February 2, 2021

Six Things Newsletter | February 2, 2021

by Insurance Thought Leadership

Summary:

In this week's Six Things, Paul Carroll considers the next revolution in transportation. Plus, how CFOs can enable innovation; insurance-as-a-service 2021; insurtech 2021: reset vs. resume; and more.

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The Next Revolution in Transportation

Paul Carroll, Editor-in-Chief of ITL

While we wait for the autonomous vehicle revolution to kick in, we can’t take our eye off a development that is already disrupting the car market and will ripple through numerous insurance lines. I refer to electric vehicles (EVs), which currently only account for about 2% of car sales in the U.S. but which will see sales increase rapidly — a trend highlighted by General Motors’ announcement last week that it aims to sell only electric cars and trucks by 2035.

Market forecasts currently call for more than 11% of new cars to be electric in the U.S. by 2035, an enormous increase that would produce major changes in auto service and repair, in the wiring of homes and potentially in a host of other areas.

And the transition to EVs could well be faster and broader, based on announcements such as GM’s… continue reading >

SIX THINGS

Insurtech 2021: Reset vs. Resume
by Stephen Applebaum

Now that conditions are beginning to settle, we need to look at 2021 as a “rebuilding” year; more of a reset than a resumption of what was.

How CFOs Can Enable Innovation
by Amy Radin

Businesses need innovation now more than ever, and CFOs can energize their organizations by taking action in three areas.

Chatbot, Your Time Is Now!
by Ross Campbell

Newly enfranchised consumers want to stay empowered, and chatbots have been around for a while, so could this be their moment?

How AI Can Transform Insurance Correspondence
sponsored by Messagepoint

If you think insurers have issues with their mishmash of legacy technology platforms, take a look at the rat’s nest of letters, emails and other documents that languish in an array of systems and formats. Learn how organizations can overcome the challenge of transforming communications by combining AI-powered approaches and best practices.

Watch Now

Personalized Policies, Offered via Telematics
by Matthew Zollner

Increasingly, insurers can understand how and when people drive, as well as how vehicles interact with the road and their drivers.

Insurance-as-a-Service 2021
by Alan Demers

The future of insurance as-a-service, especially for claims, requires an action-based model that leverages on-demand support.

6 Burning Questions on Field Reorganization
by Troy Korsgaden and David Ascher

Timid steps are giving way to massive reorganizations and wholesale redesigns of compensation programs.

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.

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