Farmers says AgencyPoint is a large-scale business development recruitment center in Owings Mills, Md., that will offer a unique opportunity to anyone looking to become an independent business owner with Farmers. The Owings Mills AgencyPoint will be staffed with Farmers employees who will offer intensive, hands-on training to candidates who will become Farmers agents. Farmers adds that this is the 15th state in the Eastern Market expansion for Farmers.
One particular focus of attorneys general in the insurance space will likely be companies' use of AI in underwriting.
More than one-third, 37%, of customers who use AI to research insurance options changed their policy as a result.
Human oversight would still be needed, especially for underwriting, industry experts say. Yet linking voice recognition with AI engines will put insurance agents jobs at risk, they add.
To find the most success with AI, insurance companies should view it more as a way to fundamentally rework processes, according to the experts who write for InsureThink.
Andrew Engler, CEO and co-founder of the insurtech, shared that if a property owner is willing to invest in reducing the possibility of a catastrophic loss, it should translate into insurance value.
Introducing insurance options during the auto purchasing process correlates to a 20% boost in finance and insurance gross, according to Polly's Q2 embedded insurance report.
