May 30, 2023 โ The specialty market requires significant operational flexibility to accommodate a wide variety of risks and meet the needs of the insurer and the insured. Specialty insurers are prioritizing cloud data warehouses, reporting tools, and data science investments to optimize their portfolios and improve underwriting.
This report, which is part of a series on key business and technology trends in specific lines of business in the U.S. insurance industry, provides an overview of specialty lines insurer business and technology issues, data about the marketplace, and more than 10 examples of recent insurer technology investments. It draws from the expertise of Aite-Novarica Group’s experts, conversations with Aite-Novarica Group clients and Insurance Technology Research Council members, and a review of secondary published sources.
Clients of Aite-Novarica Group’s Property & Casualty service can download this report and the corresponding charts.
This report mentions Accident Fund Insurance Company of America, AF Group, AIG, Alleghany Corporation, Allianz Global Corporate & Specialty, Alianz X, Ambac Financial Group Inc., American Family Ventures, American Reliable Insurance Company, Amerisure, AmeriTrust Group, Aon, Applied Underwriters, Arch Insurance, Argo Group International Holdings,ย Ascot Group Ltd., Ascot Surety & Casualty Company, Aspen Insurance, Arthur J. Gallagher & Co., At-Bay Specialty Insurance Company, Ategrity, Attune, AXA XL, Beazley, Berkshire Hathaway, Berkshire Hathaway Specialty Insurance, Boston Indemnity Company, Brookfield Reinsurance, Cake, Canopius USA, Catapult Insurance Solutions Inc., Catlin Specialty Insurance Co., Chubb, Cirrata Group, CLIR, Coaction Specialty Insurance, Coalition Insurance Company, Core Specialty Insurance Holdings Inc., Coverys, Covr, Crum & Forster, Digital Affect Insurance Company, The Doctors, Duck Creek, EmPRO Insurance Company, Everest Re, Everett Cash Mutual, FCCI, Fidelis Insurance Holdings, The Fortegra Group, Fusion Specialty, GAINSCO, GBLI, Global Aerospace, Google, Great Midwest Insurance Company, Hallmark Financial Services Inc., The Hartford, Hartford Steam Boiler, HDI Global Insurance Company,ย Hiscox, Insurity, Intact, InvoiceCloud, io.insure, Jupiter Intelligence, kWh Analytics, Lancer Financial Group Inc., Ledgebrook, Liberty Mutual, Liberty Specialty Markets, Mosaic Insurance, Munich Re Digital Partners US Holding Corporation, Nationwide, Origami Risk, Pathpoint, Pinnacol Assurance, Praedicat, Privilege Underwriters Inc., PURE Specialty Exchange, REIN, Relay, Resilience, Risk Placement Services, Sequentis Financial, Skyward Specialty Insurance Group Inc., SkyWatch.AI, Sompo International, Sony Electronics, Stone Point Capital LLC, Specialty Program Group, Swiss Re Corporate Solutions, Tejas American General Agency LLC, Terrafuse, Thimble, Tokio Marine Group, Tokio Marine HCC, Travelers, Vantage Risk Specialty Insurance Company, Verisk, Warburg Pincus, Westfield Insurance, and XL Insurance America Inc.
About the Author
Eric Weisburg
Eric Weisburg is a Senior Principal at Datos Insights. His expertise lies in insurance technology, data, and analytics, and distribution, underwriting, and finance. Eric has over 20 yearsโฏof LAB and P/C insurance industry, consulting, and IT experience. Prior to Datos Insights, Eric served as Managing Vice President of Strategic Initiatives at Tower Group Companies and VP at AIG, where he...
Other Authors
Mitch Wein
Mitch Wein is an Executive Principal in the Insurance Practice at Datos Insights. He has expertise in international IT leadership and transformation as well as technology strategyย for banking, insurance (life, annuities, personal, commercial, specialty), and wealth management. Prior to joining Datos Insights, Mitch served in senior technology management positions at numerous financial institutions.ย At Bankers Trust (now Deutsche Bank), he automated...
Steven Kaye
Steven Kaye is Head of Knowledge Management at Datos Insights, and lead editor of the firmโsย Business and Technology Trends in Insuranceย series. He has managedย a wide range of research projects since joining the firm in 2008. Previously, Steven worked for Accenture as an insurance researcher focused on the U.S. life and property/casualty markets. He also served in both knowledge management...