Property insurance shopping drops into negative figures for first time in 18 months

insurance news report

Property and Auto Insurance Shopping Slows at End of 2021  Despite optimism at the outset of the quarter, property and auto insurance shopping trended below 2020 levels at the end of 2021. TransUnion’s (NYSE: TRU) latest Personal Lines Insurance Shopping Report found auto insurance shopping was down an average of 12.5%, while property insurance shopping dropped an average of 3.4%, compared to the same time period in 2020. Record-breaking prices for both new and used vehicles deterred many consumers from auto shopping, and in turn, reduced insurance shopping by as…

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GeoX partners with Sompo Japan to develop AI-based automated underwriting platforms

insurance news

GeoX, a leader in supplying geospatial data to insurers Announced today a partnership with Sompo Holdings Inc., Sompo Japan Insurance Inc., and Sompo Risk Management Inc., specialty providers of property and casualty insurance and reinsurance with operations in the U.S. and 80,000 employees in 228 cities in 30 countries. This partnership will support Sompo Japan as it develops an automated underwriting methodology utilizing state-of-the-art AI technology.  In recent years, advances in geospatial data technologies such as higher resolution and 3D satellite imagery have led insurers to use data in ways…

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2021 Demonstrated the Value of Captive Insurance: CIC Services Shares the 30-Day Countdown

KNOXVILLE, Tenn. – November 2, 2021 – 2020 proved to be a challenging year for many businesses as they navigated the fall out of the pandemic. As 2021 unfolded and COVID cases decreased, many experts felt this was the light at the end of the tunnel and an end to COVID woes. But unfortunately, that wasn’t the case. 2021 has had its own obstacles. Although businesses have been able to reopen and, in most cases, resume business as usual minus some concessions, businesses have still been plagued by supply chain…

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Headline: FinTech Global’s InsurTech100 list reveals the must know companies in the sector in 2021

As the InsurTech sector continues to hit record investment levels, FinTech Global has revealed the 100 most innovative InsurTech companies as part of its fourth annual list. The InsurTech100 2021 is a ranking of the world’s most innovative technology solution providers that address the digital transformation challenges within insurance. An exhaustive list of 1,400 companies was compiled by FinTech Global. This data was then assessed and voted on by a panel of analysts and experts. Finalists were selected for their innovative use of technology to solve a significant industry problem or generate…

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Dennis M. Baez Joins Berkley Construction Professional as Senior Vice President of Underwriting

Morristown, N.J. (August 31, 2021) – Dennis M. Baez joins Berkley Construction Professional, a division of Berkley Alliance Managers, a Berkley Company, as a senior vice president of underwriting. He is responsible for underwriting primary and excess business within the retail and wholesale insurance communities, fostering strong broker relationships and achieving profitable growth for Berkley Construction Professional’s contractors’ and owners’ professional liability portfolio. “Dennis’ extensive experience at several global leaders in insurance broking will help us better understand the professional liability needs of our customers and enable us to develop…

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A3logics envisioned tech stacks for secure and scalable future development

Powerful API integrated solutions, Augmented customer 360 management solutions, and technology integrated mobility solutions for A3logics customers. A3logics, a leading IT professional services provider, reported entering into a new development approach by adopting the innovative and demanding technology stack. To accelerate digital transformation and reap massive time efficiencies, A3logics realized the need for an integrated solution around EDI integration and other platforms. As this transformation was in the process to roll out across operations, A3logics expected increased and improved efficiency. What Affected the Introduction To This Change?  As an integrated…

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Towards the renewal of the tourism industry – the changes that have taken place in the travel insurance post COVID-19

The sky is slowly opening up, with more and more countries agreeing to accept vaccinated tourists and among the things that have changed their face since the COVID-19 came into our lives, is the field of travel insurance. Just as there is the world before September 11, 2001 and after September 11, so now there is the world before the corona and the world after the corona. If flying a year and a half ago required of us a, b and c, then today in order to fly it requires a, b,…

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