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March 2, 2023


What: According to a QuantumBlack, AI by McKinsey study, EMEA insurers are investing in analytics use cases, yet only 14% of surveyed companies are realizing more than 5% of their operating profit from advanced analytics. The remaining companies are either not tracking value captured at all or are facing obstacles such as lack of C-level sponsorship, insufficient alignment with business for execution, siloed use cases, slow development, or a lack of data, talent and technology. In the current macroeconomic context, the performance spread among insurers is set to increase, with those that accelerate their analytics efforts having a greater chance of being among the winners. 

Why it matters: Investing in advanced analytics & AI can bring huge rewards to companies across all sectors. We can see the potential for underwriting, claims and sales enablement – and many other benefits – that could be realized by organizations of all sizes.



What: United Property and Casualty Insurance Co., one of the largest carriers in Florida with more than 180,000 policies in force, has been declared insolvent and is now in the process of being liquidated. This marks the 10th insolvency for a Florida property carrier in the past two years. 

Why it matters: The high premiums in Florida can provide great returns when losses due to hurricanes are low, but heavy losses can devastate ill-prepared carriers. This insolvency serves as a reminder of the importance of pricing products correctly, evaluating risk well, and understanding the potential risk of catastrophes.

Read: Orderly Runoff Didn’t Work; Florida’s United P&C Now Insolvent, Headed for Liquidation


What: Slide, a new property insurance company in Tampa, FL, has already become a major provider in the area, taking on nearly 200,000 policies from companies going under. Its success is largely due to its use of artificial intelligence and machine-learning techniques to process data and risk, and make decisions on policies. As many of its competitors avoid new business, Slide is receiving quote requests and has several thousand agents requesting appointments.

Quote: “I can tell you that we’ve received, just in the first few weeks, somewhere in the neighborhood of 7-8,000 quotes from agents,” Bruce Lucas, CEO of Slide, said. “We have a couple of thousand appointed agents right now, we have several thousand more agents requesting an appointment because there’s nowhere else to go, and the legacy Florida carriers, they’re going to remain closed for a while. And so we’re just happy that we are here. We’re at the front end of the new legislation.”

Why it matters: Slide’s use of cutting-edge technology and analytics shows the value of a tech-centered approach to insurance. It’s filling an important gap in the market and providing a much-needed service to its customers and agents.

Read: Top insurtech funding rounds of June 2022 | Digital Insurance

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