U.S. commercial insurance prices increase during the first quarter of 2019

globenewswire | June 10, 2019

U.S. commercial insurance prices have increased in the first quarter of 2019, according to leading global advisory, broking and solutions company, Willis Towers Watson’s (NASDAQ: WLTW) Commercial Lines Insurance Pricing Survey (CLIPS). The survey compared prices charged on policies underwritten during the first quarter of 2019 to those charged for the same coverage during the same quarter in 2018. The price change reported by carriers for the quarter was just above 2%.Price changes for most lines were similar to or slightly above those reported last quarter. Four standard lines indicated material price increases: commercial auto, commercial property, excess/umbrella liability, and directors and officers liability. The outlier in the survey results continues to be commercial auto, where significant price increases were again reported — in the double digits for the fourth consecutive quarter. Price changes were positive and of reasonably similar magnitude across all account sizes.“Overall, price changes were consistent with recent surveys, with the exception of directors and officers liability, where data now indicate an uptick of price increases into the mid-single digits,” said Jeffrey Carlson, director, Insurance Consulting and Technology, Willis Towers Watson. “Also, while estimates of 2018 claim cost inflation are still elevated compared to the recent past, they have moderated somewhat from estimates provided in our last survey, as the data continue to mature.”CLIPS is a retrospective look at historical changes in commercial property & casualty (P&C) prices and claim cost inflation. A forward-looking analysis of commercial P&C trends, outlook and rate predictions can be found in Willis Towers Watson’s Marketplace Realitiesseries.

Spotlight

From time to time holidays don’t go to plan, baggage goes missing, flights are delayed or people are unwell, all of which mean it’s time to claim on your travel insurance policy.

Spotlight

From time to time holidays don’t go to plan, baggage goes missing, flights are delayed or people are unwell, all of which mean it’s time to claim on your travel insurance policy.

Related News

INSURANCE TECHNOLOGY

Carrot-led Claims Management Joint Venture Set To Disrupt The Industry Once Again

Carrot | March 23, 2022

Insurance technology platform Carrot General Insurance Corp. (Carrot) and two established insurance companies, Hanwha General Insurance (Hanwha) and Lotte Non-life Insurance Co. (Lotte), are uniting to revolutionize South Korea's insurance claims adjustment system. The parties announced Monday that they are joining forces in "an exclusive strategic alliance" across the South Korean peninsula with the goal to "change the face of the accident handling and claims process". Carrot, holding the largest share stakes in the joint venture, will spearhead the development of the new business with its proprietary data and technology while Hanwha and Lotte support Carrot's leadership. The newly formed platform will commence operations in April 2022 under the name Hero Claims Management Inc. (Hero). the new business] will deliver revolutionary claims management capabilities to its insured clients, lowering settlement time and costs, while making the post-accident process fast, fair and frictionless…By leveraging combined resources, shared infrastructure advantage and technology, Carrot and our partners will realize economies of scale while maximizing operational efficiency." Carrot spokesperson Carrot anticipates that having formed the joint venture will stabilize losses while eliminating obstacles that may hinder the company's rapid growth. Furthermore, Carrot's innovative approach creates a strong systemic foundation for Korean insurers of small to medium sizes, as the service will also be available to other insurance companies. The Hero business will not only increase their cost-effectiveness but will also enable them to offer fast and convenient care to their customers rapidly, regardless of where they are in the country without taking much financial burden. The core service will include AI-driven auto-claims damage assessments, automated FNOL intake, prompt dispatch of adequate services, categorization, automated claims payout, and settlement variability. Furthermore, the new company will develop an extra layer of service tailored for electric and autonomous vehicles, which are clearly on the rise while requiring distinguished solutions. (Note: FNOL is "first notification of loss.") The board has decided to name Eun Lee as the new CEO of Hero. Lee brings decades of extensive experience from Hanwha, including leadership roles in auto insurance, operations, and HR. Carrot recently announced its sales of more than half a million UBI policies within a two-year timeframe. Carrot's driving data analytics, accident restructuring technique, and various machine learning algorithms that enable the automation of processes will form the basis of the future business of Hero. About Carrot General Insurance Corp. Based in Seoul Korea the company was established through a JV partnership with some of the big-name investors, including Hanwha, SK Telecom, Hyundai Motor Group, Altos Ventures, and Stic Investments. Being the nation's first fully-licensed 100% digital insurance carrier, Carrot has been disrupting the market with innovative products and has outpaced its global peers in terms of the speed of acquiring customers to its usage-based insurance program. The company's successful footprint owes itself to strong customer value propositions, including easy and accessible insurance, transparent premiums, AI automated accident registration and prompt dispatch of help services all made possible via proprietary technology. The company is also pursuing business in Pay-As-How-You-Drive auto insurance, which assesses the premiums as per customer's driving patterns and behavior through sensor data analytics. In line with the company's open innovation strategy, Carrot has 100+ national & international partnerships, including South Korean government unit that oversees national highways and traffic controls. About Hanwha General Insurance Hanwha General Insurance Co Ltd is a South Korean company mainly engaged in the non-life insurance business with USD 17.9 billion in total assets. Established in 1946, the company is the first South Korean insurance company funded solely by domestic capital. Their insurance products include fire insurance, marine insurance, automobile insurance, specialty insurance, long-term insurance, private pension insurance and others. The Company also has footprints in the reinsurance sector. In addition, the Company engages in the provision of loan services, such as insurance contract loan, apartment mortgage loan and credit loan services. About Lotte Non-life Insurance Lotte Non-Life Insurance Co., Ltd. is a South Korean insurance company specialized in non-life insurance business. The Company's insurance products include fire insurance, marine insurance, automobile insurance, guarantee insurance, specialty insurance, foreign casualty insurance, long-term insurance, annuity insurance and retirement income insurance, among others. In addition, the Company also provides loan services.

