Digital Insurance

The insurance industry’s innovation efforts are paying off, writes Kenneth Saldanha, global lead, industry sector, insurance, Accenture. “There is growing pressure on the industry to pursue transformative change, as customers are demanding greater choice and enhanced experiences,” Saldanha writes. “Additionally, firms are leveraging emerging technologies to offer more appealing products, boost profitability, and expand their markets. Consequently, insurance executives are now viewing innovation as strategic, intentional, and essential for their success.” https://bit.ly/3ZOrD3b #insurance #insurtech

MetLife hired Nick Nadgauda as its executive VP and global CIO effective March 10, 2025. Nadgauda is joining MetLife after two decades at Citi. “Nick's vision and expertise will be instrumental in advancing our digital strategy, enhancing our customer experiences and ensuring we remain at the forefront of our industry.” stated Bill Pappas, executive vice president and head of global technology and operations at MetLife, in a press release. https://bit.ly/402nNEU #peoplemoves #insurance #lifeinsurance #insurtech

Andrew Wynn, co-founder and co-CEO, Ascend, looks at how automation and AI will continue to change the insurance industry, especially for agencies. “This transformation extends beyond mere technological evolution; it aims to empower insurance businesses to more effectively manage risks, enhance operational efficiency, and stimulate sustainable growth,” he writes. “This landscape underscores the pressing need for independent agencies to adopt automation to remain competitive.” https://bit.ly/3BFk4Uo #insurtech #AI #automation #insurance

Insurers are well equipped to address the results of greater stress on the energy grid, namely power quality problems, outages, electrical fires and wildfire ignition, writes Bob Marshall, co-founder and CEO, Whisker Labs (maker of the Ting electrical fire sensor). “While insurers can't rebuild the grid, they are uniquely positioned to play an important role in mitigating these risks,” Marshall writes. https://bit.ly/4gJFnTv #energygrid #powergrid #insurance #PropertyAndCasualty

The holiday season includes travel, new purchases, cozy fires and lots of gatherings, and insurers are behind the scenes providing coverage for possible risks and unplanned emergencies. #insurance

Our predictions series continues with a look at the future for Gen AI and Internet of Things in the insurance industry. We hear from Genius Avenue, Driver Technologies Inc., Planck / Applied Systems, Cover Genius, Plymouth Rock Assurance, One Inc., Turvi, ACORD, Carpe Data, CoreLogic, United Commercial Travelers (UCT), kWh Analytics, Capgemini, The Mutual Group, Northwestern Mutual, HSB - Hartford Steam Boiler, Swiss Re, Nationwide, State Farm, Genpact, Trucordia and West Monroe. https://bit.ly/41G16HG #insurance #2025predictions #insurtech #AI #GenAI #IoT

In the latest Dig In podcast, Carol B. Laufer, North American head of liability at Allianz Commercial, names the biggest risks for the insurance industry: litigation funding, distracted driving and wildfires. “Whether it be wildfire or addictive software, there are social areas to be concerned about, economic areas to be concerned about,” Laufer said. “Ultimately there will be some sort of regulation to artificial intelligence as there is to so many other areas in the lives that we live and that we will adjust to it eventually and we will benefit from it in the short run and the long run.” https://bit.ly/4frriZG #insurance #DistractedDriving #wildfires #litigationfunding

Climate change as cause of home insurance rate increases and non-renewals assailed in U.S. Senate committee hearing. Opponents point to inflation, litigation and other factors. Robert Hartwig, PhD, CPCU of the University of South Carolina said increases in U.S. non-renewal rates are driven mostly by Florida and California. Sen. Sheldon Whitehouse (D-R.I.) and Ben Keys of The Wharton School, said there’s a strong correlation between climate change and non-renewal rates rising at the same time. https://bit.ly/3DlqVTk #insurance #regulation #PropertyAndCasualty

Digital Insurance reached out to insurance professionals for comments related to new and emerging insurance risks to watch in 2025. Read on for more.

The integration of AI in the insurance industry is rapidly transforming how firms operate, from managing smart home security risks to evaluating severe weather impacts. A recent Digital Insurance report highlights that a lack of process automation continues to challenge insurers, with AI leading the way as a key technology driving advancements in claims management. However, with this progress comes the necessity for careful oversight to mitigate potential risks. Explore insights into the evolving landscape and how firms can balance innovation with responsibility. #insurance #artificialintelligence