Six Things Newsletter | June 15, 2021 - Insurance Thought Leadership

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June 17, 2021

Six Things Newsletter | June 15, 2021

Summary:

In this week's Six Things, Paul Carroll highlights Best Buy as an unlikely icon for insurers. Plus, new picture of total digital health; future of AI and ID management; why Gen Z should go into insurance; and more.

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Unlikely Icon for Insurers

Paul Carroll, Editor-in-Chief of ITL

As I continue to think about how the insurance industry can focus on — and brag about — its noble purpose, I’ve come across an unlikely model: Best Buy.

The company was given up for dead in 2012. But a new CEO rallied the company around a clear, worthwhile purpose — to enhance people’s lives through electronics — and got away from the emphasis on just moving as much product as possible out the door (preferably items on which Best Buy received incentive payments from manufacturers).

Best Buy not only served its customers better but won over employees, whose knowledge and passion about electronics could now shine through. Best Buy became a growth story again — as profits soared, so did the stock price, from $12 in 2012 to $114 today. The CEO who effected the turnaround recently published a book that is getting considerable attention, and Best Buy is getting great publicity in business books and other publications as an exemplar of the power of purpose.

Purpose, profit and publicity: Doesn’t that sound like a model that insurers should try to emulate?

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GET READY: THE FUTURE OF INSURANCE IS HERE

Hear from Chris Cheatham, VP of Insurance Intelligence at Bold Penguin and Denise Garth, Chief Strategy Officer at Majesco as they discuss changes in the insurance industry and opportunities to supercharge your data analysis efforts. 

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SIX THINGS

New Picture of Total Digital Health
by Brian Longe

With cyber risk increasing with every data breach, phishing scam and identity threat, it’s time digital health is taken as seriously as physical health.

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Future of AI and ID Management
by Chris Koverman

There is no doubt that it won’t be long before nearly all identity management systems are powered by AI and machine learning technologies.

Read More

How to Increase Profits With Connected CX
sponsored by Statflo

Fostering connected experiences is vital to meeting customer expectations and succeeding in a technology-centric world.

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Top Problems That AI, ML Help Solve
by Ryohei Fujimaki

As insurance carriers get better at leveraging data and predictive analytics, the focus will shift from product-led to customer-centric models.

Read More

Why Gen Z Should Go Into Insurance
by Kristin Nease

During an uncertain time for employment, the insurance field may be that sure thing Gen Z job seekers are looking for.

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The Perils of the Purchasing Process
by Kimberly George and Mark Walls

Risk managers and service providers are often challenged to demonstrate the value of centralized purchasing.

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Foreclosing Danger by Ending Foreclosures
by Jason Mandel

We can eliminate the fear of foreclosure by deputizing real estate agents, making them advocates of life insurance or insurance agents outright.

Read More

MORE FROM ITL

A Conversation on Workers’ Compensation, with Kimberly George and Mark Walls

As the world starts to emerge from the pandemic, ITL Editor-in-Chief Paul Carroll sat down to discuss the new normal for workers’ comp with two of ITL’s most widely read contributors: Mark Walls, VP of communications and strategic analysis at Safety National, and Kimberly George, global head of innovation and product development at Sedgwick.

Watch Now

JUNE FOCUS: Workers’ Compensation

The world of work turned upside-down and inside-out beginning 15 months ago, as the pandemic shut down offices and forced so very many of us to work from home.

Now that we’re beginning to reverse this process, insurers will have to sort through all sorts of new issues. Here’s one: When is the place where a worker works a “workplace,” and when is it not?

Welcome to the new world of workers’ comp.

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