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The Evolving Role of AI in Insurance
Multiple June 06, 2019 Posted in: Blog Posts, Pricing & Product Management
Today, insurance is more competitive and more accurately priced because of better data, computing power, customization and emerging technology. Lytx (formerly DriveCam) records 30 seconds before and after a crash. These recordings can be used to prove innocence or guilt in most cases, saving insurance companies millions in litigation costs. The insurtech boom caught many insurance companies off guard. When they did not adapt quickly enough, they lost a significant portion of their competitive position. New approaches to claims adjusting, premium pricing and underwriting will continue to arise. The best chance insurance companies have to remain relevant is to develop unique technologies and rating variables to outprice the competition.
Michigan No-Fault Reform—Has the Time Finally Come?
Greg Frankowiak June 04, 2019 Posted in: Blog Posts, News, Personal Lines
In what has started to become a fairly regular occurrence, new proposals for reform of the current Michigan No-Fault automobile insurance system (also known as Personal Injury Protection or PIP for short) have once again surfaced in the state legislature. Just in the last few weeks, both the Michigan State Senate and State House advanced bills that contained many potentially significant changes to the way injuries occurring from automobile accidents are handled by insurance. 
RPM’s Value in Continuing Education

In the spring of 2019 we attended our first industry event: the Casualty Actuarial Society’s (CAS) Ratemaking, Product and Modeling (RPM) Seminar. RPM serves as a networking event and provides continuing education for CAS members by way of numerous workshops and sessions. We both work on predictive analytics projects, which made this event relevant to our work and solidified our understanding on many of the topics we work on every day, including modeling methods, model testing and implementation. 

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Personalization of Insurance

During the recent Pinnacle University event, we discussed the topic of personalized insurance and its place in the insurance market. The topic of personalized insurance includes the use of more personal data and predictors to price insurance for specific customers, as well as the ability to find insurance coverage for virtually anything you need at any limits you may desire. 

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Florida Assignment of Benefits: Is the End Finally in Sight?
For many years, the Florida property insurance market has been waiting for relief to its number one problem – assignment of benefits (AOB). It’s a problem that has affected both insurance companies and policyholders alike. Governor Ron DeSantis and Florida Insurance Commissioner David Altmaier have asked the Florida Legislature to enact reform, and they have finally delivered by passing CS/CS/HB 7065. Pinnacle has been following this issue for many years and it has been a main topic in multiple presentations, including our State of the Florida Homeowners Market APEX webinars.
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