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Insurance Thought Leadership

Insurance Thought Leadership

Recent Articles by Insurance Thought Leadership

Six Things Newsletter | March 2, 2021

In this week’s Six Things, Paul Carroll considers the breakthrough technologies of 2021. Plus, pressure to innovate shifts priorities; how AI will define insurance workforce; 7 ways to innovate with purpose; and more. Breakthrough Technologies for 2021 Paul Carroll, Editor-in-Chief of ITL The MIT Technology Review’s list of technologies to watch is always intriguing, and […]

ITL FOCUS: Strategic Innovation

MARCH 2021 FOCUS OF THE MONTHStrategic Innovation FROM THE EDITOR Strategy is what you don’t do. That was the dictum of the late, great Mel Bergstein, who way back in 1994 founded the pioneering digital strategy firm Diamond Management & Technology Consultants. (It became part of PwC in 2010.) I heard Mel’s line a lot, […]

Six Things Newsletter | February 23, 2021

In this week’s Six Things, Paul Carroll proposes moving forward by looking back. Plus, 11 keys to predictive analytics; beware the dark side of AI; making inroads with open APIs; and more. Moving Forward by Looking Back Paul Carroll, Editor-in-Chief of ITL How old do you think Martin Luther King Jr. was when he was […]

Six Things Newsletter | February 16, 2021

In this week’s Six Things, Paul Carroll takes an early look at the International Insurance Society’s annual survey of global insurance executives, which found that only 35% had an active, comprehensive plan for innovation — meaning that two-thirds do not. Plus, 4 connectivity trends to watch in 2021; the intersection of IoT and ecosystems; closing […]

Six Things Newsletter | February 9, 2021

In this week’s Six Things, Paul Carroll tackles the insurance industry’s archaic and often downright unfriendly language. Plus, the next wave of insurtech; insurance 2030: implications for today; increasing regulation on climate change; and more. Let’s Watch Our Language Paul Carroll, Editor-in-Chief of ITL During a podcast I recorded last week with Capgemini’s global insurance […]

The Future of Blockchain Series Episode 3

Blockchain is providing a solution for the insurance industry to share information easily and slash operating costs. Having explored the possibilities for blockchain in personal lines and commercial lines in P&C, we conclude our webinar series on the technology (for now) by taking a look at two use cases in life and annuities that are […]

6 Questions for John Sviokla

As part of this month’s ITL FOCUS on blockchain, we spoke with John Sviokla, strategic adviser at Manifold and former senior partner and chief marketing officer of PwC, about the future impacts and strategic implications of blockchain. You’ve made a career out of identifying the strategic possibilities of technology — going back at least to […]

Six Things Newsletter | February 2, 2021

In this week’s Six Things, Paul Carroll considers the next revolution in transportation. Plus, how CFOs can enable innovation; insurance-as-a-service 2021; insurtech 2021: reset vs. resume; and more. The Next Revolution in Transportation Paul Carroll, Editor-in-Chief of ITL While we wait for the autonomous vehicle revolution to kick in, we can’t take our eye off […]

ITL FOCUS: Blockchain

FEBRUARY 2021 FOCUS OF THE MONTHBlockchain FROM THE EDITOR While the pandemic has greatly accelerated the digitization of the insurance industry — turning years into months — it has also shown us how very far we still have to go. As a rule of thumb, I’ve heard consultants say that 50% of the operating costs […]

Six Things Newsletter | January 26, 2021

In this week’s Six Things, ITL’s Paul Carroll and Sean Kevelighan, CEO of the Insurance Information Institute, discuss a moment in 2020 that was “touch and go” for the industry. Plus, 20 issues to watch in 2021; despite COVID, tech investment continues; home insurance for those needing it most; and more. A ‘Touch and Go’ […]

How AI Can Transform Insurance Correspondence

If you think insurers have issues with their mishmash of legacy technology platforms, take a look at the rat’s nest of letters, emails and other documents that languish in an array of systems and formats. As insurers deal with the fallout from COVID and dedicate themselves to improving the customer experience, many still shy away […]

