, recruit top talent, and
empower the team to deliver unparalleled client service,
the company said.
BR
L
Tim Ryan
Web Traffic: Visits to Largest US
Homeowners Multiperil Insurance Sites
Progressive leads web analytics
provider Semrush’s ranking of
most-visited U.S. homeowners
multiperil insurer websites.
Progressive Ins Group
010,000,00020,000,00030,000,00040,000,00050,000,000
Nationwide P&C Group
Farmers Ins Group
Travelers Group
Hartford Ins Group
Liberty Mutual Ins Cos
Auto Club Enterprises Ins Group
Allstate Ins Group
USAA Group
State Farm Group
Visits
Source:
www.semrush.com.
Reported trac for September 2024.
Scan for a full listing of Best’s Rankings.
Executive Changes
Beyond data
Alternative
Markets
Enterprise Risk
Management
Legislative
Costing
Litigation
Support
Loss
Reserving
Predictive
Analytics
Pricing and Product
Management
Reinsurance
Commitment Beyond Numbers
We are your partner when you want to leverage data.
We strive to understand your needs, starting with your key objectives. We work
through the wealth of information to uncover the most impactful and relevant
insights.
You have access to more data than ever before. This increase in data can offer
tremendous opportunity for your business. Trust Pinnacle to guide you through this
new world of data to make
better business decisions.
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10
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BEST’S REVIEW
•
NOVEMBER
Made in the USA
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Special Advertising Section
I
SSUES &
A
NSWERS:
•
WORKERS’ COMPENSATION
•
ARTIFICIAL INTELLIGENCE
Insurance leaders discuss the importance of embracing technology in managing
workers’ compensation issues and developing artificial intelligence.
Interviewed Inside:
Phillip Maddox
Nationwide
Marc Rothchild
Xceedance
View past Issues & Answers sections at
https://bestsreview.ambest.com/issuesanswersarchive.html
As a leader in risk mitigation, Nationwide® has
the expertise and tools to help your clients
prevent disruptions or loss.
Innovative technologies like sensors help
Award-winning telematics promote safe
driving. Customizable loss control
programs protect employees and assets.
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businesses and people you work with secure.
Learn more at nationwide.com/specializedprotection
E&S and Specialty | Farm & Agribusiness | Commercial Lines | Personal Lines
SPECIAL ADVERTISING SECTION
SPECIAL ADVERTISING SECTION
Issues & Answers: Workers’ Compensation
Workers’ Comp Technology
Phillip Maddox, a Workers’ Compensation Senior
Consultant with Nationwide, highlighted the
company’s long history of success with workers’
compensation, emphasizing the importance
of embracing technology. “As we advance in
the workers’ comp space, we will continue to
evaluate and integrate technological advances
that benefit our customers and our role in the
insurance industry,” he said. Following are
excerpts from an interview.
What issues do you see that may impact the continued
success of the workers’ comp line?
The workers’ comp market has maintained positive results for
over a decade in part due to improved workplace safety controls
and claims management that have kept loss frequency relatively
flat. However, in the middle- and small-market sectors, we see
margins compressing due to increasing loss severity trends.
Issues such as an aging workforce, comorbidities, impaired
workers, and medical inflation are putting pressures on loss
severity for the line. This means that risk management and loss
mitigation will be critical to profitable workers’ comp growth.
What role does technology play in supporting workers’
comp risk management?
Being successful in the workers’ compensation space requires not
only understanding the challenges of the workers’ comp line and
what is driving losses, but also offering solutions at the job site and
plant level to manage those risks and then being able to quickly
pivot to bring those solutions into play. Technology is a key part
of that. Technology brings speed and accuracy to the critical first
steps of the risk management process: the identification of loss
exposures and the analysis of complex data. It improves our ability
to predict and prevent, but technology does not always offer a
solution. Nationwide combines the benefits that technology offers
with the workers’ comp experience of our associates to help bring
about effective solutions for our business partners.
Do you have an example of using technology to help
“predict and prevent” in the workers’ comp space?
Yes, our use of computer vision and AI technology to conduct
workplace ergonomic assessments lets us do in minutes what used
to take hours. With computer vision, we can capture the needed
data of a construction, manufacturing, retail or service task without
disrupting the job. With the speed of AI, we can quickly quantify
which task elements present the greatest ergonomic risk for injury.
