The Future of Insurance USA 2020: Discover the CEO and C-level Speakers Confirmed for Reuters Events Flagship Insurance Conference

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Reuters Events have today launched their flagship insurance event, The Future of Insurance USA (November 16-18th 2020). The Future of Insurance USA is the industry’s most senior strategic conference, uniting top decision makers from across the insurance ecosystem. This one-of-a-kind event comprises of 3 days of C-level led, executive discussion on the trends and challenges that are transforming our rapidly evolving industry. With so many opportunities for growth within the insurance landscape, now is the time for decision makers across all insurance lines to collaborate and realign strategies for innovative tech, customer engagement, product development and more.

 

Discover the CEOs and C-level speakers confirmed here.

 

A few of the industry-leading CEOs already confirmed to speak at The Future of Insurance include Maurice Hank Greenberg (CEO and Chairman, C.V. Starr & Co. Inc., Starr Insurance Companies and The Starr Foundation), Brooks Tingle (President and CEO, John Hancock), Bruce Carnegie-Brown (Chairman, Lloyd’s of London) and Dan Glaser (CEO, Marsh & McLennan Companies). They will be joined by:

  • Peter McMutrie, President of P&C Commercial Lines, Nationwide
  • Jane Possell, Chief Information Officer, CNA Insurance
  • Greg Tacchetti, Chief Information Officer, State Auto
  • Shiela Companie, Chief Life Actuary, Amica
  • Naveen Agarwal, Chief Marketing Officer, Prudential
  • Amy Freidrich, President of Insurance, Principal

And many, many more…

 

Discover the CEOs and C-level speakers confirmed here.

 

Reuters Events recognises not only the overarching challenges facing the industry, but also the individual obstacles within each sector. With an agenda that takes a focussed look at issues within each insurance line such as smart homes, business interruption, healthcare data sharing and beyond, as well as a birds-eye, collaborative view of the insurance landscape in its entirety, The Future of Insurance is truly an unmissable event for all carriers.

 

With an unrivalled C-level line up, The Future of Insurance USA 2020 is expecting more than 10,000 virtual attendees from across the North American insurance ecosystem. Providing you with strategies to transform each core pillar of Strategy, Product Development, Innovative Tech and Customer Engagement to deliver what the connected customer is demanding: personalized products, real-time engagement, and seamless service. For more information, please visit the website or get in touch with a member of the Reuters Events Insurance team.

 

More information can be found on the website https://events.insurancenexus.com/connectedusa/

 

Contact: Ira Sopic

Reuters Events

Email: ira.sopic@insurancenexus.com

 

10,000+ claims executives gather for Connected Claims USA Virtual by Insurance Nexus and Reuters Events

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Connected Claims USA has officially launched as the first fully virtual claims event and remains the world’s largest and most senior claims event (June 23-25, 2020).

 

As uncertainty becomes the new normal, it has never been more important for the insurance industry to pull together to support customers and claims handlers alike through this difficult time. Claims transformation is more urgently needed than ever before.

 

It’s true that we’re in a period of disruption, but from disruption, I believe, can come transformation and growth. And that’s what I hope we do as colleagues, is lead through this and make this industry better” said Eric Brandt, EVP and Chief Claims Officer at Allstate.

 

That is why Brandt and other executives will speak at Connected Claims USA Virtual, the largest ever gathering of claims executives, available free to the industry. “This is an opportunity for the entire industry to collaborate, inspire and lead” said Emma Sheard, General Manager of Insurance Nexus by Reuters Events.

 

Also confirmed to speak are Mike Fiato (Chief Claims Officer, Liberty Mutual), Bryant Vernon (Chief Claims Officer, Aviva Canada), Jeanette Ward (Chief Operating Officer, Texas Mutual), Evan Scarponi (Chief Claims Officer, Prudential) and more.

 

Register for free today

Connected Claims USA Virtual attendees will form the largest insurance claims community, taking part in a multitude of interactive online sessions, discussing and dissecting the issues at the heart of claims. Attendees will also be afforded a virtual networking suite, digital exhibition, tailored practical workshops and more – you can find out more and register on our website.

