BUCYRUS, OH (CRAWFORD COUNTY NOW)—A local insurance executive is warning about emerging challenges in the industry, from the rise of artificial intelligence to the federal government shutdown’s impact on home sales.
Todd Boyer of Ohio Mutual Insurance Group said the company is responsibly integrating AI as a tool for efficiency, research, and repetitive tasks, while maintaining a “human in the loop” for key decisions. He noted the technology is one of the hottest topics in the industry.
Boyer also highlighted how a federal government shutdown immediately affects the National Flood Insurance Program (NFIP), preventing new policies and renewals, which can stall real estate transactions for properties in floodplains. Additionally, he voiced concern over lawsuit abuse and the trend of third-party litigation funding, where outside investors fund lawsuits for a share of the winnings, driving up costs for all policyholders.
Ohio Mutual was also recently recognized with the A.M. Best “A” (Excellent) rating for the 33rd consecutive year, a testament to its financial stability. The company continues to give back through its partnership with the Children’s Hunger Alliance.