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ITA Pro Weekly, May 07,2021

Bill Sinn | May 07, 2021

Insurance goes Alexa, more cowbell, GIGO’s actuarial fallout

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Hot off the presses!

P&C insurers need to keep an eye on key technology trends that will gain new urgency in 2021. Laura Drabik of Guidewire hones in on the three P&C industry technology trends that will continue to gain momentum in 2021 and beyond.

“Whether it’s through mobile, IoT, smart home devices, or personal voice assistants, insurers must engage their customers with the right messages and services, at the exact right time, or risk falling behind. This includes the deployment of automated, conversational AI-based services that make shopping for policies as easy as saying, ‘Hey, Alexa,’ and filing a claim as simple as capturing images with a mobile phone.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

The FBI’s Internet Crime Complaint Center finds that cyberattacks have increased by 300% since the start of the COVID pandemic last spring. And IBM reports that in 2020, the average business cost of a cyberattack was $3.86 million – and more than 200 days to detect the breach. Trent Cooksley, COO and Co-Founder of Cowbell Cyber, looks at the role AI and other advances play in helping businesses prevent cyberloss.

“Insurance is still in the early stages of some significant innovation. At every step of the process, using technology, data and automation brings a better user experience, significant efficiencies, and also better visibility into the entire insurance process. Insurtech startups need clarity of focus and operational discipline to take their innovation to fruition.”
 

Insurance runs on actuarial models that take data and science to properly price a policy. But actuarial models rely on human input, which can be riddled with errors – the old “garbage in, garbage out” pitfall. Insurtech can help eliminate that risk, but carriers must rebuild these actuarial models, says Bob Frady of HazardHub.

“The problem is that many actuaries in leadership positions don’t want to rebuild their actuarial models. They will live with the imperfect data because overall their companies do OK. Until, of course, they don't.”


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ITA Mission Statement

The goal of the Insurance Technology Association is to provide members with opportunities to collaborate, educate, network, share, and use knowledge related to insurance technology. The ITA serves the insurance technology community as a resource and is dedicated to serving this specialized sector of the industry. Publications and educational programs created by the ITA are geared to professionals interested in or charged with evaluating, implementing, and marketing insurance-specific technology systems or services.

The latest issue of ITA Pro magazine is now available! Just CLICK HERE  

 

In this issue’s cover story, “we look at the “non-negotiables” that insurers are demanding from core insurance systems, and how providers are keeping up.


In "Stick vs. Carrot,” we test drive the new Carrot telematics platform, which enables U.S. and Canadian insurers to rapidly scale next-gen UBI programs to offer drivers gift cards in exchange for sharing data.  


Also in this issue, enjoy a profile of Maple Technologies on their 20th anniversary, an interview with ITA board member Larry Fortin of Millers Mutual Insurance Co., and regular columns and departments including Digital Drip and Launchpad.

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