MCA Video: AIR National Conference 2023
By Tom Torcia and Mike Altman
Tom and Mike discuss their key takeaways from this event that brings together the leading minds in the auto insurance industry.

Tom Torcia, Mike Altman from MCA. We’re just getting back from the 2023 Auto Insurance Report Conference hosted by Brian and Patrick Sullivan. It’s an annual conference bringing together leading minds to discuss relevant topical conversations on the auto insurance industry. This year, several great speakers and content.

Some of the most notable trends that we heard at the conference, Mike. I think one that I certainly take away is the influence and focus the OEMs are having on industry loss trends. The belief is that it will continue as we see a rise in long term severity continue to materialize in 2023 and beyond.

Yeah, I think one that I took away shopping has rebounded. We saw a decrease in 2020, 2021. Pandemic hit, really saw shopping decline. We really saw that jump around, jumped back up in 2023. Carriers are going to have to continue to deal with that 2023 and possibly into 2024.

Yeah, one of the last ones I think was important is the advances in AI and machine learning. It will continue to increase at a significant rate of pace, and I think most carriers are trying to figure out how do you take all this rich predictive analytics and modeling, bring it to your class plan and move away from a black box. I think more and more carriers will try and figure out a way of doing that and those that can, I think, will be successful.

Several great conversations and topics, room for optimism, and auto going forward will certainly a challenge as we as we look ahead from 2023 to 2024.