Happy Wednesday! In this week's Big I Buzz, we are sharing an upcoming webinar you won't want to miss and what J.D. Power says is changing the insurance industry.

J.D. Power: The Factors Changing Insurance

The P&C insurance sector is undergoing a significant transformation driven by economic forces beyond insurers' control. J.D. Power's Senior Director of Insurance Business Intelligence, Stephen Crewdson, emphasizes this in the report 'The Five Forces Influencing P&C Insurance Shopping.' Crewdson notes the industry's departure from tradition, attributing the shift to socio-political and economic factors. Here are the five forces J.D. Power Insurance Intelligence says is reshaping the landscape of P&C insurance: 

5. Less satisfying claims experiences are beginning to influence more consumers to shop. 

4. Insurers are pulling back as more consumers are shopping.

3. Insurers are increasingly targeting more profitable consumers.

2. UBI is taking a larger role in shopping and may break the 'bundling mold.'

1. Inflation is driving rates, and rates are driving consumers to shop. 

Read more from this article here. 

An Introduction to AM Best, the Credit Rating Process and the 2024 Market Outlook

11 a.m. on March 6, 2024

1 WI CE Pending - Free to IIAW Members

Presented by the IIAW

Dawn Walker, Associate Director at AM Best, will provide an introduction to AM Best ratings and walk through rating process. Dawn will discuss how ratings are used in the market by varying stakeholders and regulators, as well as how a carrier might use their AM Best rating. The session will highlight the Best’s Credit Rating Methodology building blocks, which are used to determine a carriers rating, and potential drivers for ratings changes. In conclusion, Dawn will present AM Best’s 2024 Outlooks. 

Register for this webinar here!

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