 

Mariana Dumont

Head of USA Operations

Insurance Nexus

Phone: +44 (0) 207 422 4369

Toll Free: 1 800 814 3459 Ext: 4369

Email: mariana.dumont@insurancenexus.com

 

Insurance Nexus is part of FC Business Intelligence Ltd. FC Business Intelligence Ltd is a registered company in England and Wales. Registered number 04388971, 7-9 Fashion Street, London, E1 6PX, UK

 

Insurance Nexus is the central hub for insurance executives. Through in-depth industry analysis, targeted research, niche events and quality content, we provide the industry with a platform to network, discuss, learn and shape the future of the insurance industry.

 

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Realign Insurance Strategy with the Power of Tech

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Accelerate your digital capability to navigate disruption

Even before Covid-19 began its global march, the insurance industry was gearing up for profound change. But as the events of 2020 continue to evolve, there is growing sense of urgency for carriers to accelerate delivery of spot-on solutions for their customers.

 

To navigate this new era, Reuters Events is launching Insurance AI and Innovative Tech Virtual (May 27-28).

 

Across all corners of insurance, longer-term goals now require immediate action, and a strategic push to embrace digitalisation like never before. At this unique gathering of the industry’s most senior figures, innovators and decision makers expect to:

 

  • Outline a roadmap for the future of insurance
  • Share the latest strategies on how to drive workable solutions and innovations
  • Work towards an environment where all carriers can not only survive, but prosper
  • Discover how to build trust and win over the new generation

 

Meet decision-makers from across the entire value chain, with 1000+ leaders from technology, innovation, data, analytics and more. Now is the time to join the boldest minds in insurance to create a competitive edge through a unified tech strategy.

 

Confirmed speakers include:

 

  • Jane Possell, Chief Information Officer, CNA Insurance
  • Greg Tacchetti Chief Information and Strategy Officer, State Auto
  • David T. Vanalek, Claims Chief Operating Officer, Markel
  • Amandah Greiling, SVP and Head of Underwriting Support & Service, Zurich North America
  • John Almasan, AVP, Head of the Actuarial Advanced Analytics, Nationwide

 

To stay ahead in this new era for insurance, this is the one virtual event that executives with a strategic interest in technology, innovation, data and analytics cannot afford to miss!

 

Virtual attendees of Insurance AI and Innovative Tech Virtual 2020 will become part of North America’s largest insurance community, with over 2000 industry leaders coming together to network, debate and learn from renowned experts. To give attendees control over their own networking, Insurance AI and Innovative Tech Virtual 2020 will also be utilizing the innovative Brella app, allowing attendees to set up online meetings with new contacts and create valuable business networks that can be leveraged in future. Even from a distance, Insurance AI and Innovative Tech will 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. Please find more information on agenda and registration via the website: https://events.insurancenexus.com/analyticsusa/register.php

 

Insurance Nexus, a Reuters Events Company, is behind Insurance AI and Innovative Tech Virtual (May 27-28).

 

Contact:

Ira Sopic

Global Project Director

Insurance Nexus

T: + 44 (0) 207 422 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.

 

 

The Answer is Multiple Choice – A truly innovative claims process puts customers first

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Technology is an important enabler for innovative claims but understanding how, when, why and where the customer wants human interaction and having the skills to deliver it is often the critical last mile.

 

Insurance Nexus, part of Reuters Events asked three industry leaders to reveal their unique take on insurance claims innovation. To download the free whitepaper, with contributions from Economical, Wawanesa and Aviva, click here: https://bit.ly/2XOnTAh

 

What does innovation mean for you? Is it about incremental improvements in current technologies or process? Perhaps innovation should be more radical, the only true innovation being the wholesale disruption of a service or sector?

