OSI says its experience in the P&C industry and ProducerOne’s intuitive nature were key factors in Torus' selection of the system. Further, OSI says it demonstrated multiple facets of the product to allow a comprehensive approach to broker management over time.
By automating the producer licensing and compliance management processes, Torus is moving toward achieving straight-through processing and becoming a company with which it is particularly easy to do profitable business, says OSI.
The top five insurance companies have an average P&C market share of 6.50% as of December 31, 2023.
Lloyd's appointed Dawn Miller as chief commercial officer, and CEO of Lloyd's Americas; plus more career moves.
Greater exposure to climate risks is driving an increase in insurance premiums and decrease in insurance availability.
Laws against inducements and referral fees are among the obstacles for carriers looking to distribute coverage by embedding it in other channels.
Capgemini Research Institute's World Property and Casualty Insurance Report 2024 indicates insurance executives see the potential benefits of AI and ML but underwriters are concerned about overcomplexity and data integrity.
The two companies, units of Japan-based Tokio Marine Holdings Inc., said the decision will affect 12,556 policies with premiums of $11.3 million.
