INSURTECH INSIGHTS

Building Your Career in the AI Era of Insurance Requires A New Strategy It’s easy to get overwhelmed with all of the hype about AI and tune it out. What’s true is that none of us really know all the ways AI will impact our lives and careers and, for that matter, what to do

Welcome to The Great AI Transformation AI is not just a technological advancement; it’s a transformative force reshaping how value is defined, created, and delivered in the insurance industry. This transformation extends beyond technology, redefining the insights and skills insurance professionals need to stay relevant and competitive. Whether you work in sales, marketing, underwriting, claims,

Artificial Intelligence (AI) is rapidly transforming industries worldwide, and the insurance sector is no exception. To stay competitive and advance your career, it’s crucial to develop a deeper understanding of AI and its impact on our industry.

The rapid adoption and increasing capabilities of Artificial Intelligence (AI) require new competencies in leaders throughout their organization. Do your leaders have them? Keep reading to find out.

Artificial intelligence (AI) is rapidly reshaping insurance. The role of decision-makers is more crucial than ever. Beyond merely adopting AI as a technology, leaders must prepare their organizations for the next wave AI innovations. Innovations that will redefine the industry. How ready are your leaders?

While health insurers are prioritizing enhancing customer experiences, modernizing legacy systems, and organizing data, a vital strategic focus is often overlooked: preparing their organizations for the next even more powerful waves of AI Innovation.

Understanding the competitive landscape in the AI era is critical for insurance executives. It’s important to see beyond traditional competitors. It’s about strategically understanding how AI will disrupt the industry and identifying how digital leaders and new entrants will leverage the technology.  More importantly, it’s about understanding how to give your company a strategic edge

Global megatrends are not just reshaping the world at large; they’re fundamentally altering the insurance landscape. It’s a transformation driven by emerging technologies, climate, changing demographics, evolving consumer expectations, and a new focus on sustainability. As AI becomes increasingly central to this reshaped world, life insurance leaders face an urgent task. Strategically integrating AI to

In an era where AI is literally redefining industries, insurance executives who see AI as mere technology rather than a core driver of future business strategy are putting their business at risk. Over the next 3-5 years, AI will permeate almost every aspect of insurance. This includes Customer Engagement, Marketing, Underwriting, Claims, Real-time Data retrieval,

Our incoming customers, the Digital Natives, soon to become Gen AI, are at the threshold of a future brimming with unprecedented risks, changes, and opportunities. As life and group benefits providers, we are uniquely positioned to step into the role of Life catalysts, guiding these AI Natives through the evolving landscape of new norms and

P&C insurance’s competitive landscape is shifting rapidly as companies compete to offer value-added services beyond traditional coverage. The arrival of AI-native consumers—reshaping expectations in the wake of ChatGPT’s explosive growth to over 180 million users—is about to accelerate this trend and deepen it’s competitive impact.

The property and casualty (P&C) insurance landscape is undergoing a monumental shift driven by advanced technological forces. Today AI is taking the lead. In an era where experiences outside the industry shape customer expectations, P&C insurers must adapt with agility and focus to not just stay relevant but to lead in a competitive market.

Personal and commercial customers of P&C insurance face a range of emerging risks over the next 10 years. The increasing use of technology and digitization means that cyber threats, such as data breaches and ransomware attacks, will become common. Climate change intensifies natural disasters like hurricanes, wildfires, floods, and other extreme weather events. The widespread

Customer expectations driven by Artificial Intelligence (AI), digital natives, and Gen Z consumers are reshaping our industry. Here are the key insights.

In the next several years, the criteria for promoting people into management and leadership roles in insurance will profoundly change. Those individuals will be the ones with a demonstrated ability to harness the power of AI while and have adapted their leadership and management approaches to this new reality. If you intend to be one

The buzz around AI, especially ChatGPT, is almost deafening in today’s rapidly evolving digital landscape. But beyond the hype lies immense strategic potential. This article helps executives understand what ChatGPT is and how it works. This insight will enable them to assess where and how it can help them build a strategic advantage for their

The AI revolution is not merely a technological advancement; it catalyzes a profound global shift in both social dynamics and economic paradigms. Among the industries significantly impacted by this transformation is insurance. Here’s how.

