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Events/Conferences/Ceremonies
See you at IASA in San Antonio! Market Luminary Founder and CEO Jeff Brown will be at IASA in San Antonio next week, so be sure to connect with him! EMail jeff.brown@marketluminary.com to schedule a meeting during the conference. Conference details: https://www.iasa.org/conference
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Trends/Predictions/Analysis/Intelligence
Many entrepreneurs are waking up to the fact that insurance is arguably one of the most old-fashioned, analog consumer services in existence, and they are creating companies to upend this premise. So tech startups in the insurance space are getting the attention of investors. Read more here: http://techcrunch.com/2016/06/06/why-the-recent-hype-about-insurance-tech-will-be-just-the-beg...
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Product/Service Launches, Upgrades
Liberty Mutual Group has launched an in-house venture capital group to invest in early-stage companies whose products lie at the intersection of technology and services for the insurance industry. The insurance industry giant has committed an initial $150 million to the effort, whose first investment is in smart-lock maker August Home. Read more: http://fortune.com/2016/05/19/liberty-mutua...
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Trends/Predictions/Analysis/Intelligence
Technology Transforms Property/Casualty  Insurance Underwriting To better compete in today’s business environment, progressive Property/Casualty insurers are looking to transform and digitize underwriting operations. In an informative Q&A, John Belizaire, CEO of FirstBest Systems, offers perspectives on the role of modern technology in boosting underwriting performance, including...
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P&C News (General)
TUSCALOOSA, AL--(May 24, 2016) - The California Earthquake Authority (CEA) has chosen Insuresoft, a provider of enterprise software to property/casualty insurers, to provide the software to streamline processing of its residential earthquake policies. CEA calls this initiative the Centralized Policy Processing (CPP) program.  Working with the 21 insurance companies, representing 76 percent...
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Outsourcing
A greater emphasis on data security at third-party providers has assuaged mid-size P&C insurers' concerns about outsourcing, analyst firm finds. Read article here: http://www.insurancenetworking.com/news/data-analytics/mid-size-insurers-plan-to-outsource-more-novarica-36883-1.html?utm_content=29937713&utm_medium=social&utm_source=linkedin ...
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P&C News (General)
Uber and Lyft suffered a defeat in a Saturday election in Austin as voters backed a measure requiring fingerprint background checks for drivers. The two companies spent more than $8 million to repeal a city ordinance requiring the fingerprint-based criminal checks and launched what turned into the most expensive race in the Texas capital's history. Both plan to shut down operations there...
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Trends/Predictions/Analysis/Intelligence
Good piece on the Internet of Things and the impact on risk management activities: http://www.natlawreview.com/article/how-internet-things-benefits-risk-management?sthash.CT9SpK9K.mjjo
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Trends/Predictions/Analysis/Intelligence
Interesting fundraising success for "on-demand" insurance platforms and companies aimed at the digital generation. Trov Raises $39M (by Andrew Simpson) Investors have pledged $39 million for a technology platform that allows consumers to insure their valuable things and turn the coverage on and off whenever they want with swipe of a finger on their smartphone. In the words of ...
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Discussion
BLOG: By SPAN Systems Driverless cars are not just on papers anymore. In fact, outcome of the research & technology such as parking assistance systems and collision avoidance systems are already in many cars. However, a full-fledged automatic vehicles post lot of challenges to state laws & insurance policies. By end of year 2020 Google has plans to launch a self-driving car which would ...
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People@Work
Former AIG Exec John Doyle has been hired by insurance broker Marsh LLC as President. See full article here: http://www.propertycasualty360.com/2016/03/07/marsh-hires-ex-aig-executive-doyle-as-president?eNL=56dddd59140ba0d8582f7cde&utm_source=PC360_Daily&utm_medium=EMC-Email_editorial&utm_campaign=03072016 ...
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Trends/Predictions/Analysis/Intelligence
Analytics India Magazine (AIM) has published it's list of the Top 10 iOT vendors in India. AIM, dedicated to promote and champion the analytics ecosystem in India, is the country’s #1 platform on analytics, big data and data science. They promote and discuss ideas and thoughts on India-centric Business Analytics. A leading source of news and analysis, AIM also covers research efforts,...
