Insurance Companies & AI

AXIS Capital CEO, Vince Tizzio, joined Market Domination Overtime to discuss demand for insurance policies, the insurance sector outlook, and AI's role in driving growth. The business is seeing demand in the first quarter with a reported 24% improvement in submissions. This was broad-based, with the energy, cyber, and professional lines businesses thriving.

Cyber Business Trends

Axis maintains a strong market share in cyber, which is sized at about $12 to $15 billion and is a global product sought by all sizes of companies. There is a proliferation of loss activity under ransomware, continued privacy matter losses, and specific approaches by underwriters in attracting customers. Policy triggers are increasing due to increased cyber attacks, with frequency on the rise and affecting different sized companies.

Leveraging AI

AI is being leveraged in critical ways. First, the company is looking at the use of AI inside the organization to make it more efficient and effective, and to help underwriters in risk selection. Secondly, AI is being used with intermediaries, as business is transacted in traditional ways. Third, they're looking at it from the customer lens in the development of further customized solutions by leveraging analytics to bring more specific intel solutions. The culmination of this should translate to stability and resilience in profit and loss statements.

Tariffs and Policies

The impact of tariffs is felt through many products, impacting loss cost trends and product pricing. A sustained impact of trade relations would ultimately impact growth in certain lines of business. The company continues to meet the needs of its customers.