Claims

The insurance industry is seeing a disproportionate increase in liability claims compared to a rise in general inflation.

Highlights from speakers and sessions at the Insurtech Insights conference and surrounding events in New York from June 3-5.

Gen AI can help policyholders and adjusters better understand the complexities of claims coverage.

Policyholders and claimants expect the payment process to be an easy and transparent aspect of the claim process.

The top five insurance companies have an average life insurance market share of 6.01% as of December 31, 2024.

Catastrophes significantly increase claim volume and severity, resulting in extended claims cycles and frustrated policyholders.

The top five insurance companies have an average commercial auto market share of 6.4% as of December 31, 2024.

Effective claims automation requires a cultural shift that prioritizes people, processes and strategic alignment.

The integration of cell phones into daily life makes mobile engagement a top strategic priority for insurers.

Slow repair cycle times, widespread premium increases and the volume of catastrophic events all contribute to dissatisfaction, according to the U.S. Property Claims Satisfaction Study from J.D. Power.

There is a need to understand how mental health impacts workers' compensation claims.

The top five insurance companies have an average homeowners market share of 9.15% as of December 31, 2024.

The top five insurance companies have an average private passenger auto market share of 12.72% as of December 31, 2024.

Wall Street brokers have started selling insurers' claims tied to Los Angeles' deadly wildfires, which may trigger a payout from the utilities blamed for the destruction, according to people familiar with the matter.

Insurance is about sustainability, it provides a layer of financial support to families, businesses and communities.

The top five insurance companies had an average property-and-causalty market share of 6.61% as of December 31, 2024.

Brett Laker, head of North America for UnderwriteMe focuses on trends he's seeing for 2025 and how AI will empower underwriters with data for faster decision making.

Research reveals three key areas where an empathy-first approach from carriers can mitigate stress and improve the overall policyholder experience.

Embedded insurance complements traditional channels by reaching previously inaccessible customers with simple, digital-first products.

Improvements to workflows and operations boost customer service and help tailor products, making coverage more attractive.