 

Certainly, there’s no lack of examples of either of these in the insurance sector. On the one hand, improvements in data management, technology integrations and a mobile-first approach has made all sorts of activities from generating quotes to claims reimbursement faster and more hassle-free than ever.

 

On the other, new services are springing up to tackle previously unmet customer needs, services that look unlike any model the insurance sector has seen before. Services such as Lemonade, which boasts the industry’s fastest end-to-end claims process. Settlements in a matter of not weeks or days, not even hours, but seconds. Or Metromile, which allows microinsurance at scale, allowing customers to insure only their small part in the growing sharing economy.

 

But experts have more recently suggested that the true innovation isn’t in the apps or platforms themselves, but in the way carriers choose to deploy them. And choice is the operative word. Technology shouldn’t be helping carriers dictate new ways of claims management. Instead, it should be opening up a whole landscape of choice around where, when and how customers want to manage their claim, in some cases subverting even the most current thinking around what it means to be a modern, tech-driven insurer.

 

To download the free whitepaper, with contributions from Economical, Wawanesa and Aviva, click here: https://bit.ly/2XOnTAh

 

 

Do not hesitate to get in touch to further the conversation.

 

Graham Proud
Global Head of Connected Insurance Research, Insurance Nexus
Reuters Events
Tel: +44 (0)20 7375 7221
graham.proud@insurancenexus.com

Delivering Empathy at Scale Webinar Featuring Insights from LexisNexis Risk Solutions, Liberty Mutual, Auto Club Group and Farmers Insurance

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Leveraging automation can be a double-edged sword. As customers look for simpler claims processes and access to information, it can be easy to put tools into place that make customers feel left out of the loop, unheard, and wary of the process. To make automated claims work at optimal levels, companies need to embrace the technology early, and actively work to deliver maximum value to the customers. The first insurers to make it through the gap will win the day.

 

When customers make claims, they are generally under great stress, uncertain of the outcome, and sometimes in the midst of the most trying times of their lives. The job of insurance providers and agents should be to deliver service that customers want, service that is informative, reassuring, and that has the human touch. With automation, we can reach more people, deliver more information and service faster – but how do we do that without sacrificing that all-important human element: empathy?

 

During a webinar discussing how insurance carriers can ‘Deliver Empathy at Scale’, Bill Brower (Vice President – Auto Claims, LexisNexis Risk Solutions), Mike Fiato (Chief Claims Officer, Liberty Mutual), Lori Pon (Director of Claims Transformation and Claim Service Center, Auto Club Group), Samantha Santiago (Head of Claims Strategy and Automation, Farmers Insurance) and moderator Alan Demers (Founder-President, InsurTech Consulting) shared their insights into the possibilities for the claims ecosystem.

 

Alan Demers opens the discussion saying, “I was excited because of the importance of where we’re headed as an industry, through automation and self-service, and then trying to find a balance […] from a human standpoint into the value of empathy itself.”

 

The idea of scaling empathy is more ambitious than it might seem. Anyone with experience growing a business may already know why. The fact is that some services scale well, and others do not. Generally, uniquely human qualities – things that are not generally manufactured – do not scale well. Reproducible goods scale incredibly well. That’s why a Hollywood blockbuster film is worth spending hundreds of millions to make. The owners of the final product can make copies with considerable ease. The same goes for novels, trinkets, and goods of all kinds.

 

But, how do we scale empathy?

 

Consider the fields of nursing, home care, or childcare. These are tasks that require an individual human. They cannot be duplicated without creating a new human to perform them. So, scaling empathy seems impossible, right? Well, modern information technology may have something to say about that.

 

Demers makes a very important point – how do we define empathy? The dictionary definition is “the ability to understand the feelings of another”. But when put into the context of claims-handling it “may be described as anticipating needs and delivering on them”.

 

Any time a claims agent deals with a client making a claim, they are dealing with someone experiencing a personal loss. It could be a profound loss, or it could be relatively minor, but it is always significant. Hence the value of empathy.

 

At that, Bill Brower touches on the topic of the “touchless claim” in delivering empathy.