Phillip Maddox
Workers’ Compensation Senior Consultant
Nationwide
“We aren’t looking
to be everything
to everybody, but
we are leveraging
technology with
our expertise to be
the best workers’
compensation
solution for our
customers in those
areas where we
choose to compete.”
Visit the Issues & Answers section at
bestsreview.ambest.com
to
watch an interview with Phillip Maddox.
This allows us to combine our risk management expertise with input
from our members to find the best solutions for reducing risks and
objectively measure the impact of those changes.
What challenges are there in keeping pace with
constantly evolving technology?
It’s easy to get over-focused on the bells and whistles of new
technology and lose sight of the end goal, which is using the
capabilities that technology offers to support our abilities to
predict, prevent and solve. It’s critical to support and evaluate new
technologies that come along—such as our resource for impairment
testing that uses cognitive-based gamification to identify a work-
ready state—but we also continue to use existing technologies to
their fullest. One example of this is our virtual visit capabilities that
utilize mobile device technology to provide live consultative support
via our risk management team. We were able to use this rapid
response capability to quickly align our best resources to address
the industrial hygiene service needs of a commercial client and bring
about a solution to prevent loss.
Share this edition at
https://bestsreview.ambest.com/issuesanswersarchive.html
.
BEST’S REVIEW • NOVEMBER
13
SPECIAL ADVERTISING SECTION
SPECIAL ADVERTISING SECTION
Issues & Answers: Artificial Intelligence
Enhancing Claims With AI
Marc Rothchild, SVP and Head of Claims at
Xceedance, explained that his team is fully
equipped to understand the guiding principles
of artificial intelligence. “We are well prepared to
navigate the potential ramifications, especially
since claims are handled within a highly regulated
environment,” he said. Below are excerpts from
the interview.
What are some best practices when managing a surge
in claims after a cat event?
Certainly, there’s much you can do to prepare in advance of a storm.
This includes proactively sending out communications, ensuring
policyholders know how to submit their loss, and, most importantly,
confirming that they are in a safe place. In terms of team readiness,
you may need to ramp up staffing, relocate resources, and have
the necessary technology in place to respond effectively. There
are now various channels to capture losses, beyond the traditional
phone call. Once claims start coming in, it’s crucial that adjusters
work as efficiently as possible. Several technological solutions can
help balance these surging caseloads.
How will AI reshape the future of claims?
A few key areas where we see AI making an impact include the
first notice of loss and the claim intake process. This could involve
utilizing chatbots or other technologies that capture information
from submitted losses. Since claims often come in through
different channels and formats, they may not always be as clean
as a standard claim form. Additionally, AI can support adjusters
throughout the claim’s life cycle. Basic inquiries, such as a customer
wanting to know the status of their claim, can be handled through
AI-related technologies, improving efficiency.
What challenges do insurers face when adopting AI in
their claims process?
One of the biggest challenges is understanding what’s acceptable
from both a regulatory and client perspective. Insurers deal
with a diverse range of clients, whether it’s an individual insuring
their home or auto, a small business, or a large corporation
with multiple policies. Each of these stakeholders has different
expectations and levels of familiarity with the claims process. It’s
vital to consider all these factors during the design, testing, and
implementation of AI solutions.
Marc Rothchild
SVP and Head of Claims
Xceedance
“At the end of the
day, it’s crucial that
your adjusters are
available to offer
both guidance and
empathy to the
claimants who need
it most, whether it’s
a homeowner or a
business impacted by
a major event.”
Visit the Issues & Answers section at
bestsreview.ambest.com
to
watch an interview with Marc Rothchild.
What are some steps insurers should take to ensure
smooth implementation of AI?
One key step is to have the right teams and governance
structures in place. For claims, this means involving subject
matter experts, ideally someone currently managing an
active caseload or part of the claims management team, in
both the design and testing phases. This approach ensures
the solution will be applicable and beneficial in day-to-day
operations. Additionally, you need a technology and data
team that is knowledgeable about the latest advancements,
ensuring AI is used appropriately while adhering to data privacy
and governance standards. Since the insurance industry is
highly regulated, it’s essential to involve the compliance team
throughout the process to identify potential roadblocks and
secure necessary approvals before going live.
Share this edition at
https://bestsreview.ambest.com/issuesanswersarchive.html
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BEST’S REVIEW • NOVEMBER
15
