Insurtech

The insurance industry is trying to attract and retain a younger workforce as many insurance companies are facing an aging employee demographic. Insurers are working to diversify as people of color in the industry are still underrepresented and tapping into educational opportunities to create a direct talent pipeline.

Gen Z values employers with advanced technology solutions and remote work options.

Colleges and universities are partnering with insurance carriers to offer insurtech, insurance and risk management programs.

He shares how new technologies like machine learning and AI are shaking up the industry and the role of insurance agents.

Total global insured losses from natural catastrophes were about $50 billion from January through June.

In other news: NEXT launches commercial excess liability and liquor liability coverages.

High theft risks for Kia and Hyundai cars, and repair cost risks for Teslas, have driven auto insurers to drop or modify coverage of those vehicles, which is forcing more auto policyholders to switch carriers.

Weather is unpredictable everywhere, and travel insurance policies can vary tremendously.

Embedding insurance policies within other products allows for more automation of the sales process than ever before.

There were more than 40 funding events in the insurtech sector in July, according to a review by Digital Insurance.

CSAA used AI-powered aerial image analysis in a decision to not renew a homeowner's insurance policy in Northern California.

Rising temperatures are disrupting economic activity and daily life across the globe, sapping crops, drying rivers and raising sea levels.

Analytics and agent-to-broker communications are becoming more popular applications for cloud data management. Marketing and automation applications haven't yet reached that kind of critical mass. Google and Amazon discuss their cloud services approaches.

Farmers Insurance's latest effort to reduce risk by not renewing Georgia homeowner policies was flagged as illegal by Georgia's Insurance Commissioner and forced to be retracted.

In other news: Nationwide launches digital platform Pet HealthZone and Bain Capital Insurance closes its 1.15B inaugural private equity fund.

Consumers preferred to share data using smart devices in the home: 45% said they are happy to share information via Amazon Alexa, Google Home and the like. A little over a third of consumers (36%) said they were willing to share data through wearables or fitness health tests.

In other news: Embroker names new CEO and Swiss Re announced global head of property and casualty solutions.

Coterie Insurance, a small business insurance underwriter, is seeking to expand its ability to provide instant quotes and coverage with AI-powered data technology.

Digital Insurance's State of Insurance 2023 report also reveals that underwriting technology and staffing difficulties are top of mind for insurers.

Roots Automation, Cowbell Insurance and Capitola are among the younger companies that have started using GPT technologies.