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March 2, 2021

Six Things Newsletter | March 2, 2021

Summary:

In this week's Six Things, Paul Carroll considers the breakthrough technologies of 2021. Plus, pressure to innovate shifts priorities; how AI will define insurance workforce; 7 ways to innovate with purpose; and more.

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Breakthrough Technologies for 2021

Paul Carroll, Editor-in-Chief of ITL

The MIT Technology Review’s list of technologies to watch is always intriguing, and this year it’s even more portentous than normal.

The list begins with developments in messenger RNA, which has not only delivered vaccines against COVID-19 but which may allow for other breakthrough vaccines, including against malaria and HIV, and may even create novel treatments for such killers as heart attacks and cancer.

The Review also describes two developments in AI that will greatly broaden its capabilities, plus a potentially much more precise version of GPS, among several other things.

Many, if they pan out, would ripple through society and, thus, through the world of insurance. Let’s have a look… continue reading >

Strategic Priorities 2021
 

Majesco research highlights that despite impacts of pandemic, leaders widen lead over followers and laggards.

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SIX THINGS

Pressure to Innovate Shifts Priorities
by Denise Garth

Strategic planning needs to be bold enough to match the velocity and magnitude of the changes the industry faces.

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How AI Will Define Insurance Workforce
by Dustin Oxborrow

If data analytics and AI become staples in modern business, how do they solve the human resource problem? The answer is threefold.

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Claims Development for COVID (Part 1)
by Mark Walls and Kimberly George

This first article will cover COVID-19 claims data. Part 2 will provide more details on long-term medical effects.

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The Insurer’s Customer Acquisition Playbook
sponsored by Data Axle

The right approach to data analytics can cut wasteful spending in customer-acquisition programs while attracting high-value clients.

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7 Ways to Innovate With Purpose
by Amy Radin

Now is the time to ask the basic question — “what is our purpose?” The answer will align strategy, people, capital and other resources.

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5 Things to Know When Integrating AI
by Jimmy Spears

It can be challenging to see which provider actually has a functioning solution, versus one that aspires to do the work in time.

Read More

Insurance Outlook for 2021
by Michael Giusti

It may feel like the end of the pandemic is in sight, but the shock waves created by 2020 will reverberate for years.

Read More

MORE FROM ITL

How AI Can Transform Insurance Correspondence
Sponsored by Messagepoint

Join Kaspar Roos, CEO and founder of Aspire, and Patrick Kehoe, EVP Product Management at Messagepoint, to learn how organizations can overcome the challenge of transforming communications by combining best practices and AI-powered approaches.

Watch Now

March’s Topic: Strategic Innovation

Strategy is what you don’t do.

That was the dictum of the late, great Mel Bergstein, who way back in 1994 founded the pioneering digital strategy firm Diamond Management & Technology Consultants. (It became part of PwC in 2010.) I heard Mel’s line a lot, as a partner with Diamond from 1996 through 2003, and I think his are words to live by in the insurance industry these days.

Everyone seems to have gotten the memo about the need to digitize insurance and to explore innovative ideas, but the present typically creates a real drag that slows movement toward the future.

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