Happy Wednesday! In this week's Big I Buzz, we are sharing the change in renewal rate for commercial lines from last quarter and 10 insurtechs to watch in 2024. 

Compared to Prior Quarter, All Commercial Lines Saw Renewal Rate Up in Q4: Ivans

Ivans Index reported that the average premium renewal rates increased year-over-year for all major commercial lines except workers' compensation in the last quarter of 2023. Business owner's policy (BOP), general liability, commercial property, and umbrella insurance reached year-end highs in renewal rates during this period. Commercial property led with a 10.34% increase in Q4, reaching 10.67% in December—the highest monthly average renewal movement of the year. BOP and general liability also saw significant monthly rate increases in December, up 9.72% and 6.16%, respectively. Workers' compensation, which reached its highest rate in November, experienced positive average premium renewals for the first time all year at 0.15%. The data suggests an overall trend of rate increases, and industry experts are closely monitoring market trends and macroeconomic factors in 2024.

10 Insurtechs to Watch in 2024

The InsureTech Connect Forward50 Americas Report outlined the top ten insurtech companies highlighted for their leadership and potential. Here are those findings listed on PropertyCasualty360:

10. Armilla - The Toronto-based software development company has developed an assurance platform enabling them to comprehensively verify the quality and reliability of AI-powered products in an efficient and cost-effective manner. 

9. Converge - U.S.-based Converge is a cyber insurance, security and technology MGA focused on the SME sector. Their holistic approach enables them to understand each business' security vulnerabilities, identify threats and take steps to mitigate them.

8. Voxel - Voxel is a US-based B2B startup that has developed an AIpowered risk monitoring and analysis solution for commercial properties. It uses security camera feeds to identify potential hazards and high-risk activities in real-time and encourage safer behavior. 

7. Propeller - Propeller is a US-based insurtech that operates as a virtual agent or MGA focused on the surety bond market. Their platform automates the entire bond trading process, enabling instant underwriting and issuance of surety bonds directly to customers.

6. Elpha Secure - Elpha Secure is a US-based cyber insurance provider, focused on the SME market. Their comprehensive insurance offering comes with the added support of their cybersecurity software to assess, monitor and mitigate the risk of an attack. In the event that a business is affected, they also work with a panel of cyber incident providers to minimize its impact.

5. GloveBox - GloveBox simplifies insurance policy access for consumers by aggregating policy documents, regardless of carrier, in one centralized location. Consumers are also able to compare policies, pay bills, initiate claims and get updates on policy changes. This enables them to enhance customer experience for insurance clients. 

4. Founded in 2018, Roots Automation has created Digital Coworkers that leverage advanced AI to augment human staff in the insurance industry. Digital Coworkers are able to read, think and intuit like a human. They are domain experts, pre-trained to understand and interact with documents, applications and processes commonly found in insurance. 

3. Cover Whale - Cover Whale is a commercial trucking insurance startup for individual vehicles and small fleets. Their solution is powered by vehicle telematics and dash cameras to provide real-time analysis of driver behavior and proactive coaching. 

2. Instride Health - InStrde Health is a virtual pediatric behavioral health startup providing outpatient care for kids, teens and young adults living with anxiety and obsessive compulsive disorder (OCD). Their individualized treatment plans are managed by a coordinated care team, which can include both individual and family therapy, medication management, group therapy and on-demand coaching. 

1. Comp Science - CompScience's safety analytics platform aims to reduce the 2.6 million on-the-job injuries suffered by US workers each year, which cost more than $167 billion in compensation payouts. The company's flagship product is the Intelligent Safety Platform, which analyzes the security video to continuously identify risks, provide mitigating guidance and offer competitive workers' comp insurance. 

Read more here. 

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click  here  to add your email to our emailing list.

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!

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click  here  to add your email to our emailing list.

Happy Wednesday! In this week's Big I Buzz, we are discussing a few takeaways from our 2023-Q3 Quarterly P&C Marketplace Summary and the top causes of travel insurance claims in 2023. 

Takeaways from the 2023-Q3 Quarterly P & C Marketplace Summary: 

Paul A. Buse from Real Insurance Solutions Consulting has pulled some of the takeaways from this quarter's report, "

• The data shows market conditions are firm, but "increases to the increases" have paused in some states. At an average of over 10.2% premium change across the United States, it certainly was a Q3 accurately described as "hard". 

• Lines of business that were the most "hard" are generally property related, and again include Fire and Homeowners. And this quarter, Automobile lines premium growth rates increased. Two lines of business of note shrank in premiums, compared to the same quarter as last year. One is Other Liability Claims-Made. The other is Commercial Multiple Peril. Other Liability Claims-Made premiums continue to decrease after past years of premium increases. Commercial Multiple Peril may be a one-time event, but only time will tell. 

• Consistent with last quarter, Surety premium growth continues to be strong."

Check out the full marketplace report here. IIAW members can access this report for free. 

Top Causes of Travel Insurance Claims in 2023

According to Property Casualty 360, increased travel comes the increased likelihood of travel insurance claims. Here's the list of top causes of travel insurance claims in 2023, "

No. 7: Lost possession while in insured's care: percentage of claimants is 16%

No. 6: Costs incurred because of travel company (travel agent, tour company, etc.): Percentage of claimants is 17%

No. 5: Damaged possessions: percentage of claimants is 18%

No. 4: Lost possessions during transport: percentage of claimants is 21%

No. 3: Transport delays: percentage of claimants is 25%

No. 2: Cancellation: percentage of claimants is 27%

No. 1: Medical costs: percentage of claimants is 28%

Read the full article here. 

