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ITA Pro Weekly, July 23,2021

Bill Sinn | July 23, 2021

Cancelling checks, tips for the new normal, insuring young business owners

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Hot off the presses!

It’s hard to believe in today’s digital world, but more than 75% of property/casualty claim checks are still being sent by mail in the form of a check. Chris Ewing, founder and CEO of One Inc, talks about how his company is helping to move the needle to a more streamlined process – with customers ranging from Hippo to John Hancock.

“Over the next three to five years, all claims will be paid digitally. The entire industry will switch on a dime by changing these processes. One Inc has built a platform that solves this problem. The biggest opportunity I’ve seen in my entire career is in transforming the industry from paper check and paper bill.”

 

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.

 

With its adoption of big data, AI, and the cloud, the insurance industry was fairly well positioned to weather the challenges of maintaining operation during the worst of the COVID shutdown. But while the crisis is starting to end, it isn’t over yet. In a new blog post, Celent’s Marty Ellingsworth offers tips for insurers to successfully navigate the current, uncertain work environment.

“The cloud is office-less and in some cases people-less. The dynamic and interconnected parts of the world are complex. Look for more automation of multiparty exchanges of information and engagement for complex interconnections in the insurance value chain while simple interactions disappear to self-managed.”

Small businesses face unique problems, especially in these post-COVID days. B2Z Insurance is an insurtech startup that uses AI and other technology to meet the evolving needs of small businesses – many of which are owned by Gen X and millennials.

“While it’s true many of our customers fall into the Gen X and millennial demographics, that’s because we target small businesses still run by their original founders, with up to 25 employees,” says Stephanie Blahut, CMO and co-founder. “They’re often one in the same: 52 percent of millennial businesses employ only two to 10 employees. The top challenge for millennial small business owners is a lack of capital or cash flow. They’re also 14 percent more likely to be challenged by money uses, compared to their boomer peers.”


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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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For more information, contact Jim Daggett at jim@itapro.org