Send was on the ground at Insurance Insider’s Inside P&C event in New York, where our own Adam Cherubini, Chief Revenue Officer, joined a panel of industry leaders to share their thoughts on the evolving landscape of property and casualty insurance. Panellists agreed that although capital is flowing into P&C markets, the pace has decelerated due to high interest rates and increased discipline. Among the biggest themes emerging from this year’s conference were the impact of economic recovery on insurance losses, innovation opportunities, and strategies for confronting the ever-growing risk of social inflation.
The panel kicked off with Mike Dorfman, Co-Founder & COO at Koffie Financial, offering valuable insights into the commercial auto sector, highlighting that parts and labor costs remain elevated. He also noted that casualty tails have grown longer, emphasizing the need for more diligent underwriting practices. The underlying theme here is the industry’s renewed focus on underwriting profitability.
Investment in insurtech is slowing down. This slowdown reflects a shift in priorities, where insurers and reinsurers are taking a step back to assess the impact and effectiveness of their technological investments.
In response to the question of how carriers can chart pathways to innovation while maintaining profitability, Cherubini emphasized that innovation is at the forefront of executive minds. The key, he argued, is disciplined underwriting processes that give underwriters the time and tools they need to focus on value-driven work. By leveraging Send’s Underwriting Workbench, carriers can empower their underwriters to engage in distribution, develop new products, and make better risk decisions, all while maintaining profitability.
The discussion then turned to the topic of artificial intelligence (AI). Is it mere hype or a tangible reality? Ravindra Salavi, Sr. VP, Data Analytics & AI Practice Leader at WNS, stressed the importance of demonstrating AI’s value quickly. Understanding the maturity of your data is crucial because, as he pointed out, AI is only as good as the data it operates on.
Cherubini added valuable insights by highlighting the current “submission chaos” within the industry. With many carriers and MGAs relying heavily on email for communication, there is a real need to bring structure to this process using AI. Creating an organized file with AI not only saves time but also allows underwriters to focus on their core responsibilities.
The discussion then ventured into the realm of IoT (Internet of Things) and blockchain. Dorfman shared how IoT sensors are connected to every truck insured by their company, providing a treasure trove of data. This data helps predict and prevent accidents, ultimately reducing claim costs. This example showcases the potential of IoT in insurance and how it can provide valuable insights to underwriters.
Cherubini emphasized the IoT movement’s potential to revolutionize insurance, with sensors becoming an integral part of homes and vehicles. This evolution not only influences pricing but also demonstrates the value of monitoring and better data to end-users.
The panel also addressed the industry’s aging workforce problem. Cherubini emphasized the need to do more with less by blending human expertise with technology to enhance efficiency. At Send, we recognize the importance of human underwriters, utilizing technology to augment their capabilities.
Dorfman added that the industry has seen interesting initiatives over the past decade to attract new talent. Domain expertise remains crucial, especially for insurtech companies.
In addition to the panel insights, the event’s recap highlighted several key themes, including capital deployment challenges, market cycles, rising loss costs, and the evolving role of MGAs (Managing General Agents). These themes echo the industry’s ongoing transformation and the need for adaptability.
At Send, we recognize the significance of staying ahead of these shifts.. Our solutions, like the Send Underwriting Workbench and Smart Submission, leverage technology to empower insurance professionals and enhance decision-making processes.
For more information on Send Underwriting Workbench, and how it can support the P&C community, please click here.