 

From Traditional to Touchless:

Bill began by explaining the common physical damage claims processes including traditional claims, Fast Track Claims which includes Direct Repair and Virtual Claims Processing where customers provide smart phone photos of damaged autos for adjusters to prepare repair estimates remotely normally in hours.  Bill said the move to Fast Track and Virtual processes were driven by technology advances like the introduction of computers and digital cameras for claims back in the 1990’s and Virtual began due to the high quality of cameras within the smart phone beginning around 2013.  Therefore, with continued advances in technology and the availability of real-time claims data Bill predicts the next evolution in claims processing will be a touchless claims process.  Bill defines touchless claim as “a process similar to Virtual Handling- except no claims adjuster or carrier employee is involved in the process. Technology is used to report the claim, capture damage or invoices, run a system audit and communicate with the customer electronically. If the claim meets the approved criteria, the claim is automatically paid without human intervention.”

 

Brower notes that insurance carriers continue to enhance and fast track processes while offering virtual claims handling options for customers that have not yet decided on a repair shop.  Bill explained that while virtual claims processing began around 2013, it grew dramatically starting around 2017 and for the next three years”.

 

He goes on to note that, based on a LexisNexis Risk Solutions report that found that 95% of claims executives were either using virtual claims today or moving to virtual claims in the near future, “the next logical step seems to be touchless claims.”

 

Although a great many steps have yet to be taken before touchless claims is common in the industry, Brower points to the obvious advantages that fewer touches has for the carrier and the customer. “If you can get to the point where maybe just one person is involved in the claim that would certainly be an improvement in many operations as carriers surveyed shared that it’s still common for 3 or more claims professionals to be involved in even a simple non injury auto claim.”

 

Delivering Empathy at Scale Now:

Mike Fiato provides key insights into how insurers can quickly provide empathy at scale with technologies available now – in this case, Fiato refers to Liberty Mutual’s adoption of two-way texting technology. Crucially, this service allows the customer to still have a strong connection to their insurer with the added advantage of more convenience for them, and lower cycle times for the insurer.

 

“If you can build trust and provide peace of mind,” Fiato concludes, “and the claim does not require face to face, or phone to phone contact, you can create an experience that the customer is wowed by or satisfied with and still accomplish the goals that you want.”

 

The Power of Empathy

Lori Pon discusses empathy as a preventative process: “no matter how outstanding our claim service delivery is, a claim always disrupts the customer’s life. As a consumer, how important would it be for your insurance company to actually alert you in advance of danger?”

 

The first impulse to this challenge might be to simply allow the customer to fill out a text field explaining the loss in plain language. However, in the absence of advanced AI, this would still require the eyes and effort of a human being. That is the opposite of scaling. Therefore, AI is deeply integrated with these solutions as a matter of necessity.

 

That’s not to say that people don’t play a role. Pon underlines how important it is that “your staff is aimed with the information they need to better personalize the claim experience based on the customers preference claims is the most critical moment of truth in the insurance lifecycle, you do not have a second chance to make that first impression”.

 

Finally, Pon outlines how insurance carriers can determine their “secret sauce”. Discussion of the importance of working with the right partners throughout these transformation processes is particularly frequent within the industry today and is arguably just as important as the technology itself. As Pon concludes, “it’s not about low touch or high touch – it’s about using the right mix of technology, people and processes to deliver the right touch.”

 

Empathy as more than emotion:

Sam Santiago argues that “the biggest part of delivering empathy is about providing choice and being there and looking at ways to improve overall response times… whether it’s in person through the text, on video, or however we choose to interact with them. It’s being there for them in their moment of need.”

 

This is absolutely right. How can an insurance carrier provide empathy to customers if they can’t be there for them in the first place? A customer would certainly feel more relieved if they were able to communicate with their insurer as quickly as possible through whatever channel they are most comfortable with.

 

To hear the full webinar including the Q&A, you can access the full webinar here.

