Welcome to this insightful episode of The Connected Podcast, where we explore critical news and events impacting the insurance sector today. Tune in as we dive deep into the challenges and transformations reshaping insurance landscapes globally.
This episode kicks off with a detailed discussion on "social inflation" and how legal system abuses continue to drive up the costs within the insurance industry. Despite slow-moving tort reforms, an overwhelming majority of Americans recognize the need for legislative action to mitigate the rising expenses borne by policyholders.
We then shift our focus to the homeowners' insurance sector facing unprecedented challenges due to natural catastrophes, inflation, and the aftermath of the COVID-19 pandemic. With a striking 55% hike in construction material costs reported between 2020 and 2022, insurers are grappling with increasing payouts as repairs become more expensive.
The conversation moves on to how insurance companies decide between developing in-house technology solutions or purchasing external ones. With examples like Progressive Corporation, which achieved a substantial increase in net premiums, we discuss the strategies that lead to enhanced operational efficiency and competitive advantage.
Recent events, including significant property damage from flooding in Massachusetts and a sharp rise in global insurance losses, highlight the urgency for innovative insurance solutions and better risk assessments. This segment also addresses privacy concerns in healthcare, emphasizing the importance of maintaining patient confidentiality.
Finally, we spotlight major industry events such as the InsurTech100 Awards and the Global InsurTech Transformer Summit. These platforms not only recognize pioneering companies but also facilitate crucial dialogues that propel the sector forward.
Hosted by Alan Demers and Stephen Applebaum, The Connected Podcast is your go-to source for all things insurance and InsurTech. Join us for each episode as we dissect the dynamics of the industry, shining a light on both the challenges and the innovative strides being made.
Don't miss any episode—subscribe to The Connected Podcast on Apple Podcasts, Spotify, or your favorite podcast platform, and stay connected with the pulse of the insurance industry.
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