For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click  here  to add your email to our emailing list.

Happy Wednesday! In this week's Big I Buzz, we are sharing steps to protect your identity during the holiday shopping season and details on this year's Emerging Leaders Annual Fundraiser. 

Concern for Personal, Financial Data Pervades Holiday Shopping Season

In the midst of holiday shopping, a survey by Iris Powered by Generali reveals that 73% of shoppers fret over their personal and financial data security. Past breaches heavily influence 83% of shoppers' decisions about where to shop, with 58% favoring businesses offering ID protection. Acrisure Partner suggests enhancing insurance policies with identity theft endorsements, distinct from personal cyber insurance detailed by American Family Insurance. These endorsements aid in credit recovery but don't cover fraudulent charges, while some home and renters policies offer limited coverage. NortonLifeLock Inc. advises consumers to follow seven crucial steps to protect yourself: 

1. Monitor for fraudulent activity during the holidays

2. Don't shop using public Wi-Fi

3. Protect financial details

4. Use strong passwords for retailer accounts

5. Learn to spot scams

6. Only shop on secure sites

7. Only shop with reputable online retailers

Read the full article here.

2023 Emerging Leaders Holiday Fundraiser

This year the IIAW Emerging Leaders annual fundraiser aims to support UW Health University Hospital's ICU by providing vital "memory makers" for children and young adults who are losing their family members and receiving end-of-life care. Proceeds from this event will go toward purchasing these memory makers - heart recorders that audibly capture a loved one's heartbeat, encased within stuffed animals or hand molds for children to cherish as lasting memories. Due to dwindling funds and a lack of expected grants, the unit's ability to provide these memory makers is diminishing, potentially limiting offerings to just heart recorders or hand molds ad a few more dollars for stuffed animals, even a $5 donation can significantly impact these crucial offerings. Given the unit's average of one loss daily, these memory makers serve as a small yet powerful source of comfort during highly emotional times. The goal for the fundraiser is to raise $500 for the Trauma and Life Support ICU at UW Hospital to fund these Memory Makers for one year! Click here to donate. 

Don't forget if you haven't already updated your information to head back to this week's Big I Buzz email so you can receive our monthly email curated for you and your role. For more news, check out the Action News section of our weekly e-newsletter, Big I Buzz. If you aren’t subscribed, click  here  to add your email to our emailing list.

Happy Wednesday! In this week's Big I Buzz we are discussing InsurCon2024, a celebration of 125 years of the IIAW, and how to thrive in this historically hard insurance market.

InsurCon2024 - Celebrating 125 Years of the IIAW
Join us on May 15th & 16th, 2024 as we celebrate our 125-year anniversary at our annual convention, InsurCon, a once-in-a-lifetime event set against the breathtaking backdrop of Lambeau Field. As Lambeau Field opens its doors exclusively for our 125th anniversary, you’ll experience its legendary aura like never before. With cheers of the past, the energy of the present and the promise of the future - all converge in this unforgettable celebration. An extraordinary year like this means you’ll receive more than ever with your event registration! 

VIEW INSURCON BROCHURE

Prepare for an unforgettable evening of celebration and inspiration, as we commence with an esteemed awards ceremony and a presentation from Charles Symington, IIABA CEO. We'll enjoy a delicious dinner and journey through the rich history of the IIAW over the last 125 years. Charles Woodson will lead a keynote presentation that promises to leave a lasting impact. Cap off the night with an exclusive Meet & Greet session, offering the chance to connect with Woodson up close and personal.

Registration is now open! Register Here Reserve your spot today and take advantage of our early bird pricing, ending at the end of the month! If you're an exhibitor, visit iiaw.com/insurconexhibitor to reserve your booth. Don't wait as booth space is limited.

How to Thrive in this Historically Hard Insurance Market
The current hard market, which arguably began in 2019 and was exacerbated by the COVID-19 pandemic, supply chain issues, low investment income, rising inflation, and various natural disasters, has led to a significant decrease in industry policyholder surplus and limited underwriting capacity. The impact is evident across different insurance lines:

• Auto Insurance: Some carriers are experiencing combined ratios exceeding 100%, leading to rate increases. Uninsured motorist costs have escalated.
• Homeowners Insurance: Carriers are facing challenges from windstorms and wildfires, with some condo owners experiencing substantial premium increases.
• Commercial Lines: Affordability issues are noted in the habitational marketplace, with significant underwriting losses reported.

A hard market brings challenges and opportunities. Smart agents can address issues like retaining customers, avoiding E&O claims, and dealing with unethical behavior. On the positive side, there are opportunities to gain new business, increase revenue, and invest in improved services for future challenges. Policyholders face unpredictable budgeting accuracy and escalating, sometimes unaffordable, insurance costs. Insurance professionals can respond by adopting risk management and financing strategies beyond traditional approaches. Read the full article here

Give Back During the Holidays - IIAW Emerging Leaders Volunteer Event at Hunger Task Force in Milwaukee.
This year we are organizing a group volunteer outing at Hunger Task Force in West Milwaukee. We will be packing stockboxes which are boxes of healthy non-perishable foods for low-income seniors. This takes place at their warehouse at 5000 W. Electric Ave., in West Milwaukee. Must be able to lift 30 lbs.

Register to Volunteer Here