Six Things Newsletter | February 16, 2021 - Insurance Thought Leadership

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February 16, 2021

Six Things Newsletter | February 16, 2021

Summary:

In this week's Six Things, Paul Carroll takes an early look at the International Insurance Society's annual survey of global insurance executives, which found that only 35% had an active, comprehensive plan for innovation -- meaning that two-thirds do not. Plus, 4 connectivity trends to watch in 2021; the intersection of IoT and ecosystems; closing the protection gap; and more.

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Surprising Lack of Innovation Plans

Paul Carroll, Editor-in-Chief of ITL

The 2020 Global Concerns Survey of insurance leaders by the International Insurance Society contains two major surprises. (I got an early look because ITL collaborated on this latest annual survey.)

The smaller surprise is that COVID-19 ranks only second among the most important issues the executives identified. I had expected that the pandemic would be the top concern, given that 2.4 million people have died worldwide, that economies have been devastated and that insurers face exposure, especially given the recent decision by the U.K. Supreme Court that business-interruption insurance should cover pandemic-related claims.

The bigger surprise is that, while innovation is the top concern, only 35% of respondents said they have an active, comprehensive plan — meaning that two-thirds do not… continue reading >

SIX THINGS

4 Connectivity Trends to Watch in 2021
by Dave Acker

In a business defined by relationships, connecting well on a virtual basis will be more than a change — it will be a requirement.

Read More

The Intersection of IoT and Ecosystems
by Matteo Carbone

Insurers can build a sort of digital twin of the customer, then tailor their offerings and improve the customer experience.

Read More

Let’s Do More Than Create Faster Horses
by Tim Kershaw

COVID-19 has accelerated adoption of e-trading and smashed paradigms. There is an opening for something fundamentally new.

Read More

How AI Can Transform Insurance Correspondence
sponsored by Messagepoint

Focusing on customer experience is a winning strategy as digital transformation efforts accelerate into 2021.

Learn how AI-based tools are helping industries modernize their systems, optimize their content, and manage customer communications intelligently.

Watch Now

Closing the Protection Gap
by Simon Young

With climate risk on the rise and exposure growing, parametric insurance can plug the gaps left by traditional insurance.

Read More

Why CX Must Trump Efficiency
by Renaud Million

Companies talk about improving customer experience but focus too much on saving money. Customer process automation does both.

Read More

CISOs, Risk Managers: Better Together
by Charles Pruzinsky

In most large firms, risk managers buy cyber insurance–but are rarely expert in network security and may not fully understand the risk profile.

Read More

MORE FROM ITL

February’s Topic: Blockchain

While the pandemic has greatly accelerated the digitization of the insurance industry — turning years into months — it has also shown us how very far we still have to go. As a rule of thumb, I’ve heard consultants say that 50% of the operating costs need to be driven out of the industry in the next five years.

Blockchain has held out this promise for some time now. It’s lost a bit of its shine because it’s been identified as a hot technology of the year for so many years in a row. But it may be coming into its own, with some uses starting to move into production.

Take Me There

The Future of Blockchain Series Episode 3
Usage in Life & Annuities

Having explored the possibilities for blockchain in personal lines and commercial lines in P&C, we conclude our webinar series on the technology by taking a look at two use cases in life and annuities that are close to moving into production. 

Watch Now

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