For over a decade, we have kept a pulse on transformation within commercial lines insurance. Last year’s economic fluctuation, talent crisis, climate change, and technological advancement cast a long shadow over 2024, demanding agile and informed decisions from commercial lines carriers. Every year, ReSource Pro compiles expert insights and survey data from industry executives to analyze important areas of focus. From this year’s research into commercial lines, we uncovered a focus on business optimization. This strategic initiative is driving carrier priorities, strategies, and technology inv ..read more

In a recent feature for Carrier Management, Dan Epstein, CEO of ReSource Pro, delves into the pressing issue of the global talent crisis within the insurance industry. With a staggering projection that 50% of the current insurance workforce will retire in the next 15 years, leaving over 400,000 positions unfilled, the sector faces an unprecedented challenge. This situation is compounded by an unemployment rate significantly lower than the national average, signaling a severe loss of insurance knowledge that could worsen if not addressed soon. Epstein argues that the traditional outsourcing mod ..read more

Several trends, challenges and opportunities continue to impact retail agencies and brokers. While some have been part of the insurance landscape for years, others may require a closer examination to address.   Are we still in a hard insurance market? “We expect a lot of pressures driving up premiums to ease in 2024 but not subside.” – Alan Dobbins, Director of Insurance, Conning It’s a mixed bag: the current hard market for insurance was caused by global weather, political issues, and high interest rates, and it won’t disappear in 2024. Experts like Dobbins see signs of potential improve ..read more

Today ReSource Pro Insights, our research practice, announces a big milestone: the release of our 300th published research report, “Embedded Insurance: Disruptor or Distraction?” This research examines the future of embedded insurance, offering valuable insights into a concept that has recently gained significant traction across the insurance industry. From warranties to travel insurance, embedded insurance has been around for decades, but its potential impact is now being widely recognized. Read the press release here. As part of our longstanding commitment to exploring critical topics withi ..read more

The artificial intelligence (AI) landscape has changed significantly over the past year, presenting both fresh opportunities and new challenges to the property & casualty insurance industry. As AI continues to evolve, especially through advancements like GenAI, insurance companies must create strong governance frameworks to keep AI use transparent and ethical. What is AI governance? First, let’s establish the core of AI governance. An effective approach to governance includes a set of processes and frameworks that ensure regulatory compliance throughout the AI lifecycle – while still allow ..read more

We’re excited to welcome Ernie Feirer in his new executive role leading our carrier practice. With more than 40 years of insurance industry experience, including 37 years of experience working at two of the largest data and analytics providers in the insurance industry, Feirer is an exciting addition to our already strong bench of carrier-focused executives. Feirer’s appointment to this new role is a core part of ReSource Pro’s commitment to enhancing its capabilities for carriers actively seeking transformation. As industry veterans retire and new technologies like GenAI enter the playing fie ..read more

It has been quite a year for property & casualty personal lines carriers in the U.S. – and the implications are showing in their strategic priorities for 2024. Last year, ReSource Pro’s Strategic Initiatives research revealed the key business drivers for technology investments: Customer expectations and growth. A year later, the focus for 2024 is business optimization and pricing precision. There was also a sizeable increase year-over-year in the number of respondents who reported being in the survival stage of their transformation, rising from 5% to 25%. Challenges for P&C Carriers in ..read more

For years, property & casualty insurance has directed its efforts toward enhancing precision, efficiency, and customer interactions by integrating a greater degree of artificial intelligence into applications, portals, and tools. And with the advent of generative AI, a new wave of solutions is entering the market that may be game changers to how insurance professionals work and serve customers – and one area that’s garnering attention is copiloting. As a concept, copiloting – the use of chatbots or virtual assistants for personalized assistance – is not a new function in property & cas ..read more

The Consumer Electronics Show (CES) has long been a beacon for groundbreaking innovations, showcasing the latest advancements in technology across various industries. This year was no different, but one topic stood out in particular A major focus at CES 2024 was the new technologies addressing human security needs, from personal health and public safety to agriculture and economic stability. In fact, the Consumer Technology Association (CTA), the organization behind CES, is a partner in the Human Security for All (HS4A) global campaign, which aims to cultivate collaboration and innovation acro ..read more

Room to Improve the Distribution Process At ReSource Pro, we talk a lot about the technological innovations underway across the insurance industry. However, the reality remains that many processes continue to involve manual paperwork and legacy systems, leading to reduced efficiencies and increased chances of errors. While carriers have invested heavily in distribution capabilities and enhancing agent-carrier connectivity, many agencies and brokers lag behind. But the tide is changing, with a wide range of solutions – from leads to binding – emerging to streamline the distribution process for ..read more