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Reuters Events’ Insurance AI and Innovative Tech Summit Returns to Chicago in 2020

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Reuters Events’ Insurance AI and Innovative Tech Summit Returns to Chicago in 2020 – USAA, Nationwide, The Hartford AXA, Swiss Re, American Family and More Confirmed

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As insurance carriers look to technology to meet customer demands at scale, how carriers react to competition and rising customer expectations today will define their success tomorrow. From providing bespoke products, instant customer service and real-time risk monitoring, the likes of AI, machine learning and other innovative technologies are proving the only means through which insurance carriers can meet the high demands of consumers today.

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Likewise, managing the backend requirements of the technology and keeping data secure and monetizable requires a massive break from legacy process, both strategically and operationally. Evidence shows that insurance’s transformation is already well underway; according to Accenture’s Technology Vision 2019 survey of nearly 600 insurance industry executives, 96% reported the pace of innovation in their organizations has accelerated over the past three years due to emerging technologies.

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To provide insurance carriers with the tools, strategies and insights to navigate their digital journey, the Insurance AI and Innovative Tech Summit USA 2020 will return to Chicago for its seventh visit, May 12-13, 2020, Insurance Nexus have just announced. Through an agenda researched and written in collaboration with industry leaders, the summit will provide a unique experience for attendees, including hours of expert insight, real-world learning and opportunities to network with a host of leaders from across the North American insurance landscape.

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Download the event brochure today

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Already confirmed to speak at the summit include Jim Tyo (Chief Data Officer, Nationwide), Vineet Bansal (SVP, Chief Technology Officer, Swiss Re) and Will Dubyak (VP Analytics for Product Development and Innovation, USAA), as well as:

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  • Michael Fulton, AVP, IT Strategy & Innovation, Nationwide
  • Steve Klodzinski, Director, Data Science – Claims Casualty, Allstate
  • Cora Hall, AVP Group Benefits Marketing The Hartford
  • Mingju Sun, Director of Data Science Engineering, American Family Insurance
  • Justin Gress, Director of Strategic Operations, AXA

 

Download the event brochure today

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Attendees at Insurance AI and Innovative Tech Summit USA 2020 will also become part of North America’s largest insurance community, with over 500 C-level executives gathering to network, debate and learn from renowned industry experts. To give attendees more control over their own networking, Insurance AI and Innovative Tech Summit USA 2020 will also be utilizing the innovative Brella app, that allows attendees to set their own meetings and create valuable business networks that can be leveraged in future. Insurance AI and Innovative Tech Summit USA 2020 will also feature more interactivity than ever before; remote polling will gather the audience’s perspectives on pressing issues and attendees will be able to submit their own questions to our expert speakers using the Slido platform. With the agenda nearing completion and tickets now on sale, please find more information on the website: https://events.insurancenexus.com/analyticsusa/conference-speakers.php

Life Underwriting … in minutes!

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Groundbreaking innovation from eNoah iSolutions could transform the life insurance industry by providing underwriters with the ability to make informed decisions in minutes.

 

eNoah, a global leader in digital solutions, brings the speed that term life insurance has typically enjoyed to permanent insurance by unleashing the power of machine l earning, artificial intelligence, cognitive computing and predictive analytics.

 

eNoah challenges traditional models and adopts innovative tech for ways to speed up the underwriting

process and empower underwriters to make informed decisions that help place policies quickly, resulting in faster payout to brokerage general agents (BGAs), brokers and agents, and ensuring customer satisfaction that leads to repeat business with higher retention. These new advances have the huge potential to improve cycle time by several days and thereby speed up policy issuance.

 

In short, underwriters using eNoah’s software can run full medical history reports — including attending physician statements (APSs) — in about 10 to 15 minutes, rather than the days it typically takes.

 

That shorter wait time has more clients filling out permanent applications and thus handing more agents larger commissions; it also has carriers issuing a greater number of policies while saving time and money in the process. This ensures faster insurance coverage to applicants.

 

In the Q&A that follows, Manoj Sherman, eNoah’s senior vice president, shares an in-depth look at what makes eNoah’s platform eXtract Plus™ so game-changing for underwriting.

 

Q: What is the biggest challenge for insurance underwriting?

 

Manoj: The capacity to adapt to evolving market needs. Traditional insurance models are severely challenged by disruptive new technologies, and companies need to adopt new models of engagement to meet today’s customer expectations of ease of use and speed of delivery.

