2020 Global Insurance Outlook

| January 10, 2020

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The annual EY Insurance Outlooks represent a perspective on key issues shaping the industry in the near term (three years). They complement the NextWave series, which takes a longer-term perspective (five years and beyond) and examines specific market scenarios that will shape the future of the industry.

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Foremost Insurance

At Foremost, we believe in the people and products we insure. You can count on us to be there when you need us. And we offer superior claims service with every policy, so when it matters most - Foremost is there to help. We provide Personal Lines insurance coverage through Independent Agents including things like Landlord, Renters, Vacant, Motorcycle, Boat, Mobile Home, and much more!

OTHER ARTICLES

How insurers can use big data to manage the COVID-19 pandemic

Article | March 27, 2020

Insurers are stuck between a rock and a hard place. The recent COVID-19 pandemic has forced much of the world to grind to a halt. As companies struggle to manage the impacts on their supply chains and bottom line, greater pressure is placed on insurers to support their clients while also mitigating the downside for their own businesses. On one end, the needs of insureds are higher. Business operations are global and more complex; all the while, clients expect more bespoke service and support.

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How InsurTech-Insurance Partnership Delivers New Product Innovations

Article | March 27, 2020

In 2019, InsurTech funding reached $6 billion, acknowledging the pace that technology can bring to overcome the age-old Insurance problems, the State of AI in Insurance 2020 says. While Incumbents are known for their core competencies in end-to-end insurance processes (from underwriting to claims settlement and reinsurance), InsurTechs are enticing millennials with fully digital innovative products and solutions.

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What is the Expense Ratio for an Insurance Company?

Article | March 27, 2020

Providing financial security to its consumers is the ultimate aim of an insurance company. However, sustaining its own capability to finance its customers becomes its priority. To measure the financial sustainability, insurance companies use various different methods and techniques. Among them, the Expense Ratio serves as the ideal measure providing clarity on the logistics. Signifying the efficiency of an insurance company and measuring its profitability, the expense ratio gives a clearer picture of the financial aspects of the company.

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How Insurance Industry Can Better Leverage the Potentials of Big Data?

Article | March 27, 2020

The insurance sector has largely been driven by data to drive the dynamics of the industry for several years. However, advances in technology now have led to a broad range of solutions to assess large volumes of information for useful patterns. So, in order to succeed and remain competitive in the ever-changing field, insurers are turning to Big Data and analytics. The increasing use of these solutions delivers the capabilities to transform the industry by providing valuable insights into all facets of company operations and performance.

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Spotlight

Foremost Insurance

At Foremost, we believe in the people and products we insure. You can count on us to be there when you need us. And we offer superior claims service with every policy, so when it matters most - Foremost is there to help. We provide Personal Lines insurance coverage through Independent Agents including things like Landlord, Renters, Vacant, Motorcycle, Boat, Mobile Home, and much more!

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