https://site-73405740.bcvp0rtal.com/detail/video/6354819655112/1.-auto-insurers-grapple-with-profitability-woes-amid-soaring-claims-costs 2024-06-12T18:30:31.572Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/ecfd4396-d5d5-47fb-bf33-7dfcfa9a924a/main/1280x720/1m16s32ms/match/image.jpg 1. Auto Insurers Grapple with Profitability Woes Amid Soaring Claims Costs Auto insurers implemented record-high rate increases in 2023 to address profitability issues, but it appears that these rate hikes were not sufficient. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354819655112 152 2024-06-11T18:20:24.106Z Webinar Highlights https://site-73405740.bcvp0rtal.com/ https://site-73405740.bcvp0rtal.com/detail/video/6354817980112/2.-auto-insurers-faced-with-staggering-112-loss-ratio-underwriting-losses-reach-12-cents-on-the-dollar 2024-06-12T18:31:03.130Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/66187f6a-81d3-4984-828f-2c6689b87771/main/1280x720/2m13s493ms/match/image.jpg 2. Auto Insurers Faced with Staggering 112 Loss Ratio, Underwriting Losses Reach 12 Cents on the Dol Insurance companies dramatically reduced their marketing and advertising spend in 2022 and continued this trend in 2023, as there was little point in actively attracting consumers who were already shopping for new policies due to rate increases. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354817980112 267 2024-06-11T18:25:17.620Z Webinar Highlights https://site-73405740.bcvp0rtal.com/ https://site-73405740.bcvp0rtal.com/detail/video/6354821133112/3.-insurers-adopt-sledgehammer-approach-to-rate-revisions-abandoning-targeted-changes 2024-06-12T18:32:53.660Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/668b9e23-d773-4174-b361-11fa4dcf6f50/main/1280x720/2m25s621ms/match/image.jpg 3. Insurers Adopt "Sledgehammer Approach" to Rate Revisions, Abandoning Targeted Changes Some states were considered healthier and closer to profitability, while states like New Jersey, New York, and California were expected to see continued rate and underwriting activity due to poor performance. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354821133112 291 2024-06-11T18:33:28.760Z Webinar Highlights https://site-73405740.bcvp0rtal.com/ https://site-73405740.bcvp0rtal.com/detail/video/6354819670112/4.-auto-insurance-shopping-reaches-all-time-high-as-consumers-react-to-rate-hikes 2024-06-12T18:33:42.373Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/499bc490-d53e-4943-bae6-a00ac056b577/main/1280x720/1m6s26ms/match/image.jpg 4. Auto Insurance Shopping Reaches All-Time High as Consumers React to Rate Hikes Unlike in a normal market where shopping increases but new policy purchases don't grow at the same rate, consumers in 2023 were more likely to switch policies when shopping for insurance. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354819670112 132 2024-06-11T18:38:56.763Z Webinar Highlights https://site-73405740.bcvp0rtal.com/ https://site-73405740.bcvp0rtal.com/detail/video/6354821431112/5.-the-new-normal:-how-remote-work-is-reshaping-commutes-and-auto-insurance-risk 2024-06-12T18:34:13.115Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/1ed34d93-913e-416a-b26a-fd84b0c67899/main/1280x720/1m25s216ms/match/image.jpg 5. The New Normal: How Remote Work is Reshaping Commutes and Auto Insurance Risk The rise in risky driving behavior may be attributed to less congested roadways, which create opportunities for drivers to drive faster and more aggressively than they used to. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354821431112 170 2024-06-11T18:41:48.644Z Webinar Highlights https://site-73405740.bcvp0rtal.com/ https://site-73405740.bcvp0rtal.com/detail/video/6354820957112/6.-frequent-scrutiny-of-policyholders-driving-behavior-key-to-managing-risk 2024-06-12T18:34:57.438Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/7c10e1b8-0287-4423-99b8-58db578d9755/main/1280x720/1m7s509ms/match/image.jpg 6. Frequent Scrutiny of Policyholders' Driving Behavior Key to Managing Risk Insurers can also re-underwrite policies based on prior loss history and other factors. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354820957112 135 2024-06-11T18:46:57.812Z Webinar Highlights https://site-73405740.bcvp0rtal.com/ https://site-73405740.bcvp0rtal.com/detail/video/6354821338112/7.