 

Insurance at large is one of the slowest sectors to adopt new technologies, as per industry surveys.

 

To survive in this highly competitive ecosystem, there is increasing pressure on underwriting to lower costs while making quick and accurate decisions. That’s essentially a herculean task, because the amount of data in medical histories that underwriters need to review keeps growing.

 

Those histories range from 100 to well over 1,000 pages each, and might include lab slips, medications, EKGs, clinic notes, follow-up notes, surgery procedures, X-rays and other documents.

 

This is a very laborious process as every page needs to be reviewed, case by case, to look for vital conditions that impact the decision. It can take anywhere from a few days to a week for a carrier to make an informed decision on a case.

 

Customers today don’t have the patience to wait that long anymore, even if it means accessing long-lasting coverage that they can use for retirement, loans and emergency cash access.

Distributors, Marketing Organizations and Financial Institutions Gain an Edge by Outsourcing Repetitive, Costly Tasks to Employee Pooling

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24-hour support cycle and fractional staffing keep costs low and service standards high

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Nashville-based Employee Pooling® (EP) provides small and midsized American companies with innovative business processing solutions and systems that simplify workflow, boost productivity, and drive revenues. EP founder and CEO, Tom Gray, was driven to find solutions for obstacles that were getting in the way of sales. Gray tapped his own experiences as a BGA owner with the objective of strengthening customer relationships and driving revenue.

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“I experienced many administrative and time-consuming obstacles firsthand and decided I was going to find solutions for my own BGA,” says Gray. “I founded Employee Pooling with the right people and processes that could deliver tools and options that had been previously unavailable. When other BGAs saw the power of this model, they wanted to participate, and EP grew to accommodate the demand.

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“We’ve grown in eight years from one client to more than 130, serving carriers, distributors, marketing organizations and financial institutions with solutions for every department, and we have evolved to deliver complete process management systems in a straight-through processing manner,” says Gray.

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Read Complete Article at InsuranceNewsNet

Reuters Events claims pole position with new Auto Insurance event

 

 

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What a time to work in Auto insurance! The stakes have never been higher, have they? To secure market reputation and deliver personalized product and seamless claims, carriers are tearing up the rule book and it’s exciting to see first-hand.

 

Why? Undoubtedly OEMs have changed the game. By providing high volume, quality data, and therefore insight on customers and their driving behaviours, customers’ expectations on what ‘insurance’ should look like have changed forever. Not to be outdone, carriers and the power of technologies like mobile, automation, AI, telematics are opening up even more opportunity to give the customers what they expect, and at an efficiency level that is seemingly unprecedented.

 

Ultimately, data mastery will determine market share and foster strong business models to boost operational efficiency and satisfy customer demand for service excellence.

New opportunities are emerging to personalize customer choice, modify behavior and deliver a faster, more accurate claim service. But the journey through capturing and operationalizing data, integrating technologies, forging new partnerships and meeting escalating customer expectations will be challenging.

 

Which is why Auto Insurance USA is bringing together 250+ senior executives, business leaders from across four key functions- personal and commercial lines strategists, product, claims and innovation; to enable all participants to shift gears from insurance to protection and become digital, customer-centric businesses.

 

With focussed tracks for product and claims teams, over 20 carrier case studies and networking opportunities including a drinks reception, lunches and 1:1 meetings via our event app, Auto executives explore how innovation and technology are converging so that more efficient and customer-centric processes are actually reached.

 

Auto Insurance USA is North America’s most dedicated, senior event for the entire Auto line, and the breeding ground that allows innovation plans to become reality. Bring your teams and make your 2020 and beyond extraordinary.

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Graham Proud

Insurance Nexus by Reuters Events

Tel: +44 (0)20 7375 7221

graham.proud@insurancenexus.com

 

Jena Kennedy of LexisNexis on Security and Authentication – iPipeline Pipecast

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Consumer security protocols can be daunting, confusing and even downright frustrating. Even the terminology can be bewildering – what’s the difference between verification and authentication? And what is Identity Access Management and why does it matter?

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Credential stuffing, account takeovers, rat attacks, bots, mules, synthetic identity fraud … it seems that the fraudsters continually evolve their tactics. In this post data-breach world, consumers need to be extra vigilant, just as life carriers do.

