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US Property and Casualty Insurance Exchanges: Promises and Perils
Ovum, Jan 2011, Pages: 18
Introduction
Insurance exchanges are not a novel concept to the US property and casualty (P&C) insurance industry. However, the industry is littered with failure after failure of P&C insurance exchanges, specifically commercial P&C exchanges. This report delves into the challenges commercial P&C exchanges have to overcome to succeed in the US.
Features and benefits
- Discussion of exchanges from a general perspective.
- Discussion of the five major participants and two critical flows of a commercial P&C insurance exchange.
- The one critical attribute a commercial P&C insurance exchange must have to succeed in the US.
- Discussion of what attracts brokers to commercial P&C insurance exchanges.
- Discussion of the perils which commercial P&C insurers are concerned about and need to be resolved.
Highlights
- This report discusses the high-level structure of commercial P&C insurance exchanges, briefly compares three P&C insurance exchanges, and provides recommendations for insurers, brokers, technology vendors, and the management of insurance exchanges.
Your key questions answered
- What do commercial P&C insurance exchanges have to do to succeed in the US?
- What are the similarities and differences between three P&C insurance exchanges -the emerging CIAB/L-N exchange, the SeaPass Hub, and InsuranceNoodle?
- What important lesson does the e-book/e-reader phenomena have for insurance exchanges, brokers and insurers?
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