The age of AI in the insurance sector has arrived, fundamentally redefining every facet of the industry. This transformative technology presents challenges and opportunities for insurers. At the core of this transformation is AI’s omnipresence, weaving itself into every operation, from risk assessment to claims processing. This isn’t just about implementing technology; it’s about reimagining

Insurance leaders are at a pivotal point in a world being transformed by AI (artificial intelligence). The question is, how can they lead slow-to-change companies through such profound and swift socio-economic transformations? The answer. Rethinking insurance leadership for the AI Era.

What can you get out of a 40-minute brainstorming session with Chat GPT on how to design a future generation of insurance solutions? Read the case study.

The needs and expectations of your customers, particularly younger generations, are changing rapidly. To remain competitive, your company and others must adapt to these new realities. Here’s how. 

The life and voluntary benefits industry is transforming rapidly. Traditional underwriting approaches can no longer meet new customer expectations and market trends. Personalized underwriting, tailored to each customer’s unique needs and preferences, is the future, driving growth, profitability, and satisfaction.

Insurers must evolve or perish, as Gen Z & Alpha demand innovation. Explore “WealthHacks,” a hypothetical app revolutionizing wealth management. This story offers vital insights for executives seeking a competitive edge.

Life and health Underwriting is going through another technological and customer-driven revolution. A new generation of AI, IoT, other emerging technologies, and customers is driving it. The next generation of underwriting will be more accurate, efficient, and personalized. Here’s what it takes to be part of it.

The Customer Experience in Insurance is about to undergo some significant changes. Shifting customer expectations, cutting-edge technologies like Chat GPT, Behavioral Science, and advanced IoT devices are driving the change. What will they look like, and what will it take to develop them?  Let’s look at three exciting examples—EcoDriveGuard, HealthSync, and ClimateShield.

Crossing The Generational Chasm. The unique needs of Gen Z and Gen Alpha give those willing to step up the ability to seize the industry’s future. If you wait, you risk being left behind. What opportunities and characteristics will shape life insurance solutions and captivate these generations? Read On.

The life insurance industry faces emerging risks that present challenges and opportunities as the world becomes more complex and interconnected. Insurers must adapt quickly to risks like climate change, pandemics, cybersecurity threats, social change, and economic instability. When combined with solutions that address the needs of Gen Z & Alpha, they open the door to

The P&C insurance industry is at a turning point. With low growth rates and intense competition, P&C insurers must rethink their business strategies. Next-generation connected insurance products need to be a part of that. Here’s How.

Today’s customers seek more than a digital front end to legacy policies.  They want a holistic, integrated solution that meets their unique needs and provides them peace of mind.

We’d like to invite you into a story about Josh and Sarah, a young couple living on a farm just outside of Nashville just a few years from now. As they start planning their business, they realize they need to figure out what kind of insurance they need personally and professionally, and for the business

Imagine a future suite of digitally native commercial insurance solutions. Solutions that leverage advanced technologies such as AI, IoT, blockchain, and cloud computing. Personalized solutions that provide real-time risk management and interoperate with a digital ecosystem of value-added services. That future isn’t too far away.

Traditional P&C Products Aren’t Going to Cut It. A new generation of P&C insurance customers is entering the market. Digital Leaders understand that conventional products aren’t going to cut it and are doing something about it.

The future of life insurance and voluntary benefits products will be shaped by insurers capitalizing on changing customer profiles and expectations and emerging trends and technologies. Those insurers are creating new and innovative solutions. Solutions that are more personalized, accessible, and convenient. Companies need to act now if they expect to thrive in the digitally

Digital adoption had been accelerating across every aspect of our lives. Then COVID kicked that into hyperdrive. Couple that with macro trends like climate change, shifts in consumer lifestyles, values, and demographics, and you have the makings of a perfect unpredictable storm of change. To survive this digitally supercharged storm over the next 3 years

Use of emerging data & analytic technologies is accelerating. Insurers need to prepare now for the future that will bring.

COVID has accelerated adoption of a more holistic, integrated, and customer-centric generation of Digital Transformation. If insurers expect to compete in a market thrown 5 years into the digital future by COVID they need to be on Digital Transformation 2.0 On-Ramp now.