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In this highly informative podcast, Rich Grisham, AVP of Sales and Operations at iPipeline chats with Jena Kennedy, Director for the Life Vertical at LexisNexis Risk Solutions. Jena and Rich share their perspectives on how life carriers can protect their businesses and their customers in this dynamic marketplace.  How can they be sure that they are not only dealing with a real person, but also ensuring that the individual is who they say they are? How can carriers strike the balance between fighting fraud and still providing a great customer experience?

WINK’S VALUED CLIENTS RECEIVE MUCH MORE FOR DRAMATICALLY LESS- WITH VARIABLE ANNUITY SOLUTION

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Wink, Inc.’s AnnuitySpecs Analysis Tool Unveils Variable Annuity Enhancement

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Des Moines, Iowa. December 9, 2019Staying true to their vital mission statement, “To provide the best darned competitive intelligence to the life insurance and annuity industries,” Wink, Inc., is excited to reveal enhancements to their industry-leading analysis tool for annuities, “annuity intel in your pocket,” AnnuitySpecs.  Wink is the competitive intelligence firm behind the #1 source for annuity and life insurance product information, specializing in providing annuity product data to the industry for 15 years, at www. WinkIntel.com.

 

Today, Wink’s AnnuitySpecs tool houses nearly 300% more products than some of their competitors, and 200% more companies are represented in their system. The highly-anticipated rollout of Wink’s Variable Annuity (VA) solution within AnnuitySpecs gives their clients access to accurate, timely, and compliant product information at a fraction of the cost of the competition.

 

Sheryl J. Moore, chief executive of Wink, Inc. remarked, “Annuity stakeholders are being bombarded with offers from vendors charging as much as 3,000% more than AnnuitySpecs. And, no- that isn’t a typo. This is public information- we don’t believe in charging through-the-nose for it, just because we can.”

 

Wink’s AnnuitySpecs tool provides clients all of the benefits they’ve always had with fixed, multi-year guaranteed, and indexed annuities, but offers the following with the new VA solution:

 

  • Distributors can customize their product shelf for downline advisors/agents;
  • Annuity manufacturers have a customizable view- providing the ability to restrict products, based on distribution;
  • Product specification reports are compliance-approved by the product manufacturer, for accuracy;
  • Specs, features, and rates on nearly 3,000 variable, structured, indexed, fixed, and multi-year guaranteed annuities;
  • Specs on thousands of GLWB, GMWB, GMAB, GMIB, and GMDB riders;
  • Advanced product and living/death benefit rider search tool with 150+ search options;
  • Side-by-side comparisons for products and/or riders for due diligence and record-keeping;
  • Dynamic rate finding tool (with advanced notification of upcoming changes);
  • Readily available help for on-demand product research, with WinkAssistTM;
  • The most accurate and timely resource for annuity product information; and
  • Relationships with experienced annuity product experts.

 

The product specifications are assembled by the Wink team’s product experts, and written in laymen’s terms so that users are able to fully interpret each product and its features. AnnuitySpecs’ product specifications are reviewed by the respective underwriting insurance carrier for compliance, FINRA-reviewed, and the product rates/features are updated daily.

 

“Our clients wanted the ability to contrast every type of deferred annuity on a single side-by-side comparison, but they didn’t want to blow their budget getting that capability. Now, Wink is the only research firm that can give them that capability- for fixed, multi-year guaranteed, indexed, structured and variable annuity product lines” said Moore. “I am especially proud of the dynamic rider options on our tool. And nobody has all of the historic rider information on the non-variable products with exception to Wink!”

 

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For more information, go to www.WinkIntel.com.

 

Wink, Inc. is the company behind the most comprehensive life insurance and annuity due-diligence tools, AnnuitySpecs and LifeSpecs at www.WinkIntel.com. Wink, Inc. is the distributor of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of insurance product sales since 1997, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report covers sales of all deferred annuity products in addition to all non-variable cash value life insurance products; additional product lines are forthcoming. The research firm is also responsible for the insight behind Wink’s Index Intelligence Report, providing sales on indexed insurance products at an individual index level.

 

The staff of Wink, Inc. has the combined experience of more than 175 years working with insurance products, more than a decade of which is specific to competitive intelligence. Based in Des Moines, Iowa, the firm offers competitive intelligence and market research in the life insurance and annuity industries; serving financial services professionals, distributors, manufacturers, regulators, and consultants on both a domestic and global basis.

 

Sheryl J. Moore is president and CEO is the guiding force behind Wink, Inc. Ms. Moore previously worked as a market research analyst for top carriers in the life insurance and annuity industries. Her views on the direction of the market are frequently heard in seminars and quoted by industry trade journals.

