Six Things Newsletter | April 13, 2021 - Insurance Thought Leadership

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April 13, 2021

Six Things Newsletter | April 13, 2021

Summary:

In this week's Six Things, Paul Carroll explains how Microsoft just raised the bar. Plus, the future of AI in insurance; 10 ways to prepare for the hard market; the key to the future of mobility; and more.

Photo Courtesy of ITL

Microsoft Just Raised the Bar

Paul Carroll, Editor-in-Chief of ITL

While insurance has been steadily improving communications with customers through gradual adoption of chatbots, Microsoft just put another big item on the industry’s technology to-do list: speech recognition.

Microsoft’s announcement on Monday that it is buying speech-recognition firm Nuance for $16 billion means that insurers will have to confront the technology — likely sooner than they had expected. Big Tech has already been getting consumers accustomed to having their speech understood by devices, mostly via Siri and Alexa, and the Microsoft purchase of Nuance will push speech recognition into many business transactions. All industries, including insurance, will have to react as Big Tech again raises the bar for what constitutes a reasonable customer experience.

So, it’s worth spending a minute thinking about what speech recognition will — and won’t — change in insurance… continue reading >

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SIX THINGS

The Future of AI in Insurance
by Karin Golde

Organizations hoping to deploy artificial intelligence have to know what problems they’re solving — no vague questions allowed.

Read More

10 Ways to Prepare for the Hard Market
by Jeff Arnold

In soft markets, differentiation can be challenging. But hard markets present an opportunity for the best insurance professionals to stand apart.

Read More

Digital Revolution Reaches Underwriting
sponsored by Intellect SEEC

The digital revolution in insurance, which began in distribution and then spread to claims, has now reached underwriting in a big way.

Read More

How to Deliver the ROI From AI
by Monte Zweben

A technology has emerged that can harness AI across all departments of a business like never before. It’s called a feature store.

Read More

Benchmarks, Analytics Post-COVID
by Kimberly George and Mark Walls

The pandemic introduced several variables that question the validity of actuarial models and benchmarks.

Read More

The Key to the Future of Mobility
by Bill Powers

Telematics can help solve some of the insurance industry’s oldest problems, but, first, insurers must win the client’s trust.

Read More

Time to Start Over on Secondary Towing
by Rochelle Thielen

The current system for secondary towing is excruciating. The only reasonable solution is to start over from scratch.

Read More

Webinar :
The Alarming Surge in Ransomware Attacks

sponsored by Tokio Marine HCC – Cyber & Professional Lines Group

Join Michael Palotay, Chief Underwriting Officer for Tokio Marine HCC – Cyber & Professional Lines, and Paul Carroll as they continue their discussion on ransomware, cyber attacks, and how businesses can protect themselves.

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MORE FROM ITL

April’s Topic: Agents & Brokers

Mark Twain reportedly once responded to a rumor of a serious illness by saying, “Rumors of my death have been greatly exaggerated.”  Insurance agents and brokers could have said the same thing over the past decade and will likely be parrying those rumors for years to come.

There’s no doubt that agents & brokers inhabit a world going digital and not every agent will migrate easily into the ever-more-digital world, but those who do will find the work more rewarding, both for themselves and for their ever-more-loyal clients.

Take Me There

The Alarming Surge in Ransomware Attacks

Join Michael Palotay, Chief Underwriting Officer for Tokio Marine HCC – Cyber & Professional Lines, and Paul Carroll as they continue their discussion on ransomware, cyber attacks, and how businesses can protect themselves.

Watch Now

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