Innovation & Agility = Insurer Survival. COVID rocked our world. Normal family, community, and business practices turned upside down. Insurance operations that relied on paper and in-person interactions obsolete. Surviving requires innovation and agility. Without an enabling platform, it’s impossible. That’s why every insurer needs to build an innovation scorecard.

Incremental improvements are table stakes in an increasingly digitally competitive insurance market. To remain competitive requires being truly transformative.

Digital transformation is not about technology. Yet, isn’t that where we tend to focus? It is too easy for us as insurance business and IT leaders to fixate on technology problems and solutions and overlook the most critical (and more difficult) changes that must take place if we are to transform our organizations…changes in attitudes,

Life insurers are faced with unprecedented challenges in terms of finding new profitable growth opportunities. Many of those opportunities are trapped within the customer data they already have. Minning that data may be easier than they imagine.

According to Accenture, on average only 25% of an underwriter’s day is spent on selling and broker engagement, while more than 50% is spent on core processing and repetitive tasks like data entry. Imagine if underwriters could spend more time with brokers and customers, and focus on delivering a better customer experience instead of being

Nobody wants to buy insurance. It is hard to understand, related to a future risk that is hard to imagine, and relative to that risk seems arbitrarily expensive. Topping that off is an often frustrating, burdensome, heavily paper and people-intensive process. Overcoming that would be game-changing. Meet the Embedded Insurance Innovators.

Covid-19 is rapidly changing our world. It’s accelerated the digital transformation of our society, businesses, and personal lives by at least 5 years. The digital leaders in insurance are responding by accelerating their own digital transformation and initiatives. What that means to fast followers and laggards is that if you expect to survive the 2

The agency model has unique, structural advantages over direct writers and lead-gen platforms in insurance distribution in that it is best aligned with consumer desire for objective, transparent, and trusted advice for their risk management needs. A customer-centric agency that can deliver efficient customer acquisition, a frictionless shopping experience, and trusted, ongoing advisory services can

Over the past months, I’ve been in conversations with multiple carriers, tech vendors, and InsurTechs. In the early days of COVID, it was all hands on deck to protect employees and to care for customers during the quarantine. While there is still work to do in those areas the conversation has shifted dramatically in the

Digital innovation is no longer just a nice to have; it’s a must-have. It’s no longer just about reducing costs or improving margins; COVID-19 has shown that it’s now an imperative addition to risk management processes and business continuity planning (BCP) as well.

P&C customer engagement is changing. That change driven by InsurTechs and Big Tech firms engages customers personally through the use of big data, AI & ML, awesome UX design and back end systems purpose-built to support this kind of engagement. That’s just the first wave. What’s coming next as these companies tap deeper into the

COVID-19 requires our industry to move immediately to meet insured’s needs and protect our companies and employees. Then we need to take a breath and think. Necessity is the mother of Innovation, and now is the time to put our capability as an industry to innovate to work. Here’s how.

On-Demand Insurance – A powerful change agent shaping the future of insurance. Don’t miss the opportunity to leverage the knowledge and insights building one offers.

Competing in the digital insurance industry places new requirements on just about every aspect of insurance. An area that will see major changes is the requirements insurers use to define the digital and legacy system transformations. Digital Ecosystems in particular demand a new approach to core system architecture and capabilities.

Digital Insurance Leaders are embracing digital ecosystems strategies now. The competitive advantage they gain will redefine the industry and will make competing against them for those slow to adapt virtually impossible. Here’s why.

Digital Health Ecosystems are changing how we engage and support customers. Incumbent insurers will need to change business and product models to become an exciting and integral partner whose input is actively sought out. They will need to match the dynamic and real-time services of other ecosystem players, as well as to adapt to change customer perception of the industry.

Fuel for the Revolution. Reducing 120 steps digitally, to 7 and turnaround time from several days to a few minutes.

If you’re responsible for strategy, innovation or digital transformation you are likely getting an increasing number of questions from C-Suite Executives about Digital Ecosystems. For most insurance companies, the concept of digital ecosystems remains vague. Its something between a buzzword and examples like Google, Apple, and occasionally Ping An, the Chinese insurance giant. These examples

Digital Ecosystems present an amazing array of insurance distribution options and opportunities. Coming to the game late isn’t one of them.