-adas:-a-double-edged-sword-for-auto-insurers-reducing-frequency-but-increasing-severity 2024-06-12T18:35:29.969Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/2ebe7f1c-1469-449b-b298-d206f7d77516/main/1280x720/2m11s296ms/match/image.jpg 7. ADAS: A Double-Edged Sword for Auto Insurers, Reducing Frequency but Increasing Severity ADAS-equipped vehicles can be more expensive to repair due to costly parts that need replacement, increasing severity. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354821338112 263 2024-06-11T18:49:18.840Z Webinar Highlights https://site-73405740.bcvp0rtal.com/ https://site-73405740.bcvp0rtal.com/detail/video/6354824217112/8.-insurers-struggle-to-accurately-price-evs-as-loss-results-outpace-expectations 2024-06-12T18:36:09.508Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/86dfd681-c62a-4f86-b963-9b06637576db/main/1280x720/2m42s357ms/match/image.jpg 8. Insurers Struggle to Accurately Price EVs as Loss Results Outpace Expectations Insurers will need to tune their pricing models and go through a learning curve to properly price EVs due to their fundamental differences from traditional combustion engine vehicles. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354824217112 325 2024-06-11T20:33:15.388Z Webinar Highlights https://site-73405740.bcvp0rtal.com/ https://site-73405740.bcvp0rtal.com/detail/video/6354869210112/9.-um-and-uim-coverages:-a-growing-opportunity-for-insurers-as-minimum-limits 2024-06-12T18:37:22.835Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/a132cb24-adb1-40f8-a5c0-d85a964c0f61/main/1280x720/59s221ms/match/image.jpg 9. UM and UIM Coverages: A Growing Opportunity for Insurers as Minimum Limits Insurers should be prepared for UIM coverages to be accessed more frequently, as not-at-fault carriers will increasingly see limits exhausted with the at-fault party's carrier, and the claim will come back to them to handle the rest. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354869210112 118 2024-06-12T14:29:41.986Z Webinar Highlights https://site-73405740.bcvp0rtal.com/ https://site-73405740.bcvp0rtal.com/detail/video/6354866953112/10.beyond-claims-history:-innovations-in-sourcing-prior-loss-data-for-enhanced-underwriting 2024-06-12T18:38:08.110Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/0582a244-b6f3-4ca2-8004-9ee140962ab8/main/1280x720/1m50s858ms/match/image.jpg 10.Beyond Claims History: Innovations in Sourcing Prior Loss Data for Enhanced Underwriting Prior claims history, both at-fault and not-at-fault (where permitted), is highly predictive of future insurance loss, and insurers should explore innovations in sourcing this data from other places to improve their underwriting. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354866953112 222 2024-06-12T14:29:42.105Z Webinar Highlights https://site-73405740.bcvp0rtal.com/ https://site-73405740.bcvp0rtal.com/detail/video/6354869301112/11.-insurers-partner-with-body-shops-to-manage-rising-ev-claims-costs 2024-06-12T18:38:36.811Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/81a8f88a-210e-4250-b633-25d2101d2d4b/main/1280x720/1m1s568ms/match/image.jpg 11. Insurers Partner with Body Shops to Manage Rising EV Claims Costs Insurance companies are working with some larger body shops to help them build expertise and bring down the claims costs for EVs. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354869301112 123 2024-06-12T14:29:41.970Z Webinar Highlights https://site-73405740.bcvp0rtal.com/ https://site-73405740.bcvp0rtal.com/detail/video/6354866952112/12.-auto-insurers-reignite-focus-on-claims-innovation-in-2024 2024-06-12T18:39:13.039Z https://cf-images.us-east-1.prod.boltdns.net/v1/jit/819002453001/59c10522-dfe7-4680-8832-39eefc68cbfa/main/1280x720/2m53s365ms/match/image.jpg 12. Auto Insurers Reignite Focus on Claims Innovation in 2024 Innovation around the customer experience has continued, with a focus on involving consumers more in their claims through improved reporting processes, leading to higher satisfaction. https://players.brightcove.net/819002453001/BJQQDtMCe_default/index.html?videoId=6354866952112 347 2024-06-12T14:29:41.988Z Webinar Highlights https://site-73405740.bcvp0rtal.com/