Michael Shashoua

Part two of Digital Insurance conversation with Amanda Turcotte, senior vice president and chief actuary at Amalgamated Life Insurance Company, on AI and data issues for actuaries.

Digital Insurance spoke with Amanda Turcotte, senior vice president and chief actuary at Amalgamated Life Insurance Company, who has served in executive roles with several carriers and an insurtech startup, about advances in insurance actuary technology.

Cuts to NOAA and NWS leave a gap in data collection that makes it harder for insurers relying on the data to accurately identify and mitigate weather and climate risks, regulation and science experts tell NAIC, the association of state regulators.

Parts of St. Louis, Missouri hit by a tornado on May 16 had high rates of uninsured properties, Brad Gerling, research data analysis manager at the Missouri Department of Commerce and Insurance, told NAIC's FEMA Working Group, at its summer meeting in Minneapolis on August 12.

NAIC, the association of state regulators, is expecting FEMA to send more of its responsibilities to state governments.

California's insurer of last resort faces regulatory orders and court fights over its funding and claims handling. The following articles track developments concerning the FAIR Plan in recent months.

Insurance industry advisors and groups say the INSURE Act proposal for a catastrophic reinsurance program won't solve rising prices and coverage crisis.

EY's insurance expert, Isabelle Santenac, spoke with Digital Insurance about how insurers are managing technology advances, as well as increasing climate and security risks.

As skills used at insurance companies more closely resemble those used in other industries, insurers face tougher competition recruiting recent college graduates, experts from Travelers, Aon and academia said.

Sarah Murrow, who became CEO of the trade credit insurer's U.S., Canada and Brazil unit on July 1, told Digital Insurance about its unique data and the advantages that it gives its clients.

Technology developed at Genpact starting in 2019 applies computer vision to claims processing.

Catching fraudulent claims has become much more complicated than detecting doctored images. Fraud can be found in correlations of medical treatment data, legal representation and adjuster evaluations, experts said.

California's insurance regulator and a consumer advocacy group continue battles over the funding of the state's home insurer of last resort, and other issues.

Using AI to review lengthy documents for injury claims can find key points for insurers questioning validity.

Standard commercial insurance can be inflexible and fail to meet the needs of smaller businesses, but software as a service tailored to insurance better serves their needs.

The state's insurer of last resort has taken on more policyholders that private insurers deem too risky. The strain on the plan, worsened by the January wildfires, led the state's regulator to allow an assessment on policyholders to cover the higher risks.

Complexity of coverage and management of issues unique to the coverage mean professional human intervention will still be necessary, industry experts say.

Amy Carlisle, president of MSI, spoke with Digital Insurance about how the MGA has expanded in recent years through partnerships, insuring higher risks and getting high quality data.

Figures released by the state's insurer of last resort show double digit percentage increases over last fiscal year, and triple digit percentage increases since four years ago.

While one partnership aiming to apply AI to home insurance claims adjustment fell short of creating the capability, factors such as workforce management and the difficulty of making AI adjusters also restrain the possibility.