For the second year in a row XL Catlin has topped Advisen’s annual Pacesetter index, an annual recognition of product innovation in the P&C insurance industry.
In fact the top three remain in place from our tally a year ago, with Chubb and Ironshore ranked second and third, respectively. Insurers XL Catlin, Chubb (formerly as ACE prior to the merger), and Ironshore have dominated the top three slots since 2013.
Following the top three is a tie for fourth place with newcomer Starr as well as a reappearance of Allied World, which finished just outside of the top 10 a year ago following several years on the list. The Hanover is another newcomer to the list.
Advisen has been recording and publishing new-product announcements since 2008, and began ranking the top 10 by the number of press releases we receive from each company in 2010.
For 2017, the top three innovators posted a total of 52 product launches, accounting for a quarter of the 208 new-product announcements sent to Advisen.
Eighty-three P&C firms sent at least one new-product announcement to Advisen for inclusion in our monthly Innovation News email newsletter in 2017 but none kept up with XL Catlin’s pace of about 2 product launches per month.
“I am proud, but not a bit surprised, by the nonstop innovation that my XL Catlin colleagues envision and make real,” said Greg Hendrick, chief executive, Property & Casualty at XL Catlin. “The 26 new or enhanced products and services in Advisen’s Pacesetter index is only part of the picture. Innovation is a part of our culture and is an everyday occurrence at XL Catlin.
“In listening to our clients and looking ahead to what the future may bring, everyone here is committed to finding new ways to manage risk, boost productivity and enhance service. And we know it is going to be a large driver of not only our future success, but our brokers and clients’ as well.”
Chubb placed second in 2017 with 15 entries. The insurer posted 23 new products in 2016.
“We are pleased to be recognized as a top Pacesetter for 2017,” said John Lupica, vice chairman, Chubb Limited and president, North America Major Accounts and Specialty Insurance. “This recognition of our broad range of products and services and industry leading risk management capabilities further reinforces the impact our producers, including our producer roundtables, client advisory board members, and employees have on the marketplace. Their combined relentless pursuit for excellence and deep understanding of our business is key to enabling us to develop new solutions to help make a difference to those we serve.”
Ironshore retained its top three ranking with 11 new products, down from 19 new-product announcements in 2016. Liberty Mutual Insurance completed its acquisition of Ironshore last May and combined the Liberty International Underwriters US business and Ironshore’s US specialty lines business under the Ironshore brand.
“Product innovation is driven by change. Industry dynamics, pricing pressures and emerging risks worldwide are presenting challenges to our customers impacted by transformative economic realities,” said Kevin H. Kelley, CEO, Ironshore. “At Ironshore, we feel an obligation to play a pivotal role in anticipating change, thereby empowering customers with coverage solutions.
“Advisen’s Pacesetter Award recognition again this year is a validation of Ironshore’s dedication to continually develop new products and services in response our customers’ demands. We do not fear change, but rather embrace it for greater program improvement. Ironshore’s acquisition by Liberty Mutual offers access to broaden customer reach through multifaceted distribution channels at the highest level. This new relationship – triggered by change – presents new opportunities to expand upon our collective efforts to innovate for customer gain.”
Read the full article from Advisen here.