Inundated by IoT: How Carriers Can Leverage a Trillion IoT Devices with Nationwide, CNA and Everest Re

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Define your IT innovation strategy or risk becoming irrelevant, according to insurance leaders. Almost daily, a new disruptive technology is developed with far-reaching effects on the industry.

 

There is no turning back. AI, Blockchain, Machine Learning and IoT become more commonplace every day. By 2025, according to current estimates, there will be more than 50 billion IOT devices; the number is expected to grow to one trillion by 2030.

 

Maintaining a competitive edge depends on a company’s ability to leverage new technologies with speed and flexibility. A panel of insurance industry executives will address ways to realize ROI from innovation during a not-to-be-missed webinar scheduled Wednesday, March 11, 2020.

 

Enroll here and gain actionable insights from John Almasan (AVP, Head of Actuarial Advanced Analytics, Nationwide), David He (VP, Artificial Intelligence, CNA), and Sandeep Bajaj (Chief Information Officer, Everest Re). An effective strategy, they all agree, is an essential component for continuing efficiency and profitability.

 

Discussion will focus on the following points:

  • Become an agile operation: Set an innovation mindset from the top down by rewarding collaboration, flexibility and individual ownership of change

 

  • Build an adaptable foundation: Banish legacy systems forever with a dynamic tech infrastructure capable of rapidly adopting new tech as they emerge

 

  • Spend wisely for maximum ROI: Prioritize Insurtech investments with your future needs front of mind to anchor your strategy to long-term objectives

 

Don’t miss out on this valuable information. Register here for this live March 11 webinar, from 9 to 10 a.m. CDT, and stay ahead of the curve in an increasingly tech-centered world.

 

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

Global 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.

 

Failure is Not an Option: Realize the Potential of Data Science From Swiss Re, AmFam, and Blue Cross and Blue Shield

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With 90% of carriers actively investing in new data projects, project failure is not an option.

 

Artificial intelligence (AI) and machine learning (ML) have become mainstays in the insurance industry, equipping insurance companies with tools that can help them to become more efficient and profitable than ever before. But with the stakes so high, carrier executives are immobilized – the volume of cutting-edge data sources has exploded and the vast majority won’t implement a project if they’re not sure of its success.

 

On February 5, 2020, Insurance Nexus will host a webinar with Vineet Bansal, SVP, Chief Technology Officer, Swiss Re; Mingju Sun, Director of Data Science Engineering, AmFam; and Michael Y. Xiao, Divisional VP Enterprise Data Science, Blue Cross and Blue Shield. This webinar will highlight the relationship between data science and successful project management, helping insurance companies to identify areas for growth and enhanced efficiency.

 

Sign up for this webinar to get actionable insight to develop strategy for your organization. You’ll learn how to:

 

  • Unlock the power of data science to ensure long-term project success: Learn how to identify the key steps to success for data science projects in a world of regular failure. Build the right strategy and ensure data science projects result in successful production and implementation.

 

  • Embed AI across the enterprise and beyond models to impact: Discover how to build an effective and agile data ecosystem to support AI and advanced analytics application across business objectives. Foster coalitions across the enterprise to ensure the success of AI.

 

  • Deploy predictive analytics to gain a strategic advantage: Go beyond predictive analytics. Use more accurate models to optimize pricing in real-time, at the point of sale and achieve a competitive advantage.

 

  • Apply emerging technology to the insurance industry: Identify current and future technological trends. See how new technology can help you achieve ROI and improve existing processes.

 

Don’t miss out on the ultimate opportunity to incorporate data science, artificial intelligence and machine learning into your everyday business capabilities — sign up for the webinar today. You’ll receive a free recording of the webinar, even if you can’t attend.

 

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

 

###

 

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.

 

 

 

 

 

 

 

 

 

 

 

How To Drive the AI Value Proposition in Insurance with Cutting-Edge Analytics and Innovation

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The insurance industry is facing the challenges of disruption caused by the technological advancements in artificial intelligence (AI) and machine learning (ML). Insurance carriers are now able to know more about their customers than ever before. They can use data mining with AI and ML to develop compelling product offerings. Customers may enjoy a more personalized experience that has faster and more accurate claims processing capabilities resulting in vastly improved customer service.

 

Is your organization prepared to benefit from this technological trend that will ultimately determine its competitive advantage and, therefore, lead to a greater market share? Or, will your company be left behind as these disruptive technologies are embraced by your competition?

 

The salient points from the debates held during the Sixth Annual Insurance Nexus AI and Analytics USA Summit in 2019 have been compiled into a whitepaper, giving you the opportunity to learn more on this business critical area. One hot topic that was up for debate was the need to effectively manage a rapidly-changing insurance business, while at the same time maintaining corporate integrity. Innovations in AI and ML fundamentally challenge this process.