Designing Business Models for Digital Ecosystems are Key to Insurer Survival

Platforms are a force multiplier of internal and external strengths Those who have known me for years, know that I was an introvert growing up until I was a junior in high school running for class president. Yes, that surprises people! I had lots of friends across different groups (we can call them different ecosystems),

A Digital Insurance Leadership Strategy to go after a $375 Billion market opportunity

What do Apple, Alibaba, Amazon, Bank of China, JP Morgan, Facebook, Google, Intuit, PayPal, EBay, Docusign, Slack, General Motors, and Zhong An have in common? Digital ecosystems that connect them to millions of customers. According to McKinsey, $60 Trillion in revenue will flow through Digital Ecosystems like these by 2025. That includes Insurance.

Digital Ecosystems open the doors for Insurers to exponential business models. Developing successful strategies requires starting with the customer and answering some tough questions.

Digital Ecosystems open the door to exponential innovation for insurers in customer engagement. However, the roadmap doesn’t start with technology. It starts with understanding the customer. To get there requires rebuilding culture and redefining strategy.

On-Demand is a very small but growing business model. There is still much to learn and prove. However, it’s resetting customer expectations and it’s giving those implementing it powerful new insights and capabilities. Insights and capabilities that will be used to reset the competitive bar across other insurance business models. The lessons learned here will

The Kentucky Legislature has passed the first state law in the U.S. providing a comprehensive framework for an insurance regulatory “sandbox” for insurance technology products. The new regulatory sandbox, which will be administered by the Kentucky Department of Insurance (DOI), allows for private-sector flexibility while preserving necessary consumer protections.

What will it take to Survive & Thrive in the New Insurance Paradigm: Insights from our June Summit A new paradigm composed of digital ecosystem enabled solutions and business models is fast approaching. That new paradigm will be composed of Insurance solutions that are Faster, Hyper-Connected, and Incredibly Intelligent. Those solutions will be Interactive components

Platforms providing aggregated retirement solutions are on the rise With the increasing demographic of individuals over age 65, there is a growing opportunity to innovate connected business models to serve them. Platforms providing aggregated retirement solutions are on the rise and pull together life, health & wealth product management onto single platforms. In this age

Insurers often tell me they understand how critical it is to transform their organizations to compete in the experience-driven digital economy, with its new and evolving ecosystems. What is less well-understood is the fundamental technology shift required to reach prospective customers with updated products leveraging new partners, data, and InsurTech innovation…all the while building engagement

At SVIA we sense a growing undercurrent of concern in carriers, tech vendors, and even some InsurTechs. They are moving ahead with improvements across the value chain. They are upgrading everything from customer engagement to underwriting, to policy management and claims. They are even rolling out digital generation products. So, what’s the concern?

Priorities At the top of almost every CEO’s priorities are three things: customer engagement, innovation, and operational efficiency. These things have always been critical, but today we are in a digital storm that’s disrupting entire industries, and most CEOs aren’t happy with their progress. Why? Because companies are addressing these priorities as individual initiatives. The

Underwriting has always been a leader when it comes to understanding the health and wellness of individuals and employees. As more data becomes available and digital connectivity becomes more sophisticated, insurance companies are turning to emerging data providers and machine learning to automate and change the underwriting game. But innovative insurance carriers and InsurTech startups

Watching insurance CEOs grappling with InsurTechs, emerging technologies, and rapidly changing customer expectations a few years ago, was like watching a struggling new guitar student.

For the most part, insurance carriers haven’t really viewed the claims process in a positive light, as it is complex (especially with a multiparty property and casualty claim), tedious (lots of data and fact gathering), and filled with suspicion (carriers thinking that policyholders could be trying to defraud them and policyholders thinking that carriers could be trying to pay less than what they are entitled to).

Digital ecosystems are taking over industry after industry, especially those with a focus on products and services. From home buying services to banking to insurance, digital ecosystems are changing the way consumers and companies do business.

On January 18, 2019, New York’s Department of Financial Services (DFS) issued Circular Letter No. 1 (2019) to advise life insurers regarding the type of data that they may use when underwriting policies.

