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February 23, 2021

Six Things Newsletter | February 23, 2021

Summary:

In this week's Six Things, Paul Carroll proposes moving forward by looking back. Plus, 11 keys to predictive analytics; beware the dark side of AI; making inroads with open APIs; and more.

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Moving Forward by Looking Back

Paul Carroll, Editor-in-Chief of ITL

How old do you think Martin Luther King Jr. was when he was assassinated?

That question has been used to help gauge how good people are at making predictions and to help them get better. I’m going to try to build on it here to make a point about the need to look rigorously at past forecasts and decisions to calibrate how good we are (or, often, aren’t), so we can continually improve.

The question about MLK is deliberately unfair. How can we be expected to know his exact age? So, pick an age, then give yourself a range, expanding in both directions until you figure you have a 90% chance of having his actual age fall within that range. (Go ahead and write it down. I’ll wait.) … continue reading >

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SIX THINGS

11 Keys to Predictive Analytics in 2021
by Andy Yohn

Using the plethora of data now available, here are 11 ways predictive analytics in P&C insurance will change the game in 2021.

Read More

New Tool: Cognitive Process Automation
by Chaz Perera

With low interest rates putting pressure on expenses, CPA goes beyond robotic process automation, cutting costs while maintaining service.

Read More

Beware the Dark Side of AI
by Nick Frank and Wei Ke

Apple Card’s algorithm sparked an investigation soon after it launched when it appeared to offer wives lower credit lines than their husbands.

Read More

Trusted Adviser? No, Be a Go-To Adviser
by Kevin Trokey

Is earning trust brag-worthy? Isn’t trust the minimum for an adviser-client relationship? The real goal should be achieving “go-to” status.

Read More

Does Remote Work Halt Innovation?
by Megan Bock Zarnoch

We must make up for the gap in organic connection through a tried-and-true method of driving innovation – Networked Improvement Communities.

Read More

Making Inroads With Open APIs
by Maarten Bakker

Insurers must allow third parties to access their data and products and be present – and relevant – in customers’ digital ecosystems.

Read More

MORE FROM ITL

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

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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