 

December 9, 2019

Des Moines, IA

(855) ASK-WINK

Creating Fast, Agile and Service-Driven Insurance, Hippo and AXA Insurance to Join Live Webinar

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LONDON, 22 NOVEMBER 2019: Insurance leaders to join Insurance Nexus to discuss strategies to successfully implement insurance technology, Wednesday, December 11, 10am EDT.

 

It is generally now accepted that for insurance, innovation is a ‘must-have’, rather than a luxury. To attract and retain consumers today, to remain competitive and efficient in business, Insurance companies are increasingly turning to the growing number of technological solutions on the market, such as AI, chatbots, automation and more.

 

However, investing in costly initiatives and deploying cutting-edge technology will always constitute a risk, even in the most benign of business environments. This is even more true in the context of squeezed profits, tightening regulations, and shrinking consumer trust. Overspends on expensive projects can quickly run into the millions, whilst operability issues with new technology can have serious financial and reputational consequences.

 

In the meantime, as long as the options available to consumers continue to grow, the average customer will not stop and wait for those who lag behind to catch up, if improved products and customer service are offered elsewhere. The emphasis is on insurance carriers to deliver (or better) the services and standards that consumers can receive from others, or risk drifting into irrelevancy.

 

To provide insurance carriers with actionable strategies to implement emerging technologies across the organization, Insurance Nexus is holding a live webinar, Fast, Agile, Service-Driven Insurance: Fuse Innovative Tech to Your Company DNA – AI, Chatbots, Automation and More, taking place Wednesday, December 11th, at 10am EDT. Moderator Christopher Frankland (Founder, InsurTech360.com) will be joined by AXA Insurance Director of Strategic Operations, Justin Gress and Hippo Insurance Chief Insurance Officer, Richard McCathron, to uncover how, with the right strategies in place, technology can transform an insurance carrier into a fast, service-driven organization.

 

Register today for this exclusive webinar and get actionable insights to develop your strategy including:

  • Discovering emerging technology’s true value: Leverage tech and transform your organization, from claims processing to risk management and streamlining of overall operations
  • Improving your profit margins and transform CX with automation: Learn how to deploy automation with emerging technologies such as ML and AI and gain business efficiencies
  • Innovation as a strategy to stay competitive: Hear how to achieve competitive advantage with innovation- improve data security, exchange data seamlessly, monitor customer behavior and reach a new generation of customer

Register for this webinar today – those who register will be sent the recordings, even if they cannot join live.

 

This webinar is being run in association with the upcoming Insurance AI and Innovative Tech USA Summit 2020, an event by Insurance Nexus, a Reuters Events Company. Expecting more than 500 attendees from across the North American insurance ecosystem, the Insurance AI and Innovative Tech USA Summit brings senior innovation and business unit executives to uncover the rewards of embedding technologies such as AI, IoT, blockchain and automation to create valuable, relevant insurance products and services and seamless experiences through the power of tech-enhanced operations. For more information, please visit the website or get in touch with a member of the Insurance Nexus team.

 

Contact:

Ira Sopic

Project Director

Insurance Nexus

T: + 44 (0) 207 422 4363

T: +1 800 814 3459 ext 4363

E: ira.sopic@insurancenexus.com

 

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About Insurance Nexus

Situated between London’s Silicon Roundabout and the City, Insurance Nexus is at the innovative heart of an industry undergoing significant disruption and innovation. Insurance Nexus is the central hub for insurance executives. Through in-depth industry analysis, targeted research, niche events and quality content, the team provides the industry with a platform to network, discuss, learn and shape the future of the insurance industry.

 

 

Deletion Completion Under the CCPA

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Deletion Completion Under the CCPA

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Locke Lord Publications

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The effective date for the California Consumer Privacy Act (CCPA) is January 1, 2020. With fewer than 60 days remaining, covered businesses must be ramping up to meet the requirements of the CCPA. The CCPA affords several rights to California residents (as the term “consumer” is defined by the Act) as to personal information collected by a covered business. Among these rights is: (1) the right to request disclosure of personal information collected and uses therefor (§ 1798.110(a)); (2) the right to request deletion of personal information collected by the covered business (§§ 1798.105(a) and (c)); and (3) the right to receive that information from the covered business (§ 1798.100(d)).1

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This article focuses on the second – the consumer’s right to request deletion of personal information, often called the “right to be forgotten.” This right obligates covered businesses, which must obligate their service providers. Under § 1798.105:

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(a) A consumer shall have the right to request that a business delete any personal information about the consumer which the business has collected from the consumer.

