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August 25, 2020

Six Things Newsletter | August 25, 2020

Summary:

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.

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Elon Musk and Your Feedback Loop

Paul Carroll, Editor-in-Chief of ITL

Although I sometimes can’t decide whether Elon Musk is the business genius of our time or is two bricks shy of a load, he sure does get a lot of key principles right.

The latest instance is a little-noticed announcement last week about how he is using Tesla’s auto insurance offering to create a feedback loop to help him make better cars. When an accident occurs, his designers learn immediately through the insurance arm what happened and can consider whether some modification to the car would reduce the damage or at least lower the cost of the repair. Customers will become less likely to wonder, “That fender-bender cost how much to fix?” Word-of-mouth on the cars will improve, leading to more sales, creating more data via the insurance arm, allowing for more design improvements and so on, pumping ever more money into Musk’s pockets.

While emulating Musk won’t mean that you, too, can land spent rocket stages upright on floating platforms, insurers have a number of opportunities to create feedback loops and virtuous circles that could let them dominate part of the industry… continue reading >

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SIX THINGS

‘Law of Computability’ Powers the Bionic Era
by John Sviokla

The bionic era automates symbolic work – perceiving and judging – and blends powerfully with the industrial era’s automation of physical work.

Read More

COVID-19: Technology, Investment, Innovation
by Stephen Applebaum

There are two extremely different states existing within the insurance ecosystem: larger, well-funded participants and then all the rest.

Read More

Graph Theory, Network Analysis Aid Actuaries
by Ankur Jain

Graph and network analysis helps organizations gain a deep understanding of their data flows, process roadblocks and other trends and patterns.

Read More

Winning With Smart IoT in P&C

Brett Jurgens, CEO and co-founder

What if I told you that insurers could attract customers with smart home devices that generate interaction seven to 10 times A DAY?

Learn More

Voice Is the Future – Even for Insurance?
by Robin Kiera

Wouldn’t it be good to be among those present at the start of voice-activated assistants, a technology of the future, and gain market share?

Read More

The Most Underused Channel for Leads
by Nick Hedges

One advantage many captive insurance carriers overlook is tied to what may seem like a disadvantage— consumer preference for online research.

Read More

3 ‘Must Have’ Digital Investments
by Deb Smallwood

Transformation has advanced five years in eight weeks, and P&C insurers need to keep up with digital platforms, payments and communications.

Read More

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