Underwriting

A group of the world's biggest insurers and reinsurers jointly pledging to eliminate greenhouse gas emissions from their underwriting activities have run into an unexpected opponent of their planet-friendly mission: competition law.

In other news: Overhaul and Movingdots collaborate; Zurich Resilience Solutions adds DEI service; Vertafore names chief technology officer.

American International Group Inc. and other insurers avoided steep losses from a spate of extreme weather this year thanks in part to the reinsurance industry. But increased reliance on those policies probably means price hikes are coming.

Success demands an innovation-driven formula with four main components: speed, accuracy, scale and customer experience. To do this and change the economic equation, here are five efficiency strategies recommended by Verisk.

Digital Insurance spoke with Angela Orbann, vice president of property, PI product management at Travelers about how technology can optimize a home insurance policy and how artificial intelligence and satellite imagery is helping insurers.

SynchronoSure has three insurance products available in 48 states, and will be adding new products over the next 60 days. GigBOP, a low-end property/casualty product for the gig economy and small business accounts; a trucking general liability product designed to protect the office and garage operations for small trucking companies; and a recently announced excess liability product.

Half of insurers that have already adopted accelerated underwriting report payback periods of less than a year.

The auto-insurance industry has traditionally relied on many factors, but the use of education and job status has come under scrutiny in recent years.

Has insurance's 'noble purpose' ever been more relevant to society than now?

AAU enables underwriters to spot patterns and connections that are either invisible to the human eye or which take normal, human-assisted processes large amounts of time and resources to identify.

New Chief Underwriter and Underwriting Transformation Officer Dawn Boitnott will focus on automation, she says.

Now that accelerated underwriting has emerged from its infancy, there is an opportunity to move the conversation to best practices and competitive advantages

Tech from Human API was rolled it out faster and more broadly because of the virus following a pilot project last year.

More than 1,000 customers in the line of business have taken advantage of the new program.

Working with the insurtech Flyreel, new policyholders will be able to provide crucial data to the insurer.

The global value of insurance premiums underwritten by AI have reached an estimated $1.3 billion this year.

New Spectra tool is designed to be used by advisors and applicants together.

Insurer will use capabilities to identify roof composition, shape and material, among other items.