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October 27, 2020

Six Things Newsletter | October 26, 2020

Summary:

In this week's Six Things, Paul Carroll asks - where are all those benefits promised by AI? Plus, how to pursue innovation in a crisis; speeding innovation in life insurance; a future-proof operating model; and more.

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Where Are All Those Benefits Promised by AI?

Paul Carroll, Editor-in-Chief of ITL

Having covered developments in artificial intelligence for going on 35 years, I’ve long been struck by the confusing expectations. Based on what many were saying back in the ’80s, we should all be working for our robot overlords by now. Yet people are also often too cautious: If I could tell my 1986 self that I’m now calling out to my Amazon Echo for random factoids that I just have to know that instant or that I’m dictating text messages to Siri, my earlier self would have called for the men with the butterfly nets.

Sorting through the confusion, I’ve decided that artificial intelligence is a moving target, an aspiration for capabilities that might be possible just over the horizon. Once something becomes reality — even something as mind-boggling as speech recognition — what was AI becomes garden-variety computing.

So, I haven’t been overly surprised in my seven years with ITL to see the insurance industry light up at the prospects for AI and, at the same time, have trouble taming them.

Two big studies released last week, one by BCG and the other by Willis Towers Watson, shed light both on how to realize the gains that AI can provide — and on how the industry remains unrealistic… continue reading >

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SIX THINGS

AI Ends Guesswork in Uncertain World
by Gary Hagmueller

AI is highly sensitive to new data and tends to react immediately, creating a dynamically updated vision of the future.

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How to Pursue Innovation in a Crisis
by Amy Radin

It’s common in crises to pause or cut investments, including in innovation, yet this is an incredible time to innovate. Here are five tips.

Read More

Speeding Innovation in Life Insurance
by Ross Campbell

Life insurers have been flirting with a new digital paradigm in underwriting, health protection and remote claims. Perhaps now is the time.

Read More

Private Equity Drives Agency Change
by Tony Caldwell

Independent agencies haven’t fundamentally changed the way they do business in 100 years but now must greatly up their game or sell.

Read More

How Risk Management Differs From Insurance
by Chris Burand

If you call yourself a risk manager when you are really only selling insurance, are you representing yourself truthfully?

Read More

A Future-Proof Operating Model
by Frederik Bisbjerg

Insurers need an operational model with adequate agility to follow market fluctuations. It’s time to outsource all non-core activities.

Read More

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