Six Things Newsletter | February 9, 2021 - Insurance Thought Leadership

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February 9, 2021

Six Things Newsletter | February 9, 2021

Summary:

In this week's Six Things, Paul Carroll tackles the insurance industry's archaic and often downright unfriendly language. Plus, the next wave of insurtech; insurance 2030: implications for today; increasing regulation on climate change; and more.

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Let’s Watch Our Language

Paul Carroll, Editor-in-Chief of ITL

During a podcast I recorded last week with Capgemini’s global insurance lead, Seth Rachlin, we went on at some length about a pet peeve of mine: the insurance industry’s archaic and often downright unfriendly language.

While I’ve hit this topic before (most notably here), I haven’t exactly seen much change in the past several years, so I’ll keep harping on the problem. I realize that not everyone focuses on language as much as I do — coming from a family with half a century as copy editors at the Wall Street Journal will shape your perspective — but I believe that insurance’s insular language limits our ability to entertain outside perspectives.

As the saying goes, “We shape our tools, and then our tools shape us.”… continue reading >

SIX THINGS

The Next Wave of Insurtech
by Colleen Wells

With automated claims processing, the turnaround time for settlement will be measured in minutes rather than days or weeks.

Read More

Insurance 2030: Implications for Today
by Mark Breading

How employees will be recruited, trained and retained will be quite different – and organizations need to start on that journey today.

Read More

Rise of ‘Product-ism,’ Fall of ‘Project-ism’
by Marty Ellingsworth

Firms struggle because they view AI initiatives as small projects rather than a product requiring continuing maintenance and investment.

Read More

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

2020 Catastrophes; Preview for 2021
by Andrew Siffert

If this spring La Nina holds together, the central plains could get back to seeing severe weather that was lacking last year.

Read More

Life Insurance Is Ripe for Change in 2021
by Bill Unrue

Under the incoming administration, the focus on consumer protection regulation will rise for financial services, including insurance.

Read More

Increasing Regulation on Climate Change
by Jared Wilner and Vikram Sidhu

In 2021, climate-change actions by U.S. regulators will create both challenges and opportunities for insurers.

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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