In a recent edition of Insurance Business TV, Lori Marino from CFC shared her thoughts on how artificial intelligence is changing the insurance world, especially in distribution and underwriting. She highlighted the benefits that Managing General Agents (MGAs) have and explained why the Excess & Surplus (E&S) market often leads ahead of the traditional admitted market.
Marino pointed out that AI is becoming a tool that helps the insurance industry work smarter. By using AI in underwriting, companies can review risks faster and more accurately. This helps carriers make better decisions and offer tailored coverage more efficiently. On the distribution side, AI can speed up processes and improve customer experiences, allowing brokers and agents to serve clients better.
The role of MGAs was another key point. Marino explained that MGAs have a unique advantage because they often operate with more specialized expertise and flexibility. This helps them access opportunities and provide coverage options that might not be available through standard markets. Meanwhile, the E&S market continues to play an important role by providing insurance for unique or higher-risk situations that admitted carriers may avoid.
This discussion comes at an important time as insurance companies look for ways to close protection gaps and better meet client needs. AI is helping the industry become more responsive and efficient. As technology advances, companies that embrace these tools are likely to stay ahead.
The full conversation is part of a series of videos on Insurance Business TV covering various industry topics, including lessons from recent catastrophe losses, government intervention on cyber risk, and building stronger company cultures. These insights offer a valuable look into the challenges and changes shaping insurance today.