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Discussion
A Key to Improve Insurance Agency Performance In the current digital world and ever evolving Insurance industry, Managing General Agents (MGAs) have to rely hugely on the data for increasing agency performance that comes from their day to day performance metrics, marketing campaign metrics and also individual agent performance. The most significant changes to the overall performance of ...
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Technology/Applications/Hardware/Soft
What will 2016 bring for the insurance industry? Find some predictions here: http://www.propertycasualty360.com/2015/12/29/technology-and-insurance-predictions-for-2016
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P&C News (General)
CEA in January is offering several new options for consumers who wish to buy earthquake insurance. Those include a new premium calculator, more deductible options, a rate reduction as well as an advertising blitz that’s hitting television, radio and the internet.. The goal is to get more California homeowners to buy earthquake insurance.  See article here:  http://www.insu...
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Technology/Applications/Hardware/Soft
The Internet of Things (IoT) or Internet of Everything (IoE) refers to devices or objects that are connected to the Internet, like your smartwatch, Fitbit, or even your refrigerator. These devices are able to collect and transmit data via the Internet, with little or no human intervention.   To demonstrate how fast this sector is growing and what an impact it will have on our lives and ...
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Trends/Predictions/Analysis/Intelligence
Insurance IT Execs will face lower budgets and higher expectations next year, according to a recent study. Read more here:  http://www.eweek.com/small-business/it-leaders-see-lower-budgets-higher-expectations-in-2016.html
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Mergers, Acquisitions, Investments
Good article by Mike Harvath of Revenue Rocket - Know the types of buyers that may be interested in your company. https://www.linkedin.com/pulse/three-types-buyers-ma-market-you-should-know-mike-harvath?trk=v-feed ...
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Promotions, Awards, Certifications
AmWINS, a North Carolina Property/casualty insurance and group benefits provider, recently announced the appointment of several new senior executives, as follows: John Conway: vice president at AmWINS Brokerage of New York. He joins from Kerwick & Curran, where he served as vice president. Conway specializes in property and casualty production. Drew Roughton: vice presiden...
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P&C News (General)
Bloomberg reported that Zurich Insurance Group AG, Switzerland’s largest insurer, is increasing job cuts and relocations to a total of at least 1,800 as the company reduces costs and overhauls its biggest unit. See related article here: http://www.propertycasualty360.com/2015/12/03/zurich-insurance-raises-job-cut-plans-to-affect-at ...
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Promotions, Awards, Certifications
Two winners (Livengenic and Insurity) were named the winners of the Association for Cooperative Operations Research and Development's 2015 Insurance Innovation Challenge during the ACORD 2015 Conference in Boca Raton, Fla. recently.  Read more here:  http://www.propertycasualty360.com/2015/11/10/livegenic-insurity-win-acords-inaugural-innovation?t=analytics-dat...
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Crime/Fraud/Investigations
Very interesting piece in P&C360.com related to insurance fraud and its growing global impact. In the United States alone, it is estimated that insurance fraud is an $80 billion dollar industry, second only to narcotics trafficking. Not surprisingly the two are often connected. Read more here: http://www.propertycasualty360.com/2015/11/11/the-cartel-connection-linking-insurance...
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Promotions, Awards, Certifications
Connections Conference – Guidewire Software, Inc. (NYSE: GWRE), a provider of software products to Property/Casualty insurers, congratulates the winners of its 2015 Innovation Awards: AAMI (part of the Suncorp Group), Promutuel Insurance with V-NEO Inc., Texas Mutual Insurance Company, and The Wawanesa Mutual Insurance Company. This year’s awards honor customers that are successfu...
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Product/Service Launches, Upgrades
Berkshire Hathaway Specialty Insurance Company recently introduced Executive First™ Directors & Officers (D&O) Liability and Professional First™ Professional Indemnity Insurance policies in Asia. The new program provides coverage for companies, directors, officers and executives facing securities litigation and regulatory investigations.   See a related article here:...
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Trends/Predictions/Analysis/Intelligence
We could be seeing driverless cars available for purchase as early as 2018 - check out this article:  http://www.csmonitor.com/Technology/2015/1021/Driverless-cars-could-go-on-sale-by-2018-says-former-GM-exec
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Weather/Catastrophies/Losses
The Texas A&M Forest Service reported that the blaze in Bastrop County was 80 percent contained after burning 68 homes and 77 non-residential structures since Oct. 13, when farm equipment accidentally ignited grass. Read the story here: http://www.rocketnews.com/2015/10/central-texas-wildfire-100-contained/ ...
