Ben Francavilla, president, Amwins Program Underwriters, said that clients may respond to successive rate hikes by raising deductibles and assuming more risk.
Summit attendees also said they expect greater transparency to avoid controversies such as the one that engulfed Vesttoo. They spoke with AM Best TV at Target Markets' 23rd Annual Summit, held in Scottsdale, Arizona.
Jerome Breslin, founder and CEO, Clear Blue Financial Holdings, said regardless of their structure, all insurance carriers must address execution risk, contract risk and compliance.
Tandeka Nomvete, director of external engagement, Spencer Educational Foundation, said the insurance jobs gap is due to the retirement of the baby boomer generation and not enough young talent.
Travis MacMillian, president of Americas, Xceedance, said artificial intelligence and natural language processing are significantly enhancing the underwriting process.
