MAY 10, 2021 08:05 AM (EDT)
Best’s Special Reports: Although Pandemic Drove Flurry of Insurer Innovation Efforts, It Also Hampered Results
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FOR IMMEDIATE RELEASE
OLDWICK - MAY 10, 2021 08:05 AM (EDT)
One-year benchmarking analysis of AM Best-rated companies’ innovation assessments show that just 13% of companies earned the highest scores on their output results, illustrating that actual sustainable results over a longer period has yet to be seen in what may be the new normal business environment given the impacts of COVID-19.
In March 2020, AM Best formally integrated its criteria procedure, “Scoring and Assessing Innovation,” into its rating process, which outlines how AM Best explicitly considers an insurance company’s innovation efforts. In a new series of Best’s Special Reports, AM Best examines how insurers performed on their innovation efforts since implementation of the criteria. As the pandemic surged in the first half of 2020, AM Best observed a recalibration of priorities by innovation teams, with some insurers pausing major initiatives. At the same time, many companies achieved more in the past year than in the years leading up to 2020. Innovation strategies vary by company and business line, and insurers generally still face difficulty with regard to the linkages between innovation inputs and results, especially in times of crisis.
The individual reports are as follows:
For an overview discussion of these reports with AM Best Associate Directors Edin Imsirovic and Jason Hopper, please go to http://www.ambest.com/v.asp?v=innovation421 .
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.