$14.3B GenAI impact, Commercial Rates Stay Flat, Assured Partners Acquires CoyleKiley

Happy Monday ,

This week we explore how insurers are leveraging GenAI for internal business processes and how customer are feeling with GenAI interactions.

GenAI is no longer just a tool for productivity—it's now essential for driving growth across all sectors, including insurance.

In other news, AssuredPartners keeps running with its expansion strategy with the acquisition of CoyleKiley.

Cheers to tackling another week filled with challenges and opportunities!

— Gaston Brizuela Senior Insurance & PE Analyst

In this Issue:

• Data Dive

• Trend of the Week

• Deal of the Week

• Podcast of the week

• Interesting Articles

• Tweet of the Week

📚 Data Dive

Insurance Gets an AI Upgrade: Billions on the Table

AI is rewiring the insurance industry at record speed, with GenAI investments expected to hit $14.3 billion globally by 2034​. Early adopters are already seeing gains: from automated claims processing to predictive customer analytics, the tech promises both efficiency and enhanced customer satisfaction. But the real kicker? It’s not just about trimming costs—GenAI could unlock new revenue streams through hyper-personalization and better fraud detection. As North America holds the reins for now, expect emerging markets like Asia to shake things up. Fast adoption is no longer a luxury—it’s a necessity for survival in this hyper-digital space​.

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📈 Trend of the Week

Marsh Calls Time-Out On Rate Hikes

It took seven years, but commercial insurance rates have finally stopped climbing—at least for now. According to Marsh’s Global Insurance Market Index, Q2 2024 marked the first flat composite rate since 2017. All major regions saw some relief except India, Middle East, and Africa (IMEA), which continues to see rate hikes. While the industry catches its breath, this pause raises bigger questions. Will the next few quarters confirm a cooling trend, or is this just the calm before another storm? As always, insurers and buyers will need to stay sharp—markets have a way of changing direction without warning.

🤝 Deal of the Week

AssuredPartners Expands with CoyleKiley Acquisition

AssuredPartners continues its growth streak by acquiring CoyleKiley, a multi-line brokerage offering property and casualty, employee benefits, personal lines, and life insurance solutions. The CoyleKiley team will stay intact under the leadership of agency president Dana Kiley, operating within the Great Lakes Region under Mike Ross, AssuredPartners’ regional president. Highlighting the shared values of community impact and client service, retail president Todd Stocksdale praised CoyleKiley’s tailored solutions and local presence. Dana Kiley sees the partnership as an opportunity to unlock more resources for clients while strengthening the agency’s regional network.

🎧 Podcast of the week

Navigating Wildfire Risks & Insurtech Innovation

In this episode of FNO: InsureTech, Rob Beller and Lee Boyd chat with Caribou Honig, Chairman of InsureTech Connect, for a deep dive into wildfire insurance challenges and industry innovation. Caribou shares his personal experience securing homeowners insurance in wildfire-prone Santa Fe, shedding light on market dislocation, pricing diversity, and alternative insurance options. The conversation also touches on New Mexico's proactive wildfire management, the rise of niche insurtech players, and the potential impact of A.I. on the sector's future. A must-listen for anyone keeping a pulse on industry trends.

📰 Interesting Articles

🐣 Tweet of the week

"You miss 100% of the shots you don`t take"

Wayne Gretzky