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Technology/Applications/Hardware/Soft
Interesting article about the use of 3D laser technology. http://www.propertycasualty360.com/2015/09/28/freeze-frame-3-d-laser-scanning-captures-the-pictu?ref=hp-features
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Crime/Fraud/Investigations
Bloomberg is reporting that Volkswagen AG’s diesel-cheating affair has deepened. The European Union urged all 28-member countries to start their own investigations and the scandal threatened to ensnare rival BMW AG. In Germany, spot checks of vehicles will not be limited to Volkswagen, while BMW shares plunged after a report that a diesel version of the X3 sport utility vehicle emitted more ...
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Mergers, Acquisitions, Investments
Across the globe, $103.2 billion worth of insurance deals have taken place so far this year, more than double the value compared with the same period last year, according to data tracker Dealogic. Check out the Wall Street Journal article here:  http://www.wsj.com/articles/insurance-deals-gather-momentum-amid-cost-squeeze-1443087711 ...
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P&C News (General)
The Office of Insurance Regulation has approved the removal of more than 180,000 personal residential policies and 2,500 commercial residential/non-residential polices from Citizens Property Insurance Corporation. These six companies were approved to take out policies: Anchor Property & Casualty Insurance Company  Heritage Property & Casualty Insurance Company  ...
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People@Work
The Hanover Insurance Group, Inc. Announces Chief Executive Officer Frederick H. Eppinger Has Decided to Step Down in 2016 WORCESTER, Mass., September 15, 2015 – The Hanover Insurance Group, Inc. (NYSE: THG) today announced that Frederick H. Eppinger has informed the board of directors that he plans to step down as president, chief executive officer, and a director of the c...
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P&C News (General)
Check out this report by Allstate that lists the top states with the best drivers in the US:   https://www.allstate.com/tools-and-resources/americas-best-drivers.aspx
Targeted attraction is the method to connect the seeker to the needed Recent events coupled with life experiences created a moment where I realized we all are looking for something, how we find it on the internet is the same. If we can't find it in front of our noses, we use a search tool. The biology of attraction is innate in all of us, we see someone who appeals to us, we se...
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Crime/Fraud/Investigations
Based upon a ruling this week, it looks as though Uber will have to defend a class action lawsuit brought by drivers seeking the pay and benefits of employees. The judge’s recent ruling may impact Uber’s growth. It could affect drivers around the country, even though the San Francisco case is limited to as many as 160,000 drivers in CA. Changing drivers’ status from contractor...
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Mergers, Acquisitions, Investments
Innovation Group (U.K.-based, U.S. headquarters Farmington, Conn.) has agreed to a $765M takeover bid by private equity firm Carlyle Group (Washington, D.C.). See related article here: http://iireporter.com/innovation-group-agrees-to-765m-takeover-bid-from-carlyle-group/ ...
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P&C News (General)
The latest on reinsurance notching for North America:  http://www.propertyandcasualty.com/doc/fitch-completes-insurance-american-reinsurance-0001
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Weather/Catastrophies/Losses
Bloomberg is reporting that the Tianjin Port Development Holdings Ltd. fell 13% at the close in Hong Kong, the third-biggest decline on the Hang Seng Composite Index, which fell 0.7%. China Life Insurance Co. led losses by the country’s insurers. Media reports indicate payouts may reach 10 billion yuan ($1.6 billion). ...
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P&C News (General)
Check out this article about agency employment trends. http://www.propertycasualty360.com/2015/08/13/agent-and-broker-employment-up-31-over-last-12-mon
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Mergers, Acquisitions, Investments
Marsh will be making strategic acquisition of an insurance technology services company with a focus on boosting its business in the U.S. small commercial market. The global insurance broker and risk manager said it has inked a deal to acquire Dovetail Insurance for an undisclosed price. The deal is expected to close in the 3rd quarter of 2015. Dovetail is a South...
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Promotions, Awards, Certifications
NEW YORK--(BUSINESS WIRE)-- The Travelers Companies, Inc. (NYSE: TRV) today announced that Alan D. Schnitzer will succeed Jay S. Fishman as Chief Executive Officer, effective December 1, 2015, and has been appointed to the company’s Board of Directors, effective the same date. Fishman will become Executive Chairman following Schnitzer’s assumption of the CEO role. Schnitzer, 49...