A.M. BestTV at WSIA Meeting: Known As a Coverage Incubator, Surplus Lines Industry Extends Its Reach to Technology
OLDWICK, N.J.--(BUSINESS WIRE)--Sep 26, 2018--In this A.M. BestTV episode, attendees at the 2018 Wholesale and Specialty Insurance Association (WSIA) Meeting in Atlanta, GA, said new technology and broader availability of data are helping surplus lines insurers to develop new coverages and risk solutions. Click on http://www.ambest.com/v.asp?v=wsia2918 to view the entire program.
The hot topic at this year’s conference is how technology and innovation are transforming the industry.
“Innovation is what our segment is all about,” said Brady Kelley, executive director, WSIA. “A lot of products and coverages really incubate in the surplus lines specialty market.”
David Blades, senior research industry analyst, A.M. Best, highlighted the role technology plays in the industry.
“The ability to bring solutions quickly and to meet and actually exceed clients’ expectations are highly important,” said Blades. “Technology is one of the leading ways in which companies are able to achieve that goal.”
Hank Watkins, president, Lloyd’s North America, spoke about what he believes are the future prospects for the industry.
“Within a couple of years, all the innovative approaches that brokers, insurers, reinsurers and insurtech companies are taking will provide great opportunities for people to have a much wider career span than what they thought they could have in the traditional industry.”
Other people that appear in this episode:Hugh Burgess, founder and chief executive officer, Vindati; Jimmy DeCicco, account executive, RMS; William Gatewood, corporate vice president and director, personal insurance, Burns & Wilcox; and Marcel Ricciardelli, senior vice president, Allied World Assurance Company.
For full video coverage of the WSIA conference, including exclusive executive interviews, please visit http://www.ambest.tv/wsia18.
Recent episodes of A.M. BestTV include:Surplus Lines Consolidation Creating Ripple Effect: Attendees at WSIA say mergers among key surplus lines organizations create larger competitors, but they also affect overall capacity and cause managing general agents and others to adjust their distribution relationships: http://www.ambest.com/v.asp?v=wsia1918. U.S. Surplus Lines Sector Weathers Challenging Year, Say A.M. Best Analysts: Blades, senior research industry analyst, and Robert Raber, associate director, say surplus lines writers managed to generate a collective profit in 2017 despite higher-than-expected weather-related claims: http://www.ambest.com/v.asp?v=surpluslinesreport918.
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KEYWORD: UNITED STATES EUROPE NORTH AMERICA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE
SOURCE: A.M. Best
Copyright Business Wire 2018.
PUB: 09/26/2018 04:37 PM/DISC: 09/26/2018 04:37 PM