Underway for some time now, the disruption of the insurance industry has moved into a new phase, following the announcement by A.M. Best that it may soon begin scoring insurers’ innovation efforts.
Executive Summary
Journalist Russ Banham spoke with ratings agencies, thought leaders and an industry exec to discuss the varied responses to A.M. Best's announcement that it may begin scoring carriers' individual innovation efforts as a component of ratings.In mid-March, the venerable insurer ratings agency sent out a draft report on its plan to incorporate a score on an insurance company’s innovativeness within its overall rating of a carrier. The report—”Scoring and Assessing Innovation”—affirms the disruptive risk that digital and data technology presents for insurers that fail to invest in innovation or invest unwisely.
