Six Things Newsletter | March 30, 2021

In this week's Six Things, Paul Carroll argues for a return to the too-often-neglected discipline of scenario planning. Plus, pioneering use cases for IoT in insurance; insurance ecosystems: opportunity knocks; unlocking the power of 'no-code'; and more.

In this week's Six Things, Paul Carroll argues for a return to the too-often-neglected discipline of scenario planning. Plus, pioneering use cases for IoT in insurance; insurance ecosystems: opportunity knocks; unlocking the power of 'no-code'; and more.

Heading Off Surprises

Paul Carroll, Editor-in-Chief of ITL

Who had “giant cargo ship” on their bingo card for possible disasters at the start of 2021? What about “derecho in Iowa” in 2020? “Global pandemic” at the outset of 2020?

Few of us foresaw any of those specific disasters. I certainly didn’t. I didn’t even know what a derecho was until the massive wind storm whacked Iowa, causing $7.5 billion of damages and some $5 billion of claims against insurers — more damage than in most hurricanes.

But some at least entertained such possibilities. And it’s time that we all broadened our thinking by returning to the too-often-neglected discipline of scenario planning... continue reading >

Deloitte and Majesco Podcast
 

Tune in to industry experts as they discuss how insurers are adapting to the impacts of Covid-19 on business operating models.
 

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SIX THINGS

Pioneering Use Cases for IoT in Insurance
by Matteo Carbone

Several early adopters of the IoT have already concretely demonstrated the potential of using this technology in the insurance sector.

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Insurance Ecosystems: Opportunity Knocks
by Marie Carr

Insurers must apply unfamiliar skills – customer intelligence, speed and coordination – but can achieve benefits of scale without asset intensity.

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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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COVID-19 Is NOT an Occupational Disease
by Mark Walls

If workers’ comp becomes responsible for common conditions that affect millions every year, it is no longer meeting its designed purpose.

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Unlocking the Power of ‘No-Code’
by Farooq Sheikh

We've all seen how complex and costly enterprise software can be. "No-code" tools let non-experts quickly build the systems they need.

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Key to Better CX: Think Like NTSB
by Jon Picoult

Airlines are rarely held up as exemplars of customer experience, but in one important respect the industry deserves such recognition.

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Tip the Sales Scale in Your Favor
by Kevin Trokey

Yes, relationships matter, but they're only a tiebreaker. The key lies elsewhere. And, no, it shouldn't take two to three years to develop a client.

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MORE FROM ITL

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.

Take Me There

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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Insurance Thought Leadership

Insurance Thought Leadership (ITL) delivers engaging, informative articles from our global network of thought leaders and decision makers. Their insights are transforming the insurance and risk management marketplace through knowledge sharing, big ideas on a wide variety of topics, and lessons learned through real-life applications of innovative technology.

We also connect our network of authors and readers in ways that help them uncover opportunities and that lead to innovation and strategic advantage.

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