OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode from the RIMS conference in Philadelphia, PA, insurance leaders agreed that the insurance industry is in for major changes, and that the end result probably will be an industry that is leaner and more measurable. Click on http://www.ambest.com/v.asp?v=rims6417nc to view the entire program.
“There has really been disruption in how the industry uses data analytics to have better outcomes in claims,” said Paul Horgan, head of North America commercial insurance, Zurich North America “The industry has really been able to focus on and show real hard facts on how to handle claims and use this type of computer analysis.”
Joseph Powell, vice president of analytics, Gallagher Bassett, addressed the new issues companies face trying to market themselves.
“Today, a company has to be able to provide all of the data on its performance. I believe this is completely disrupting the industry and making it a much more competitive and performance-oriented one,” he said.
The panelists all said they see a more challenged insurance industry, and believe that the way companies present and distribute products will have to change.
For full video coverage of the RIMS conference, including exclusive executive interviews, visit http://www.ambest.tv/rims17.
Other people that appear in this episode:
- Stephen Catlin, executive deputy chairman, XL Group;
- Barbara Russo, managing director, excess and surplus, ISO;
- Louis Iglesias, president, Allied World North America; and
- Jamie Miller, head of property, North America, Swiss Reinsurance Corporation.
Recent episodes of A.M.BestTV include:
- RIMS: Butler Students Launch an Insurance Captive: At the RIMS conference, a team of students at Butler University and their advisers report that running their own insurance operation can be enjoyable, but challenging: http://www.ambest.com/v.asp?v=rims5417nc.
- RIMS: Mass Cyberattacks Would Cross Coverage Lines, Put Insurers to Test, Say Cyber Specialists: At the RIMS conference, a panel of insurance professionals that specialize in cyber insurance say the growing number of widespread attacks, which begin with cyber intrusions, could put insurers' capacity to the test, entangle many types of property coverage and might lead to the prospect of war exclusions: http://www.ambest.com/v.asp?v=rims4417nc.
- RIMS: Mergers &Acquisitions Appear Poised for New Cycle, Say Insurance Execs: At the RIMS conference, a panel of insurance executives said industry merger & acquisition activity dipped during the most recent election cycle, but may be poised to resume: http://www.ambest.com/v.asp?v=rims3417nc.
- RIMS: It's Not Just the Risk, It's the Problem the Risk Creates, Say Property/Casualty Leaders: At the RIMS conference, a panel of insurers and brokers examines the commercial property/casualty risk frontier and sees an industry racing to keep up with technology and customer demands: http://www.ambest.com/v.asp?v=rims2417nc.
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