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(c) A business that receives a verifiable consumer request to delete the consumer’s personal information pursuant to subdivision (a) of this section shall delete the consumer’s personal information from its records and direct any service providers to delete the consumer’s personal information from their records.

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If the Proposed Regs are adopted, we note that before any information is deleted, the covered business must acknowledge within 10 days the receipt of the verifiable consumer request to delete. See Proposed Regs § 999.313(a).

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Read the Complete Article on the Locke Lord Blog

Issues and Solutions to Commission Accounting

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By Ken Leibow

Published in NAILBA Now Newsletter

November  2019

 

Commission Accounting Systems have been around since the mid-1980s. They are usually found as a standalone system, and having three main purposes:

  1. Commission Reconciliation (Did you get paid as expected?)
  2. Tracking Payables (Track out-of-house deals with top producers on modal premium)
  3. Know your score card (Report on your income by line of business, carrier, and top producers)

Current Issues
There are two challenges with commission accounting systems. The first challenge is setting up carrier commission schedules, assigning those contracts to agents and then building hierarchies. In the Life Brokerage General Agency (BGA) channel for example, the average BGA is writing business with 20 + carriers and each carrier has several Life and Annuity products. Each product has rules like commission banding by year (first year & renewals), banding by age, target and excess premium commission rates on UL products etc. Carriers offer BGAs several commission levels that a BGA can use for their hierarchy downlines. Setting up these commission schedules is a lot of manual work. Even if a system offers tools and resources to build and maintain these commission schedules, there is no process that validates they were even setup correctly.

 

The second challenge with commission accounting systems is to process commissions received on each case on modal premium. If a BGA, for example, writes a large block of business, then to manually process each commission statement is cost prohibitive. Therefore; a carrier’s commission data feed into a commission accounting system is critical. The problem is that even if the carrier uses a data standard, the commission data feeds are not consistent or complete from every carrier, making it difficult to accurately reconcile commissions.  Many distributors will still go to visit 20 + carrier websites or even lookup paper commission statements to verify they have been paid correctly.

 

Solutions
There are several solutions to the challenges of commission accounting systems. A carrier, for example, could electronically send their commission schedules in a data standard that could automatically update the distributor’s commission accounting system. This would eliminate all the manual setup of commission schedules for a distributor. Commission data aggregators could build a verification process that rejects bad or incomplete commission data files, thus only delivering clean data to a distributor.

 

A new innovative solution is that a carrier and distributor together could use Blockchain technology. The carrier commission schedules could be programmed into “Smart Contracts” that are used by both the carrier to calculate to pay commissions and used by the distributors commission accounting system to reconcile commissions. The commission schedules only need to be created once. The beauty of the Blockchain is that each party of a commission contract must approve the contract prior to it being available on a Blockchain for use. These parties connected to the contract essentially build an agent hierarchy and each participant in the hierarchy has a private key with access to the contract and the commission detail in the commission statement. This type of solution can offer privacy and security, thus enabling trust, accuracy and simplicity across the business.

 

 

The Battle For The Dashboard

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November 2019

By: Steve Morelli 

InsuranceNewsNet Magazine

 

Ask Doug Massey why it has been so difficult to create seamless and effective insurance technology and he will take you on an Uber ride from hell — metaphorically speaking, of course

 

Massey knows all about the ride because his career has followed the route of insurance tech itself in the early 1990s, when he started a property and casualty quote engine company as a college student. Later, he worked with leading insurance tech companies such as Ebix.

 

Massey is now the executive vice president for sales and relationship management with Insurance Technologies, which, as the name implies, is a key player in insurance tech. And he said the company is finally closing in on a eureka moment when it all comes together into a seamless insurance tech nirvana.

 

But we are in an age when we can get dinner delivered by drone with a click of the thumb, so why is the life insurance and annuity industry’s tech seemingly stuck?

 

Ah, step inside Massey’s exasperating Uber for an explanation.

 

“Let’s assume I’m using my Uber app and I want to do a ride, but it’s the way insurance works,” Massey began. “I’ve got to open up my Google Maps or my Apple Maps. So, I’ve got to find my location. I have to set a pin for my location. Then I say, ‘OK, well I’ve set my pin for my location. Now I want to share that over to this Uber app.’”