WIN Magazine - Spring 2016 - (Page 41)

FEATURE AAMGA 2016 HEATMAP OF EMERGING ISSUES AND TRENDS: CHALLENGES AND OPPORTUNITIES FOR THE SPECIALTY INSURANCE INDUSTRY T HE AAMGA EMERGING Issues and Trends Committee was established in 2014 by the Board of Directors and comprised of a group of inter-disciplinary members representing all of the membership groups within the Association. These volunteers are thought leaders on the issues, challenges and opportunities facing the specialty insurance marketplace, and meet monthly by conference call as well as in person during the year, to examine the trends and report back on research and efforts being pursued to bring the results of their work to the membership. The Committee was given the initial charge to constantly challenge conventional wisdom in its investigation of what lies ahead. Rather than accept what others were perceiving as emerging risks, Committee members expanded their views by looking even further ahead of the curve - and to provide members and the industry with competent, reliable advice on how to adapt to the matters that will impact the market. 2016 HEATMAP In its second year of developing a heatmap of emerging issues and trends, AAMGA members from North America and Europe were surveyed and asked to evaluate the current state of the industry and the future. Those responding were managing general agents, managing general underwriters, program managers and administrators, aggregators, brokers, domestic and international insurance and reinsurance companies, Lloyd's syndicates and managing agents, captive insurers, law firms, premium financing companies, third party administrators, state stamping and surplus lines associations, and other professional insurance trade associations. Each respondent provided their scoring of the impact of issues or trends on them, and then scored the impact they would have on the respective issue or trend identified. Those scores were placed into a computational formulaic algorithm to provide the top 16 issues and a high, medium or low scoring of the item's impact. Respondents were also asked to project the timing of the item's impact in the number of years from the present until the inception of the issue. The results of the survey and the Committee's work are set forth on the following pages. Research is now being conducted on the issues and trends identified through the AAMGA's annual White Paper Contest in which students at College and University Risk Management and Insurance programs are participating, as well as by the Committee's on-going efforts. We would be delighted to hear your thoughts and feedback on the emerging issues and trends identified on the AAMGA's 2016 HeatMap. Please send your comments to Executive Director Bernd G. Heinze, Esq., at W I N | S p r i n g 2 0 16 | 41

Table of Contents for the Digital Edition of WIN Magazine - Spring 2016

Surviving the Cyber-Liability Avalanche: How Contracts with Business Partners and Vendors Expose Companies to Cyber Liability
Data and Analytics: Another Dimension to Underwriting in the Specialty Insurance Market
Embracing New Technologies & Attraction Marketing Strategies
How the Cloud Levels the Playing Field for MGAs
Staying Agile in an Era of Disruption
Standardizing the Non-Standard Industry: E&S Working Group Champions Automation and Efficiencies
Using Technology Communities to Foster Innovation in the E&S Wholesale Distribution Model
Autonomous Vehicles: Considerations for Personal and Commercial Lines Insurers
AAMGA 2016 HeatMap of Emerging Issues and Trends: Challenges and Opportunities for the Specialty Insurance Industry
A Personal Note on Leadership: There’s Hope in the Young
In the WIN-ner’s Circle: Jim Mastowski and Coryn Mastowski Thalmann of Jimcor Agencies
Index of Advertisers

WIN Magazine - Spring 2016