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October 13, 2020

Six Things Newsletter | October 13, 2020

Summary:

In this week's Six Things, ITL's Paul Carroll argues for moving beyond 'Greed is Good.' Plus, a new boom for life insurance; insurtech's role in transformation; how analytics can tame 'social inflation;' and more.

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Moving Beyond ‘Greed Is Good’

Paul Carroll, Editor-in-Chief of ITL

Last month marked the 50th anniversary of Milton Friedman’s defining essay on the role of the corporation, which concluded that “there is one and only one social responsibility of business — to use its resources and engage in activities designed to increase its profits.”

That conclusion has been taken to such extremes — think, “Greed is good,” the signature line from the movie “Wall Street” — that a backlash has been developing. I think the insurance industry can support what might be thought of as a “beyond greed” movement, and even ride it. Doing so would help our public image, while benefiting the customer and — dare I say it? — perhaps even increasing industry profits… continue reading >

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SIX THINGS

A New Boom for Life Insurance?
by Denise Garth

Life insurance can move past the 250-year-old, risk-focused transaction and become a core component within a life, wealth and health ecosystem.

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Keys to Limiting Litigation Liability
by Christopher Mandel

Risks associated with GL and AU claims can be managed, even with “social inflation,” “nuclear verdicts” and tough jurisdictions.

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How Analytics Can Tame ‘Social Inflation’
by Amit Sharma

Claims data within insurance companies is being increasingly seen as a key asset, not a byproduct of the claims process.

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P&C Insurers Shift Course in Pandemic
by Mark Breading

In 2021, there looks to be a major increase in overall tech spending and a rapid acceleration of digital transformation plans.

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Insurtechs’ Role in Transformation
by Frederik Bisbjerg

Insurtechs are important for the development of the industry — but as tools. Incumbents must still get the real transformation done.

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State of Diversity, Inclusion in Insurance
by Lauren Young

Organizations that adhere to a rigid hierarchy throw up roadblocks to diversity & inclusion due to preconceived notions.

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