Through conducting a survey at 2011 Professional Liability Underwriting Society’s Annual International Conference in San Diego earlier this month, global specialty insurer Torus set out to identify key issues affecting the management and professional liability insurance market. The results reveal a professional lines market in flux with widespread concerns over pricing uncertainty in 2012, a heightened awareness of the current regulatory environment and fast-emerging new risks for small businesses. Thirty percent of the 102 insurance professionals surveyed, among them brokers, agents, insurers and risk managers, affirmed that the changing pricing environment is a major cause for unease, viewing it to have the biggest overall impact on the market over the next 12 months. Respondents also note that an increase in market competition (25 percent), the current regulatory environment (23 percent) and the creation of new products (17 percent) were also major concerns.
Respondents also see the need for technology to address these concerns. Despite a growth in technological advancement among management and professional liability products, portals and services over the past five years, respondents say they need more offerings. According to the survey, 38 percent of respondents seek greater risk management and analytics tools. One in five (20 percent) are looking for improved customer relationship/policy management systems, while 18 percent would like to see more efficient quote-to-bind portals. Fourteen percent want more readily available iPad/iPhone apps and tools, while eight percent said they would like to see better automated claims reporting systems.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access