 

Three industry experts weighed in with their thoughts about how innovations in AI and ML are being applied to the insurance sector. These innovations will disrupt the industry with a major transformation of insurance carriers’ operations in the near term and over the next decades. The experts included: 1) Glenn Fung, Chief Research Scientist, AI & Machine Learning Research Director, American Family Insurance; 2) Lee Ng, Vice President for Innovation, Travelers, and; 3) Ted Stucky, Managing Director, QBE Ventures.

 

Access the full white paper here

 

Calling on external experts to come in, to help an organization, is a way to more rapidly benefit from the necessary advanced skills that would take considerable time to acquire internally. Nevertheless, maintaining proprietary insurance expertise provides a critical portion of an insurance carrier’s competency and competitive advantage.

 

Glenn Fung, Chief Research Scientist, AI & Machine Learning Research Director, American Family Insurance, explains “A lot of the focus on getting transformation [happening] was leaning to people outside [the company] to integrate venture capital and innovation, AI and ML. My team was 95% external people. But, as a whole, in terms of digital transformation, we value internal expertise”.

 

The best-case scenarios for the rapid deployment of innovative AI systems combine significant external support with internal expertise. Insurance carriers need to embrace the sector changes and AI innovations because this will be the determining factor in competitive success going forward. At the same time, there is the recognition of the overwhelming influence of legacy systems and the natural resistance to trying anything new in ways that were never done before.

 

It is important to make the distinction between risks and uncertainty. Risks which are known, produce a specific unwanted outcome. Strategic planning may mitigate some of these risks. Risks, which are unknown, are more accurately described as uncertainty. With uncertainty, the outcome is not possible to determine. Lee Ng, Vice President for Innovation at Travelers, says: “No amount of thinking and research is going to eliminate that uncertainty”.

 

Access the full white paper here

 

Traditionally, important decisions are made by understanding the data and then analyzing it, in light of the macro trends. For known risks, fact-based decision-making may be sufficient as long as the risk is truly known. With the uncertainty that comes from innovation, relying on a fact-based decision-making process is not sufficient.

 

This is like tying a rowboat to a dock, getting in the boat, and then rowing like crazy. The boat is safe, the risks are known; however, you will not go anywhere. Innovation is embracing the uncertainty of rowing out to sea, not knowing exactly what will happen. Lee Ng says “When you’re dealing with uncertainty, don’t overdo it on analysis”.

 

One of the greatest challenges is to make adjustments as part of an ongoing process. In some cases, these adjustments may be counter-intuitive. AI processes may uncover new patterns, which are not expected. Innovation is not linear. It does not follow a neatly organized step-by-step plan. A linear approach does not allow for unexpected discoveries and discovery is what AI and ML are all about.

 

Access the full white paper here

 

Insurance carriers should consider business development with three perspectives, these include; taking care of the fundamental operational needs, enhancing return on investment (ROI) by exploiting ROI-driven initiatives, and the overall impacts of disruption.

 

Carriers’ operations are improving because the systems are getting better and more efficient. This does not mean that every technology innovation and implementation will be perfect. In fact, demand is driving things to rapidly come to market leaving insufficient time to hold back new systems deployment until everything is perfect. Software development that used to take months, or even years, now benefits from cloud service offerings that allow the deployment of some innovations within weeks.

 

Ted Stucky, Managing Director, QBE Ventures, QBE, tells how one of his projects was to upgrade medical form information capture that used optical character recognition (OCR) with an AI system to increase claims processing speed. Stucky says, “We wanted to see how quickly we could get it to market. From the initial conversation to the time that it was operationally deployed, it was seven weeks”.

 

As long as the systems are integrated properly, the technological elements are not at issue. The problems come from the people involved in the business use and their resistance or enthusiasm for using the technology. An important factor to understand is how people will actually engage with the technology, as engagement is critical to have a successful outcome.

 

Carriers will likely face new challenges, and competition, from sources that they had never considered before. This is already happening through the integration of global financial systems and the bundling of insurance products and service offerings with other financial products. To keep up with all of these trends requires significant agility.

 

This white paper, Agility Is The Key To Successful AI-Powered Innovation In Insurance, was created in conjunction with the upcoming Insurance Nexus Reuters Events™ conference, Insurance AI and Innovative Tech USA 2020, taking place May 12-13, 2020, at the Radisson Blu Aqua Hotel, Chicago, USA.

 

Expecting the attendance of over 500 senior analytics executives and insurance industry business leaders, the conference will feature the latest trends in AI-driven technological innovation. Over 60 expert speakers, who are pioneers in AI and innovators in insurance, will share insights about AI and cutting-edge analytics. Attendees will have the opportunity to participate in more than 25 hours of rigorous debates, discussions, and learn from presentations of more than 45 real-world case studies.

 

For more information, please visit the website: https://events.insurancenexus.com/analyticsusa/

 

 

 

 

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