9 Realities About Insurance and Technology

Insurance commerce can only be legally conducted between customers (personal, corporate) and insurance firms (whether reinsurance firm, insurance firm, agency, broker, MGA, MGU).It is illegal to conduct insurance commerce with a technology firm.No technology can ever transform an insurance firm into a technology firm.Technology - whether past, current, or emerging - is critically important to… Continue reading 9 Realities About Insurance and Technology

The Emperor Still Has No Clothes (Insurers Who Believe in VC-Driven Industry Disruption Are The Emperor)

Insurance firms, both incumbents and startups, have been continually told that they are not 'innovative' and the industry must be 'transformed' or 'disrupted.' It is hard, if not impossible, for insurance firm executives not to hear, read, or see those messages all around them (perhaps even in their sleep?). Become 'innovative' or you will be… Continue reading The Emperor Still Has No Clothes (Insurers Who Believe in VC-Driven Industry Disruption Are The Emperor)

The Insurance Industry’s Fundamental Persistent Objective

The insurance industry has one overarching fundamental persistent objective: getting and keeping sufficient scale comprised of clients who have a high likelihood of generating profit. Of course, I mean "profit" as described or defined by the metrics of the insurance lines of business each insurance company conducts commerce. Scale for the sake of scale is… Continue reading The Insurance Industry’s Fundamental Persistent Objective

Shift to (Uninsurable) Severity

A few weeks ago, I saw a LinkedIn post from Dr. Robert Hartwig that discussed his testimony to one of the US Senate's subcommittees about the uninsurability of Business Income from the Covid-19 pandemic. Seeing that LinkedIn post, and reading his testimony, triggered my ongoing belief that uninsurability of certain risks has been happening more… Continue reading Shift to (Uninsurable) Severity

The Myth of the Digital Insurer

Myths through the ages Myths are, always have been, and always will be an intrinsic element of human society.  Myths like the Golden Fleece, Minotaurs, Unicorns, Cupid, Excalibur, and thousands of others have taken center stage in different segments of human life at different times, disappeared, and been replaced by newer tales and folklore.  Myths… Continue reading The Myth of the Digital Insurer

Digital Twins: A manufacturing solution for P&C property insurers

When insurers need to know about property risks Note: I realize that the last time period in the list below could be wrong because I always get claims made versus claim occurrence mixed up. (I don't know how to calculate IBNR either but I understand it requires a dark, stormy night, the entrails of a… Continue reading Digital Twins: A manufacturing solution for P&C property insurers