Insurance News Beat 9-16-2024

Lloyd's achieved its highest first-half underwriting profit since 2007, attributed to stronger pricing and risk selection. This could influence insurers’ strategies, particularly those serving specialized industries reliant on Lloyd’s coverage.

Verisk’s new report highlights continued increases in construction costs, which are expected to impact both carriers and reinsurers across property insurance lines.

Root Insurance has integrated with First Connect, providing agents with API-powered quote and bind features. This partnership aims to streamline operations for independent agents in auto insurance, offering faster access to quotes and policy binding.

Solace raised $14 million in Series A funding to support its digital health platform, aimed at improving health data management. This development is significant for insurers involved in digital health innovation.

This month’s focus explores strategies to close the insurance industry's growing talent gap. With Gen Z poised to make up one-third of the workforce by 2030, companies need to rethink hiring practices, embrace collaboration, and leverage global talent to remain competitive.

This article discusses the increasing role of AI in insurance operations, with projections that automation could replace more than half of claims activities by 2030. Insurers will need to adapt by reskilling their workforce to manage AI-driven processes.

GEICO has quietly ended its partnership with Trupanion for pet insurance, a notable shift in its strategy for offering supplementary coverage. This may open opportunities for other service providers.

Travelers Canada introduced OPTIMA® Home, a flexible insurance product offering coverage for homeowners, tenants, and landlords, including additional protection for eco-friendly upgrades.

UK-based insurtech Wrapper Insure, which specialized in leisure and lifestyle products, has ceased operations. This reflects the challenges faced by niche insurtechs in sustaining long-term growth.

EverPeak Insurance is using Carpe Data’s Minerva platform to enhance its underwriting capabilities for workers' compensation, helping streamline operations and support national expansion.