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April 6, 2021

Six Things Newsletter | April 6, 2021

Summary:

In this week's Six Things, Paul Carroll anticipates a new burst for augmented reality. Plus, the digital journey in personal lines; rational ignorance and the protection gap; want some insurance with that? And more.

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A New Burst for Augmented Reality

Paul Carroll, Editor-in-Chief of ITL

Augmented reality and I go way back, to when it burst on the scene in the early 1990s. As a technology reporter for the Wall Street Journal, I was a skeptic especially about virtual reality (where a headset provides an immersive experience unrelated to the physical world around the wearer) but also about augmented reality (where goggles add images or other information to what the wearer sees through the glasses).

In fact, while the VR/AR concept was clearly powerful, the technology wasn’t close to good enough yet to provide even a useful experience — the computing power in the devices was about one-millionth of what is available today, thanks to the exponential improvements in electronics.

In the last decade, enthusiasm returned. Facebook bought Oculus for $3 billion in 2014, when the VR company still barely even had a product. Pokemon Go had hundreds of millions of people in 2016 trying to “catch” Pokemon projected onto the real world via an AR app downloaded onto their phones. But interest faded again. VR/AR made only modest inroads, primarily in some video games.

Just in the past week, though, an announcement suggests that augmented reality may be close to becoming very real. There could be significant changes in how clients operate and, eventually, in how insurers themselves do business…. continue reading >

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SIX THINGS

Want Some Insurance With That?
by Seth Rachlin

Insurance is becoming the French fries in a meal deal–offered as part of another transaction at a moment of need. The change is profound.

Read More

The Digital Journey in Personal Lines
by Mark Breading

Personal lines insurers are focusing on self-service capabilities for policyholders, especially for policy service and claims.

Read More

How to Combat the Surge in Ransomware
sponsored by Tokio Marine HCC – Cyber & Professional Lines Group

Insurers can help clients protect themselves — but preventive approaches aren’t yet widely implemented.

Read More

Post-Pandemic: 4 Tips for Independent Agents
by Doug Mohr

There is an opportunity to improve on objectives like paperless processes, remote relationship building and digital communications.

Read More

Rational Ignorance and the Protection Gap
by Ronald Poon-Affat

Insurers need to acknowledge rational ignorance as a major sales obstacle; that could be a first step in a recovery for life insurance.

Read More

In Search of the Digital X-Factor
by Dave Ovenden

How commercial insurers capture, clean and use data across their distribution channels will become their competitive lifeblood.

Read More

The Cost of Uncivil Discourse
by Bjoern Reusswig

The successful rollout of vaccines worldwide will calm many but will not, alone, decrease the risk of civil disturbances and riots.

Read More

The Insurer’s Customer Acquisition Playbook
sponsored by Data Axle

In a competitive insurance space, an effective customer acquisition program is the key to success. This playbook will help savvy insurers develop and implement a data-driven acquisition strategy through real-world examples from John Hancock, Lemonade, Northwestern Mutual, and more.

Read More

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

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Blockchain has incredible potential to impact traditional business functions and inspire new innovative opportunities – and 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. Watch this 3-part series to understand the implications in personal lines, commercial lines, and life & annuities.

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