Six Things Newsletter | January 19, 2021

In this week’s Six Things, Paul Carroll contemplates Biden’s first 100 days in office. Plus, 11 insurtech predictions for 2021; how low-code accelerates change; COVID-19 risk and buyers’ psychology; and more. Biden’s ‘Reverse Honeymoon’ Paul Carroll, Editor-in-Chief of ITL Although I’d like to think that the big news in the world this week is that […]

Six Things Newsletter | January 12, 2021

In this week’s Six Things, Paul Carroll looks at what’s next. Plus, 3 trends that defined 2020; how to start selling on TikTok; how carrier tech drives agency change; and more. The Next Normal Paul Carroll, Editor-in-Chief of ITL While I’m less optimistic than I was a week ago about the speed of a return […]

Six Things Newsletter | January 5, 2021

In this week’s Six Things, Paul Carroll predicts one of the biggest insurance themes of 2021 will be ecosystems. Plus, who will buy direct and why; telematics consumers are ready to roll; how to leverage behavioral science; and more. The Word of the Year Is…’Ecosystems’ Paul Carroll, Editor-in-Chief of ITL I hesitate to make predictions […]

6 Questions for Stephen Applebaum

As part of this month’s ITL FOCUS on commercial insurance, we spoke with Stephen Applebaum, managing partner, Insurance Solutions Group, about the future impacts of technology in commercial lines. What is the biggest change you expect to see in commercial lines in the next 12 months? COVID-19 related claims, notably first-party property business interruption and […]

ITL FOCUS: Commercial Insurance

JANUARY 2021 FOCUS OF THE MONTHCommercial Insurance FROM THE EDITOR Much of the focus on innovation has related to personal lines. That makes some sense: Policies tend to be more cookie-cutter than in commercial lines, and individuals, spoiled by Amazon and other online resources, have demanded a better experience from insurers. But don’t sleep on […]

The Future of Blockchain Series Episode 2

Blockchain has incredible potential to streamline business functions and open up opportunities for a wide range of innovations Blockchain provides a single source of truth that is kept up to date in real time and is accessible (through permissions) by all stakeholders. Having that source creates unprecedented efficiencies by eliminating much of the phone tag […]

Six Things Newsletter | December 29, 2020

We are delighted to share these examples of cutting-edge thinking, from among the most-read pieces published in 2020. In Six Things at the beginning of this year, I joked that it should be dubbed “Hindsight,” because hindsight is 20/20. (Yes, I’m aware that I’m hardly the only one to come up with that little chuckle.) […]

Six Things Newsletter | December 22, 2020

In this week’s Six Things, Paul Carroll considers innovation acceleration in 2021. Plus, long-overdue change in commercial lines; 5 risk management mistakes to avoid; and more. Accelerating Into 2021 Paul Carroll, Editor-in-Chief of ITL As we close out a year that brought “Blursday” into the lexicon and that feels like it’s been going on for […]

Six Things Newsletter | December 15, 2020

In this week’s Six Things, Paul Carroll provides a recap of the recent Global Insurance Forum Insurtech Panel, where industry leaders provided their views on the next wave of insurtech. Plus, innovating our way out of a crisis; ecosystem-based business models; free insurance data you’ll need; and more. The Next Wave of Insurtech Paul Carroll, […]

ITL FOCUS

ITL FOCUS puts a spotlight each month on a different topic that is driving innovation in risk management and insurance. A collection of curated content from our vast library, each month’s FOCUS includes webinars, featured authors and more to offer a comprehensive look at the topic of the month. View our ITL FOCUS topics by […]

Six Things Newsletter | December 8, 2020

In this week’s Six Things, Paul Carroll discusses Google’s DeepMind, a breakthrough in AI. Plus, smart contracts in insurance; surging costs of cyber claims; 4 stages of dominance in performance; and more. A Breakthrough in AI Paul Carroll, Editor-in-Chief of ITL You may have seen articles last week about a breakthrough for artificial intelligence in […]

Six Things Newsletter | December 1, 2020

In this week’s Six Things, Paul Carroll ponders who is liable when a driverless car crashes. Plus, COVID-19 is no black swan; advice for early-stage startups on pricing; how AI transforms risk engineering; and more. Who Is Liable When a Driverless Car Crashes? Paul Carroll, Editor-in-Chief of ITL Now that truly autonomous vehicles are starting […]