 

Expert Industry Advisory Board Announced for Auto Insurance USA Conference Chicago, April 16-17, 2020

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Insurance Nexus by Reuters Events is proud to announce the appointment of an expert industry advisory board which will assist us in advising, shaping and contributing to the agenda and program for the inaugural Auto Insurance USA 2020 conference in Chicago, April 16-17, 2020

 

The board members are all highly accomplished and well-known leaders, collectively representing a significant portion of the traditional auto insurance supply chain. “The emergence of and complexities presented by mobile and other technologies as well as connected vehicles has made proactive collaboration between all supply chain segments mandatory” according to event chairman, Stephen Applebaum. “The Auto Insurance USA event is focused on the future of auto insurance and with the active participation of the entire industry, including the OEMs, will truly represent a unique and unprecedented opportunity for all participants to explore greater collaboration in the interests of their ultimate common customer” adds Graham Proud, Head of Connected Auto Research at Reuters Events.

 

We proudly announce our Auto Insurance USA Advisory Board:

 

  • Stephen Applebaum, Managing Partner, Insurance Solutions Group, (Chairman)
  • Graham Proud, Head of Connected Auto Research, Insurance Nexus by Reuters Events
  • Pete Frey, Commercial Telematics Director, Nationwide
  • Sanjeev Mirle, Managing Director, Automotive & Mobility Strategic Partnerships, Liberty Mutual Insurance
  • Terry Fortner, Vice President Insurance Sales and Marketing, LKQ Corporation
  • Dave Smith, Senior Vice President, Supply Chain/Strategy/Procurement, Caliber Collision
  • James Spears, Founder, Spears Consulting Group, LLC
  • Mary Mahoney, Vice President of Global Insurance Replacement Division, Enterprise Holdings Inc.
  • Scott Trost, Vice President, Account Management, CCC Information Services

 

250+ industry executives will be joining Auto Insurance USA (April 16-17, Chicago) from Personal and Commercial Lines, product, claims and innovation. Uniquely, this event will be focused at the intersection of the new auto ecosystem and will welcome OEMs and leading supply chain experts to the conversation. The top 30 carriers and the most impactful OEMs are already involved. Don’t miss this opportunity to cement your future, going beyond the insurance policy to ensure your customers’ safety and lifelong loyalty.

 

For more information of Auto Insurance USA; the speaker line up and agenda, please download the brochure or contact the event director, Graham Proud at graham.proud@insurancenexus.com

Deliver Empathy at Scale with Liberty Mutual, Farmers Insurance, AAA and LexisNexis Risk Solutions

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For insurance carriers, automation can be a dangerous game as customers demand both a frictionless, automated claims process and access to understanding claims handlers. How do you find the right balance?

 

With chatbots at FNOL, image analytics estimating damage more accurately than any human, and complex claims being fast-tracked to claims adjusters, virtual claims handling delivers the efficiency that customers expect with the empathy customers need. Join our panel of experts as they share insights into how to leverage virtual claims to deliver empathy at scale.

 

To explore the strategies and tools that enable insurers to deliver empathy at scale despite increased automation, Reuters Events is bringing together a panel of senior claims executives; Mike Fiato (Chief Claims Officer, Liberty Mutual), Samantha Santiago (Head of Claims Strategy & Automation, Farmers Insurance), Lori Pon (Director of Claims Transformation and Claim Service Center, AAA) and Bill Brower (Vice President – Auto Claims, LexisNexis Risk Solutions) as well as our moderator Alan Demers (President-Founder, InsurTech Consulting) for a live webinar, ‘Deliver Empathy at Scale – Virtual Claims Handling as the Future of Efficient, Customer-Centric Claims’ on February 13th at 11:00AM ET.

