OLDWICK, N.J.--(BUSINESS WIRE)--In this AMBestTV episode from the National Association of Mutual Insurance Companies (NAMIC), held in National Harbor, MD, attendees said insurtechs are bringing new service and product opportunities, helping insurers meet the expectations of today’s prospects and policyholders. Click on http://www.ambest.com/v.asp?v=namic2919 to view the entire program.
In this episode, executives discuss the challenge small mutuals face in staying competitive amid advances in technology.
“One of the things we have found is that the technology helps us do what we do better and smarter,” said Elizabeth Heck, president, chief executive officer and chief operating officer, Greater New York Mutual Insurance Co. “Additionally, it helps us engage with our customers in a very different way, since the technology that is available is available to all. The challenge is to find the right one for your company.”
“There are tremendous opportunities that insurtech brings, once we can figure out how it best fits into our operations and technologies,” said Larry Shaw, president and chief executive officer, MMG Insurance. “Opportunities exist in the operating side, by getting better operating information, as well as on the ratings and claims sides. As you can see, the future is quite open for all of us to utilize insurtech.”
Joseph Gould, sales executive, Gradient AL, spoke about how mutuals are keeping costs under control.
He said, “As mutuals partner with outside companies that have the resources, both are able to share the costs across a broader client base, which allows mutuals to implement and keep up with these technological advantages.”
Other people that appear in this episode:
- Nancy Newmister, president and chief executive officer, Frederick Mutual Insurance Company;
- Keith Wolfe, president, U.S. property and casualty, Swiss Re;
- Christopher Haines, president and chief executive officer, Marias Technology;
- Jeff Rieder, partner, head of Ward Group, AON Ward Benchmarking;
- Tim Sullivan, president and chief executive officer, NAMIC; and
- Ravi Arps, managing director and member of the board, Stonybrook Capital.
For full video coverage of the NAMIC conference, including exclusive executive interviews, visit http://www.ambest.tv/namic19.
Previous NAMIC conference coverage includes:
- From the NAMIC Conference: Buoyed by Improved Results, Mutual Insurers Prepare for the Next Round of Competition: Attendees at NAMIC said the challenge for mutuals is to leverage new technology, develop new products and services and focus on their agents and insureds: http://www.ambest.com/v.asp?v=namic1919.
Other continuing AMBestTV conference coverage includes:
- From the InsureTech Conference: Insurance Fundamentals Take Center Stage: At the 2019 InsureTech Connect conference, attendees said technology and new competitors are remaking insurance operations, but core principles remain crucial to insurance success: http://www.ambest.com/v.asp?v=itc1919. Related InsureTech Connect coverage at http://www.ambest.tv/itc19.
- From the WSIA Annual Marketplace: Thriving Wholesale and Specialty Sectors Draw Insurers to Annual Event: Attendees to the Wholesale and Specialty Insurance Association’s (WSIA) Annual Marketplace said the surplus lines sector supports its growth by focusing on new risks and coverages: http://www.ambest.com/v.asp?v=wsia1919. Related WSIA coverage at http://www.ambest.tv/wsia19.
AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View AM BestTV episodes at http://www.ambest.tv.
AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.