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The insurance industry has been historically slow to adopt new technologies, but the COVID-19 pandemic accelerated the push toward digital transformation. Insurers are now embracing technology solutions to modernize their processes and enhance efficiency. AI and machine learning are at the forefront of this shift.
This week’s property and casualty rate announcements includes updates from Philadelphia and Everspan.
The regulatory landscape is changing rapidly, with both state and national bodies adapting to keep pace with technological advancements. The National Association of Insurance Commissioners (NAIC) has been active in developing guidance on AI, and states like California and New York have created their own regulations.
The Florida Office of Insurance Regulation (OIR) has amended Emergency Order (EO) 400385-24 to protect policyholders impacted by Hurricane Helene and has issued emergency Order (EO) 400386-24 to protect policyholders impacted by Hurricane Milton.
The insurance industry has always relied on outsourcing, but its role is evolving rapidly.
Traditionally, outsourcing was limited to functions like claims processing or customer service. Today, insurers are turning to outsourced partners for specialized roles, such as compliance, state filings, and actuarial work.
See property and casualty rate announcements, including updates from Old Republic and Arch.
The insurance industry is facing a critical talent shortage as experienced professionals retire and fewer younger workers enter the space. This issue has been exacerbated by the COVID-19 pandemic, which accelerated retirements and led many seasoned professionals to seek remote opportunities or new careers altogether.
Departments of Insurance in Georgia, North Carolina, and South Carolina have issues emergency orders related to Tropical Storm Helene.
View property and casualty rate announcements, including updates from Berkshire Hathaway and Assurant.
Check out the property and casualty rate announcements from the week, including updates from Hartford Fire and HDI Global Insurance Companies.