Six Things Newsletter | November 24, 2020

In this week’s Six Things, Editor-in-Chief Paul Carroll considers what a new experience for employees may look like. Plus, how to outperform on innovation; technology and the agent of the future; 4 initiatives that unlock IoT’s value; and more. Designing a New Employee Experience Paul Carroll, Editor-in-Chief of ITL As the pandemic has accelerated the […]

Six Things Newsletter | November 17, 2020

In this week’s Six Things, Paul Carroll ponders the key technology trends of 2021. Plus, 6 megatrends shaping life insurance; new paradigm for reinsurance; how to boost chance of being acquired; and more. 2021’s Key Technology Trends Paul Carroll, Editor-in-Chief of ITL While I usually don’t believe in either Christmas songs or lists of key […]

The Future of Blockchain Series Episode 1

Blockchain has incredible potential to impact traditional business functions and inspire new innovative opportunities A key benefit of the technology, providing a single source of truth kept up to date in real time and accessible through permissions by all stakeholders, has huge implications for the insurance and risk management industries. This webinar begins by exploring […]

Six Things Newsletter | November 10, 2020

In this week’s Six Things, Paul Carroll looks at the new shape of innovation. Plus, transforming the claims space; how AI powers customer contacts; essential steps for cyber insurance; and more. The New Shape of Innovation Paul Carroll, Editor-in-Chief of ITL When I interviewed Howard Schultz for a magazine cover in the late 1990s, I […]

Six Things Newsletter | November 3, 2020

In this week’s Six Things, Paul Carroll shares his thoughts on a new push for autonomous vehicles. Plus, property claims and innovation, driving into the future of telematics, the state of the commercial insurance market, and more. New Push on Autonomous Vehicles Paul Carroll, Editor-in-Chief of ITL As I got set to write this post […]

Six Things Newsletter | October Wrap Up

The most popular topics of October. The future of insurance: hyper-personal; a new boom for life insurance; 6 cybersecurity threats for insurers; secret to leadership in insurtech innovation; and more. THIS MONTH’S TOP ARTICLES Future of Insurance: Hyper-Personal Protection products will increasingly have to be dynamic, meeting the needs of each individual as preferences and […]

Six Things Newsletter | October 26, 2020

In this week’s Six Things, Paul Carroll asks – where are all those benefits promised by AI? Plus, how to pursue innovation in a crisis; speeding innovation in life insurance; a future-proof operating model; and more. Where Are All Those Benefits Promised by AI? Paul Carroll, Editor-in-Chief of ITL Having covered developments in artificial intelligence […]

Six Things Newsletter | October 20, 2020

In this week’s Six Things, Paul Carroll recaps a panel discussion between Insurance CEOs at the International Insurance Society annual forum. Plus, the hyper-personal future of insurance; how to unlock a ‘Customer 360’ view; and more. Insurance CEOs Spec Out a Post-COVID World Paul Carroll, Editor-in-Chief of ITL At the International Insurance Society’s annual forum […]

3 Tips for Increasing Customer Engagement

Customers are rushing to embrace the digital space. Is your business prepared? Even before the pandemic, insurance customers were moving to digital channels and demanding the kind of smooth experience they get with Google and Amazon. With customers demanding new types of interactions and agencies and companies needing to increase leads in a world that’s […]

Six Things Newsletter | October 13, 2020

Moving Beyond ‘Greed is Good.’ Plus, a new boom for life insurance; insurtech’s role in transformation; how analytics can tame ‘social inflation;’ and more… Moving Beyond ‘Greed Is Good’ Paul Carroll, Editor-in-Chief of ITL Last month marked the 50th anniversary of Milton Friedman’s defining essay on the role of the corporation, which concluded that “there […]

Six Things Newsletter | October 6, 2020

In this week’s Six Things, Paul Carroll catches a glimpse of the future of insurtech. Plus, why haven’t more startups failed; COVID, and how to pivot to innovation; 6 cybersecurity threats for insurers; and more. A Glimpse of the Future of Insurtech Paul Carroll, Editor-in-Chief of ITL Today’s announcement that Bold Penguin is acquiring RiskGenius […]

