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March 23, 2021

Six Things Newsletter | March 23, 2021

Summary:

In this week's Six Things, Paul Carroll thinks it may be time to start planning for a robust rebound in the U.S. economy. Plus, transforming auto claims appraisals; how to combat the surge in ransomware; analytics that lower spending on claims; and more.

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Time for Optimism?

Paul Carroll, Editor-in-Chief of ITL

In the first full week of spring, green shoots are starting to poke through the metaphorical ground in the U.S. economy, as well. It may be time to start planning for a robust rebound late this summer or in the fall, both in terms of what needs to happen as insurance employees increasingly return to the office and in terms of what will happen for clients’ and prospective clients’ businesses… continue reading >

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SIX THINGS

Transforming Auto Claims Appraisals
by Olivier Baudoux

While the benefits of claims automation are indisputable, delivering a truly “touchless” experience will require a technological evolution.

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Straight-Through Processing in 2021
by Harry Huberty

Straight-through processing of claims is likely to become more common, especially in personal lines and individual life.

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How to Combat the Surge in Ransomware
sponsored by Tokio Marine HCC – Cyber & Professional Lines Group

Insurers can help clients protect themselves — but preventive approaches aren’t yet widely implemented.

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Analytics That Lower Spending on Claims
by Aditya, Swarnava Ghosh and Mayank Mahawar

The secret is to unlock the potential of the large quantities of unstructured data streaming through the claims function.

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Premium Leakage Due to Legacy Systems
by Dan Watt

A recent study shows that 5% to 10% of insurance premiums vanish every year due to the inefficiencies caused by legacy systems.

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Geomagnetic Storm for Insurance?
by Andrew Siffert

A geomagnetic solar storm could create havoc; the recent freeze in the Deep South showed how disruptive a failure of the electric grid can be.

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Lessons on Reaching Customers Remotely
by Gregory Bailey

Tech companies have mastered digital communication because they have always sold products and services to customers remotely.

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MORE FROM ITL

A Conversation on Corporate Strategy
with Amy Radin

In-depth with ITL’s Thought Leaders

Join ITL’s editor-in-chief Paul Carroll as he sits down to discuss corporate strategy with director, advisor, author and thought leader Amy Radin.

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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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