Six Things: January 25th, 2022

In this week's Six Things, Paul Carroll considers will customers turn to big tech? Plus, the key to competitive carrier strategies; eliminating AI bias in insurance; 3 powerful data-driven strategies.

Insurance Thought Leadership

January 25, 2022

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Will Customers Turn to Big Tech?

Paul Carroll, Editor-in-Chief of ITL

Since I got involved with ITL nearly 8 1/2 years ago, a vague threat has been hanging over the industry: that Big Tech would somehow invade and capture all the profits in much the way that Amazon did with retail commerce. That obviously hasn't happened -- but a recent survey shows that customers remain at least a little Big Tech-curious.

The survey of 1,500 consumers, by Breeze, found, for instance, that 55% of consumers would be inclined to buy a hypothetical insurance product from Amazon over traditional insurance carriers. Fewer than half said they'd prefer Google or Facebook to traditional carriers -- but if the 46% who said they'd prefer Google and the 38% who said they'd prefer Facebook actually bought from a Big Tech company, then the whole industry would be turned upside-down. No company has a 20% market share in any insurance line, so Big Tech could become the dominant player if even a fraction of customer interest were turned into purchases.

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SIX THINGS

Key to Competitive Carrier Strategies
by Marie Carr

Carriers that continue to work from vague three- to five-year timelines will lose market share and perhaps wind up as someone else’s acquisition.

Eliminating AI Bias in Insurance
by Anthony Habayeb

Insurers face a conundrum: Insurance requires bias (in terms of how risks are priced) but must be fair.

Game-Changing Trends in 2022 for the Future of Insurance

3 Powerful Data-Driven Strategies
by Leandro DalleMule

With super granular data continuously becoming more accurate and available, some companies will take advantage and win the market

Read More

Managing New Age of Construction Risks
by Michael Pignataro

The global construction market is set for a sustained period of strong growth post-COVID-19, with radical changes in design, materials and processes.

Emerging Risks With Long Tails
by Donna Galer

Brokers and risk managers should prepare for possible claims many years from now related to climate litigation and "forever chemicals."

How AI Can Solve Prior Authorization
by Mark Scott

Physicians spend nearly two full business days per week on prior authorization requests as part of an antiquated, manual process.

Read More

The Virtual Insurance Agent

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