Six Things Newsletter | September 29, 2020

In this week’s Six Things, Covid and ‘the Great Reset.’ Plus, where blockchain shines right now; reflections on insurtech,pandemic; commercial claims journey with AI; and more. COVID and ‘the Great Reset’ Paul Carroll, Editor-in-Chief of ITL Although the insurance industry seems to have aggressively and (mostly) successfully shifted toward digital interactions during the pandemic, an […]

Six Things Newsletter | September Wrap Up

September Highlights: 3 big opportunities from AI and ML; the future isn’t just for insurtech; creating the future of distribution; and more. THIS MONTH’S TOP ARTICLES 3 Big Opportunities From AI and ML Machine learning can speed underwriting while reducing costs and providing valuable information on why certain proposals fail. Read More The Future Isn’t Just […]

Six Things Newsletter | September 22, 2020

In this week’s Six Things, ITL’s Paul Carroll asks for some respect for insurance innovators. Plus, digital future of insurance emerges; AI in commercial underwriting; selling where life happens; how to minimize flood losses; and more. Some Respect for Insurance Innovators Paul Carroll, Editor-in-Chief of ITL The insurance industry is pretty good at beating itself […]

Six Things Newsletter | September 15, 2020

In this week’s Six Things, ‘Fake News’ reaches risk management. Plus, creating the future of distribution; how to evaluate AI solutions; you can still have personal interactions; what my $18,289 medical bill says; and more. ‘Fake News’ Reaches Risk Management Paul Carroll, Editor-in-Chief of ITL With all the legitimate concerns about the wildfires in the […]

Six Things Newsletter | September 8, 2020

An Early Taste of Climate Change Disrupting Insurance. Plus, how ‘explainable AI’ changes the game; the future isn’t just for insurtech; ‘virtualizing’ your customer service; COVID-19 and need for analytical insurers; and more. An Early Taste of Climate Change Disrupting Insurance Paul Carroll, Editor-in-Chief of ITL There’s a line that I first heard only a […]

Six Things Newsletter | Sept 1, 2020

A Lesson from Hurricane Laura? Plus, 3 Big Opportunities from AI and ML; How CISOs are Responding to COVID; New Sense of Urgency on Going Digital; COVID-19: What Buyers Want to Know; Payments at the Speed of Light; and The Missing Tool for Cyber Resilience. A Lesson From Hurricane Laura? Paul Carroll, Editor-in-Chief of ITL […]

Six Things Newsletter | August Highlights

August was about COVID and innovation. Plus, why work from home threatens innovation, how insurers are applying AI, 5 hurdles to insurtech success, and more. THIS MONTH’S TOP ARTICLES Bigger Disruptor: Lemonade or Tesla? With its spectacular IPO, Lemonade has the attention of the insurance world, but Tesla may be the bigger disruptor in the […]

Six Things Newsletter | August 25, 2020

In this week’s Six Things, Paul Carroll takes a look at Elon Musk and Your Feedback Loop. Plus, the ‘Law of Computability’ powers the bionic era, COVID-19: technology, investment, innovation, 3 ‘must-have’ digital investments, graph theory, network analysis aid actuaries, and more. *|MC_PREVIEW_TEXT|* View this email in your browser | Forward to a colleague Elon Musk […]

Six Things Newsletter | August 18, 2020

In this week’s Six Things, are sharknados next? Plus, why COVID-19 must accelerate change, 5 hurdles to insurtech success, an inconvenient sales truth, why COVID is a chance to rethink workers comp, and more. Are Sharknados Next? Paul Carroll, Editor-in-Chief of ITL Many years ago, when I watched “Biloxi Blues,” the Neil Simon play about […]

Six Things Newsletter | August 11, 2020

In this week’s Six Things, COVID-19 and the long slog ahead. Plus, why work-from-home threatens innovation, how insurers are applying AI, five things here to stay post-pandemic, ‘scalable compassion’ in workers’ comp, and more. COVID-19: The Long Slog Ahead Paul Carroll, Editor-in-Chief of ITL While sorting through the latest studies and projections about the path […]