The insurance industry is finally making waves in the area of digital underwriting. It’s refreshing to see some carriers step out of their comfort zones and go beyond just automating basic activities with rules engines and more advanced workflow tools.

The future of insurance is already upon us as traditional insurance companies incorporate more tech-savvy features into their options, and giant tech companies offer insurance services.

The insurance industry is rooted in tradition and has been consistently devoted to its tried and true processes. But with the advent of mobile devices, digital data and an analytics-based approach to working with, serving, and retaining the customer, insurance companies must embrace digitally-enabled distribution strategies or perish.

It’s hard to look at any industry in today’s digitally connected world and spot something that isn’t being guided, influenced, or altered by technology. In today’s fast-paced economy of digital connectivity, it’s all about personalization and the push toward a more hands-on method of customer engagement, the business and communication strategy that connects an external stakeholder and a company through constant communication and the creation of value for the customer.

The time-tested axiom in risk management: “If it’s predictable, it’s preventable,”¹ holds true today in the business of property and casualty insurance claims. What’s impressive is that we can take that axiom and energize it with artificial intelligence, machine learning, and natural language processing.

The insurance industry has long struggled to effectively serve Small-Medium Business (SMB). The cumbersome and inefficient process of buying business insurance doesn’t suit the needs of SMB’s, nor does it suit the expense structure of insurers and brokers. Consequently, affordable and convenient insurance options for SMB’s are limited.

The future of insurance is well and truly here: the only way insurance carriers will be
able to survive and thrive is by utilizing big data, including new and emerging data
sources.

In an interview with Mad Money’s Jim Cramer on CNBC, Chubb Ltd.’s Chairman
and CEO Evan Greenberg commented: “We spend a billion dollars a year on
technology. We’re in a world that’s going from analog to digital…if you remain analog,
you’re history.”

Blockchain has captured the imagination of the insurance industry. In the past several years, insurance has gone from ignoring blockchain to leading other industries in terms of investment. Individual insurers, startups, and alliances between major insurers, technology vendors and major commercial customers have produced amazing visions and proofs of concept. For all of that work, only a small number of commercially deployed insurance solutions have emerged.

On Tuesday, January 29th, Insurance leaders, StartUps and Venture Capitalists all gathered from around the globe at the SVIA Blockchain | Smart Insurance Workshop

The system for construction risk management is broken. One in five workplace fatalities occur in construction, and the same mistakes repeat each year. In fact, misuse of fall protection was the number one most frequently cited OSHA violation. Change requires a radically different approach.

Blockchain For Dummies, IBM Limited Edition, equips you with an understanding of what blockchain is, how it works, and how it can enhance your business and the industry in which it operates.

This is a multi-part series covering blockchain technology and its transformative impact on the insurance industry. In part 1, we reviewed the WHY and WHAT of blockchain. In part 2, we discuss smart contracts and their implications on the entire insurance value chain.

This is a multi-part series covering blockchain technology and its transformative impact on the insurance industry. In part 1, we review the WHY and WHAT of blockchain. In part 2, we discuss HOW this new technology can potentially revolutionize insurance.

It’s being called the biggest technological breakthrough since the Internet. Blockchains are the Internet protocols for allocating scarce resources. By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for digital currency, the tech community is now finding other potential uses for

InsurTech is accelerating and changing how insurance innovates and how core systems are defined. Every exec needs to review their strategy to ensure it will be competitive in the digital insurance industry that is forming now. That process starts by ask a few simple but critical questions.

Featured Speaker Marik Brockman, Vice President Strategy & Innovation, CSAA Presentation Synopsis Mega trends including changing economies, demographics, customer expectations and values, and emerging technologies such as mobile, big data

Featured Speaker Andrew Rear , Chief Executive, Digital Partners, Munich RE Presentation Synopsis As an industry we don’t design for our customers, we design for ourselves. That has to change. We have to learn to design for how customer see their needs, and how they live their lives. InsurTech startups understand that and by working

Insurance a $5 Trillion Digital Prize With $5 Trillion in premiums, an incredibly low level of customer satisfaction, aging infrastructures, an analytically based – high volume business model, and a “wait until we have to” approach to innovation, insurance is now fully in the sights of the most disruptively innovative engine on the planet, Silicon Valley.