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December 22, 2020

Six Things Newsletter | December 22, 2020

Summary:

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.

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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 decades, I’ll actually stick with the prediction I made at the start of the year: that innovation is poised to accelerate greatly in the insurance industry.

As I wrote in Six Things on Jan. 7, I thought the industry had been focusing on innovation for long enough that it had begun to see what worked and what didn’t and “will begin to get better at… getting better.” I had no idea, of course, that a global pandemic would compress five years or so of digitization plans into one. But I don’t think this year’s phenomenal progress marks the end of a round of innovation. Rather, I think we’re at the beginning. The structural pieces that were in place at the start of the year, because of our collective experience, are still there, and this year’s progress creates lots of opportunities as we come out the other side of the crisis that has gripped us all…  continue reading >

SIX THINGS

Record Insurtech Fundraising in Q3
by Andrew Johnston

Relatively well-known but not particularly well-established insurtechs across the board could be about to face their toughest moment to date.

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No More Apples-to-Apples Comparisons
by Tony Caldwell

Yes, insurance is complex, but such comparisons oversimplify insurance, make it a commodity and serve neither the client nor the agency.

Read More

Long-Overdue Change in Commercial Lines
by Megan Bock Zarnoch

Commercial insurers need to leap forward with a big vision for the future of underwriting, then reverse-engineer a holistic strategy to deliver on it.

Read More

Diversity and Respect: Best Insurance Policy
by Lewis Fein

“Insurers must not only diversify their agent base but create and market plans that reward those living in areas they once punished.”

Read More

5 Risk Management Mistakes to Avoid
by Katherine Rundell

Because of the dynamic nature of markets, risk management programs need to be regularly updated or they, themselves, become at risk.

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5 Things to Keep in Mind for Benefits in ’21
by Tara Kelly

Insurance providers looking for a reset that strengthens relationships with customers and HR departments have a real opportunity here.

Read More

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