Six Things Newsletter | August 4, 2020

In this week’s Six Things newsletter, Paul Carroll argues that we should “Burn the Fax Machines” so both clients and companies are happier. Plus, the bigger disruptor: Lemonade or Tesla, AI in a post-pandemic future, crisis mitigation beyond COVID-19, and more. Read more of this week’s most popular articles, curated by ITL’s editor-in-chief. Burn the […]

Six Things Newsletter | July 28, 2020

Growing Risks of Social Inflation Paul Carroll, Editor-in-Chief of ITL “Social inflation,” an on-again, off-again issue for the insurance industry for more than four decades, is on again as a major factor in insurance claims and, thus, rates. The issue, related to beliefs and trends that lead people to expect ever-higher compensation and for juries […]

Optimizing Care with AI in Workers Comp Claims

The expert panel explains how AI can: let you identify the right provider for a case and steer the injured worker to that provider help busy adjusters easily spot potentially troublesome cases and manage them better, from start to finish continuously optimize your network of providers, so you can be sure to have the right […]

Six Things Newsletter | July 21, 2020

Let’s spend a minute on why devil’s advocates are so important when formulating personal and corporate strategies, and how you can use them — rather easily, in fact. Plus why traditional insurance won’t work, the tipping point for claims automation, and more. COVID and the Need for Devil’s Advocates Paul Carroll, Editor-in-Chief of ITL Over […]

Six Things Newsletter | July 14, 2020

The Silos Are Coming Down Paul Carroll, Editor-in-Chief of ITL While I’ve heard many too many empty promises of corporate synergies over the years, I’ve learned that one form of cross-selling really does work: “Do you want fries with that?” So, I’ve been waiting (and hoping) for insurers to find ways to achieve similar sorts […]

Six Things Newsletter | July 7, 2020

Forward to a colleague A Way Forward on Flood Insurance? Paul Carroll, Editor-in-Chief of ITL In the mess that is flood insurance in the U.S., a bright spot emerged late last month when First Street Foundation released a major report on the issue, along with a model that will go a long way toward making […]

Six Things Newsletter | June 30, 2020

What to Learn From the Segway’s Failure Paul Carroll, Editor-in-Chief of ITL The original Segway, whose demise was announced last week to a chorus of chuckles about mall cops and I-told-you-sos about the nerd factor, may have been the most beautiful piece of design I’ve ever seen. Only the iPhone rivals the Segway, in my […]

The Griffith Foundation and The Katie School of Insurance June Webinar Series

In an effort to meet the educational needs of financial regulators during these challenging times, the Katie School of Insurance is collaborating with The Institutes Griffith Insurance Education Foundation to deliver a series of 8 non-partisan, non-advocative webinar programs during the month of June.  Because of significant overlap with the informational needs of legislators, we […]

ITL Video Series

Coming Soon! With the world turned upside down by the pandemic, we’re spending a lot of time thinking not only about how to navigate the choppy waters but also about what the world will look like for insurers and their customers once we finally (safely) reach the other side.  Fortunately, we don’t have to do […]

How AI Can Vanquish Bias

This article by Lemonade co-founder and CEO Daniel Schreiber tackles a profound issue for insurance and offers an innovative solution. The article suggests a smart way to watch for bias hidden in algorithms and to correct for it. In the process, Daniel provides an opening toward a holy grail: being able to price risk accurately for […]

How AI Can Vanquish Bias

This article by Lemonade co-founder and CEO Daniel Schreiber tackles a profound issue for insurance and offers an innovative solution. The article suggests a smart way to watch for bias hidden in algorithms and to correct for it. In the process, Daniel provides an opening toward a holy grail: being able to price risk accurately for […]

10 Tips That Your Innovation Program Is Failing

The saying in journalism is that there are no new stories, just new reporters. It seems the same is true of mistakes in innovation programs: There are no new errors, just new companies making them. I say that having spent years watching innovation programs at established companies fail for almost the same reasons, time after […]

