A.M. BestTV at InsureTech Connect: For Insurance Technologists, The New Frontier Is Small Commercial Lines
There are several reasons for that focus,” said Ham. “First, it is a very exciting, attractive and profitable market. The small commercial market, depending on how you define small commercial, has a value of anywhere from
“The consumer is used to and looking for speed, which makes it incredibly important,” Hanley said. “However, if we start missing our marks, specifically in how we price products because we are trying to do the underwriting too fast, we will get crushed a year or two later in the loss ratio. Premiums go up and the entire process breaks down. Therefore, we need to be fast, but we need to do it through the filter of increasing speed while maintaining pricing accuracy.”
Other people that appear in this episode:
-
Travis Owens , innovation manager, Central Insurance Companies; and -
Allan Egbert , co-founder, Ask Kodiak.
For full video coverage of the InsureTech Connect 2018 conference, including exclusive executive interviews, please visit http://www.ambest.tv/insuretech18.
Other innovation-focused episodes of A.M.BestTV include:
- Technology Helps, Culture Makes the Difference: Sridhar Manyem, senior director,
Edin Imsirovic , senior financial analyst andClare Finnegan , criteria analyst, all ofA.M. Best , examine the company’s new industry survey of more than 450 insurance companies globally, which shows how many insurers are hungry to embrace innovation, but some face internal challenges to change: http://www.ambest.com/v.asp?v=innovation1018. - Innovation Report First Step in Integrating Into Rating Evaluation, Says A.M. Best Executive Vice President and Chief Operating Officer:
Matt Mosher , executive vice president and chief operating officer,A.M. Best , discusses a new report from the rating agency that examines insurers’ perspectives on innovation, and said the next step is to develop criteria to evaluate an insurer's ability to innovate: http://www.ambest.com/v.asp?v=mosher1018.
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