 

Register for this webinar here

 

Registrants to this webinar, sponsored by LexisNexis Risk Solutions, can expect to explore the following:

 

  • Give the customer more than they expect! Boost NPS while reducing cycle times by automating routine processes to offer a seamless customer experience that gives the customer the power of choice
  • Quick Wins with Quick Estimates: Integrate image analytics AI and automated documentation for increased accuracy and estimation speed to see reduced loss adjustment costs
  • Create a Superior Employee Experience: Reallocate your claims teams to focus on complex claims to maximize human efficiencies and provide true job satisfaction
  • Be there 24/7: Deploy AI and Chatbots to handle routine claims 24 hours a day to be there for customers at any time they need you

 

Register for this webinar here

 

This webinar is being run in conjunction with the upcoming Fourth Annual Connected Claims USA Summit, taking place June 24th–25th, at McCormick Place. Welcoming over 1200 senior attendee, Connected Claims USA is the world’s largest gathering for claims executives striving for efficient, customer-centric claims processing. More information can be found on the website at https://events.insurancenexus.com/connectedclaimsusa/

 

Mariana Dumont

Head of USA Operations

Insurance Nexus by Reuters Events

Phone: +44 (0) 207 422 4369

Toll Free: 1 800 814 3459 Ext: 4369

Email: mariana.dumont@insurancenexus.com

 

Insurance Nexus by Reuters Events is part of FC Business Intelligence Ltd. FC Business Intelligence Ltd is a registered company in England and Wales. Registered number 04388971, 7-9 Fashion Street, London, E1 6PX, UK

Insurance Nexus by Reuters Events is the central hub for insurance executives. Through in-depth industry analysis, targeted research, niche events and quality content, we provide the industry with a platform to network, discuss, learn and shape the future of the insurance industry.

 

 

Insurance Nexus by Reuters Events Releases the Connected Auto Insurance 2020 Report

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Insurance Nexus by Reuters Events Releases the Connected Auto Insurance 2020 Report

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The automotive sector is on the cusp of a huge wave of change, rivalled only by historic moments such as Ford Model Ts rolling off the construction line or the deep-seated impact of the 1973 oil crisis. This time, however, it is not just one technological frontier disrupting the sector, but multiple innovations that are already making their mark.

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Insurance Nexus by Reuters Events have produced the Connected Auto Insurance 2020 report to make sure Auto insurance businesses; personal or commercial, can deliver on customer expectations and maximize the opportunities that available technologies like telematics, IoT, AI and analytics offer.

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As well as gaining insight from over 1200 North American insurance executives, get the detail on what this means for an insurance organization from industry experts, including:

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  • Shannon Lewandowski, Innovation and Digital Team – IoT, American Modern
  • Lorenzo Morganti, Big Data/AI Senior Project Lead, AXA
  • Glen Clarke, Head of Transformational Propositions, Allianz
  • Eugene Y. Wen, Vice President, Group Advanced Analytics, Manulife
  • Amrish Singh, Vice President of Product, Enterprise, Metromile
  • Allison Whittington, Head of Housing, Zurich Municipal

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And many more…

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Download the report now

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By downloading the report readers can discover the vital strategic steps you must take in 2020 in order to keep pace with an ever-evolving Auto insurance ecosystem; validated by industry statistics based on 1200 insurance carrier executives and technology leaders.

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Justify next steps for investment with 7 easy-to-decipher infographics that clearly demonstrate technology trends, carrier ambitions, investment strategies and partnerships and learn from your peers through 3 in-depth case studies focusing on ‘Open APIs Open Up Business Opportunities,’ ‘Tracking Through Tags, Pulses and Apps,’ & ‘Enabling Mobility-Based Insurance.’

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You can also access exclusive vieszpoints including James Spears’ take on ‘OEMs Muscling In: The Battle for FNOL’ so that your next step towards OEM collaboration is informed and profitable.

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Understand the ‘state of the industry’ and where it’s heading through a wealth of articles, commentary, and debate on the impact of OEMs and how carriers will respond, new models of car ownership, autonomous vehicles and commercial fleet developments so that you remain on the cutting edge.

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Have any comments? Get in touch and learn about the Auto Insurance USA conference, April 16-17, Chicago. Website viewable here: https://events.insurancenexus.com/auto/

 

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