Embracing Risk Management As a Driver of Value

We have been telling everyone who would listen for a long time that the future of the insurance industry will be dictated, not by the insurers, but by the clients. We have also been telling you that this reorientation will manifest itself first on the commercial side of things, if for no other reason than […]

Workers Comp: Tip of the Spear on Innovation

Participating in a panel last week in Orlando at the WCI360 event brought into focus two ideas about innovation in insurance that aren’t understood fully enough yet. One is that workers comp will lead the way, because innovation can happen in so many more ways than is true for other parts of the insurance industry. […]

Coaching to Win at Innovation

With August approaching, football training camps (American football) are opening, and I can’t wait. I am reminded of a conversation I recently had with a sports agent about what makes some coaches consistently successful.  My conversation with Bruce Tollner, a founder of Rep 1 Sports who works with college and professional coaches, focused on the […]

Why Assumptions Are Dangerous

You know what happens when you assume? That’s right, you’ve heard the line before. But it’s true. So, why do we continue to assume so many things that we just don’t know will hold up?  People who study these things tell us that we all have to make assumptions to a certain point, or we’d […]

Aim for More Than a Passing Grade on Innovation

A little-known part of my professional career was a four-year stint as an entrepreneurship professor at a private university. All my students fell into one of three buckets: those who wanted to actually learn and were always prepared; those who just didn’t care; and those (the majority) who wanted to know what they needed to […]

Some Hope in the Face of the Wildfire Threat

In 2018, there were over 6,000 wildfires in California alone, destroying well over 10,000 structures, producing over $9 billion in property damage and claiming the lives of at least 88 people. Horrific. But there’s hope. More than 95% of the wildfires in California are controlled within the first 24 hours and are contained to 10 […]

Treading Water is Not a Strategy

In the wake of A.M. Best’s announcement that it will include a formal innovation assessment as part of its rating procedure for insurance companies, ITL Chief Innovation Officer Guy Fraker and I attended Best’s “Review and Preview” event in Scottsdale last week. Guy’s session was super well-attended, about twice as many folks as we expected. […]

Catastrophe Insurers Have a ‘Pinto Moment’

Over the past couple of weeks, we have used this commentary to shine a light on and begin a discourse regarding what we believe are the avoidable consequences of certain catastrophic events. As our takeoff point, we’ve focused on PG&E’s announcement that it plans to file for bankruptcy protection following massive liabilities from California’s wildfires […]

Will insurance avoid its own Blockbuster moment?

Now, more than ever, insurance executives should be seeking out opportunities to have their assumptions challenged, to understand how technologies can be applied, to embrace the idea that even the most incomprehensibly advanced innovations are easily grasped through the lens of consumers.  Conferences such as the recently concluded Global Insurance Symposium in Des Moines have […]

Seizing the opportunity to take a broader view of risk tech

“My light bulb moment was when I realized that as important as insurance—and by extension insurtech—is, ‘risktech’ is the future of technology that will be the most helpful to risk leaders going forward. “I am not talking about today’s popular governance, risk management and compliance systems framework, but rather the technology solutions that will help […]

2017 Innovators to Watch List

The complete list of 2017 Innovators to Watch follows: Agent Ave AOC Insurance Broker AppBus Aquaai Atidot Bold Penguin Care Bridge International Carpe Data Casentric, LLC CASPER Security Clear-Cut Medical Ltd Click2Sure Coastal Risk Consulting, LLC DataCubes DataRobot Digital Fineprint Driveway elevateBenefits Gain Compliance GAPro System GeneYouIn Goqii HazardHub Inc Hello ZUM Infinilytics Inc Instanda […]

Predicting innovation and transformation for insurance in 2018

While 2017 saw lots of progress in insurance, as the year winds down we’re going to put a stake in the ground and predict that 2018 will be the year that ushers in the amazing season of innovation and transformation that so many of us are hoping to produce.  For the last few years, the […]

How Google Is Wrong About the Internet

Eric Schmidt, the executive chairman of Google, said this week that the Internet will disappear — “There will be so many IP addresses, so many devices, sensors, things that you are wearing, things that you are interacting with, that you won’t even sense it,” he said. Now, Eric is a very smart fellow; he’s worth several billion dollars […]

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