Six Things Newsletter | July 27, 2021 - Insurance Thought Leadership

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July 27, 2021

Six Things Newsletter | July 27, 2021

Summary:

In this week's Six Things, Paul Carroll explores a changing vision for driverless vehicles. Plus, digital is the assistant we always wanted; biggest risks to an economic recovery; COVID-19 boosts cyber risks in U.S.; and more.

Photo Courtesy of ITL

A Changing Vision for Driverless Vehicles

Paul Carroll, Editor-in-Chief of ITL

As plans for fully autonomous vehicles continue to get pushed back, the near future is beginning to look like it will revolve around a different acronym: more ADAS, less AV.

Autonomous vehicles, or AVs, will provide many of the technology breakthroughs that allow for advances in ADAS, or advanced driver-assistance systems, which will use a host of new sensors and AI to reduce accidents. But the vision of driverless robotaxis carrying us everywhere and making deliveries looks like it will have to wait a bit, except in carefully circumscribed areas — and maybe even there for a while yet.

The shift to ADAS from full AVs should soften the near-term effects on auto insurers, which have feared a loss of business in a world where individuals aren’t responsible for driving. At the same time, the shift may increase the cost of repairing expensive electronics when accidents occur.

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SIX THINGS

Digital Is the Assistant We Always Wanted
by Troy Korsgaden

So why do many companies and advisers in our industry resist digital advances like customer self-service and apps?

Read More

Personal Lines Channel Plans
by Mark Breading

Carriers are moving toward complex channel strategies, offering prospects, producers and policyholders a variety of ways to interact.

Read More

Biggest Risks to an Economic Recovery
by Alexis Garatti

There are many positive trends but also potential cracks in the armor that every business should be aware of during the world’s grand re-opening.

Read More

COVID-19 Boosts Cyber Risks in U.S.
by Mary Parsons

The good news is individuals can protect themselves by changing passwords regularly, keeping software up-to-date and using a private VPN.

Read More

Managing Challenges of Civil Unrest
by Kimberly George and Mark Walls

An organization’s planning and response can minimize losses and, most importantly, keep people safe.

Read More

Construction Workers’ Mental Well-Being
by Calvin E. Beyer

Contractors need to challenge the status quo and the cultural acceptance of fatigue as a necessary evil of a demanding industry.

Read More

MORE FROM ITL

JULY FOCUS: Customer Experience
This month sponsored by Statflo

Insurance companies are finding that they have to reinvent chunks of their businesses to really get the customer experience right. Yes, they have to focus on the ways that they touch customers, through agents and brokers, through call centers, through adjusters and through an increasingly broad array of electronic means. But a customer doesn’t just experience a company through a direct communication. Customers also experience, for instance, how long and painful an underwriting process or a claim is.

And here’s the thing: This emphasis on customer experience requires a revolution for companies.

Keep Reading

A Conversation on Corporate Strategy, with Amy Radin

With the pace of digitization increasing, people talk a lot about new business models, new products and new technologies that can transform sales and customer service, claims, underwriting and more — but seldom about how the approach to formulating strategy must evolve.

In this webinar, Amy Radin makes a strong case for starting by reassessing what the customer needs in these changing times, both from a rational and from an emotional standpoint. 

Watch Now

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