Read More

INSURANCE TECHNOLOGY

Majesco Introduces Cloud-Native Core Containerization Support to P&C Core Suite, L&A Core Suite, and Group Core Suite

Majesco | June 09, 2021

Majesco, a global leader of cloud insurance software solutions for insurance business transformation, today announced cloud-native core containerization for Majesco P&C Core Suite and Majesco L&A and Group Core Suite to provide portability, agility, speed-to-market, and ease of environment consistency management for companies accelerating their business transformation on the cloud. Majesco P&C Core Suite and Majesco L&A and Group Core Suite are built as Docker images, orchestrated using Kubernetes, and deployed as Helm charts enabling customers to run on any cloud infrastructure. Majesco will continue to assess the right balance of further decomposition into granular microservices based on customer and market-driven demands with the first decomposition completed. With parallel run validations, this transition is seamless – with no business interruptions – and requires no additional testing or change efforts for carriers. With cloud-native core Containerization support, Majesco's cloud operations will be more reliable, responsive, and secure. Additional benefits include: • Consistency – Enable consistency of deployments across all environments through the same app deployment structure and infrastructure configurations. • Dynamic Scalability – Dynamic adjustments to computing resources by automatically scaling to new nodes based on load for better ROI and operational readiness. • Superior Availability – Separating functionality across containers and monitoring for problem detection and self-healing to deliver higher availability. • Enhanced Security - Applications isolation from the host and each other, Kubernetes secrets for provisioning passwords/keys, and automatic app management and deployment provides enhanced security. • Faster Deployment - Standardized docker images enable faster deployment of Majesco Apps and faster patching for host OS. • Cloud Platform Agnostic - Abstraction from host OS, an inherent feature of containerization, makes the app run on any cloud platform. • Cost-Effectiveness - Scaling of lightweight containers, auto-scaling, and a high degree of automation significantly reduce operating costs with horizontal scaling. Majesco was named a Leader in the October 2020 Magic Quadrant for P&C Core Insurance Platforms, North America, and a Visionary in the August 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America. The company also received an XCelent award for Depth of Service in Celent's Policy Administration Systems: North America Property Casualty Report and named the Top "Best-in-Class" Vendor in the P&C Policy Administration Aite Matrix Report. About Majesco Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups, and MGAs to the largest insurers, reinsurers, and brokers, use Majesco's next-generation SaaS platform solutions of core, data and analytics, digital, distribution, absence management, and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance. Our technology, expertise, and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together, we have a fantastic track record of innovation and real-world results.

Read More

iPipeline Acquires IFS Expands Insurance Industry Presence

Business Wire | September 25, 2020

iPipeline a leading provider of cloud-based software solutions for the life insurance and financial services industry today announced it has acquired IFS™ (Impact Financial Systems), a leading provider of service request automation solutions for client onboarding, asset movement, maintenance and advisor transitions. The company's low code/no code solutions are deployed at some of the world's largest brokerage, wealth, banking and insurance companies. The acquisition enables iPipeline to further simplify and automate business activities and increase efficiency for advisors working at Financial Institutions, Broker-Dealers, and RIAs. Tim Parsons, President and CEO at IFS, will be joining iPipeline’s team.

Read More