Ohio Mutual Insurance Director Todd Boyer explains the role of AI in the insurance lifecycle, warns about how a government shutdown ends NFIP flood insurance, and details the financial threats posed by third-party litigation funding.
BUCYRUS, OH (CRAWFORD COUNTY NOW)—A local insurance executive is warning of emerging challenges in the industry, from the rise of artificial intelligence to the impact of the federal government shutdown on home sales.
Todd Boyer of Ohio Mutual Insurance Group said the company responsibly integrates AI as a tool for efficiency, research and repetitive tasks, while keeping a “human in the loop” on key decisions. He pointed out that 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 block real estate transactions for properties located in flood plains. Additionally, he expressed concern about lawsuit abuse and the trend toward third-party litigation financing, where outside investors fund lawsuits for a share of the winnings, driving up costs for all policyholders.
Ohio Mutual also recently received an AM 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.
