Six Things Newsletter | August 24, 2021

In this week's Six Things, Paul Carroll highlights what AI doesn't do. Plus, how to improve the customer experience; the evolution of frictionless payments; underwriting small business post-COVID; and more.

Insurance Thought Leadership

August 24, 2021

When AI Doesn’t Work

Paul Carroll, Editor-in-Chief of ITL

Although I’m a big believer in the prospects for artificial intelligence, and we’ve certainly published a lot to that effect here at Insurance Thought Leadership, AI has also carried a ton of hype since it emerged as a serious field of study in the mid-20th century. I mean, weren’t we supposed to be serving our robot overlords starting a decade or two ago?

To keep us from getting carried away, it’s good to look from time to time at the failures of AI to live up to the projections, to see what AI doesn’t do, at least not yet. And the attempts to apply AI to the diagnosis of COVID-19 provide a neatly defined study.

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SIX THINGS

How to Improve the Customer Experience
by Denise Garth

Increasingly, customers don't choose just a risk product but a combination of risk product, customer experience and services.

The Evolution of Frictionless Payments
by Ed Whitehead

The buying process needs to be easier for both the customer and the seller, to avoid all those abandoned shopping carts.

Small Commercial: Digitizing Distribution
by Mark Breading

Data pre-fill is the top project area for sales capabilities as it is a critical starting point for achieving straight-through processing.

Underwriting Small Business Post-COVID
by Jeremy Stafford

Carriers must go beyond traditional data sources to minimize the information gap and transform the underwriting of small businesses.

Adding Transparency to Life Settlements
by Lucas Siegel

Transparency prevents relationship-based decisions and gives all stakeholders confidence that the buying process is fair.

10 Ways Insurers Should Lean on OKRs
by Bastin Gerald

Objectives and key results (OKRs), a tool developed by legendary Intel CEO Andy Grove, can guide insurers through digitization.

Resilience Ratings: Triple-I Unveils Way to Measure Communities’ Risk Levels

Peter Drucker once famously said that “what gets measured gets managed,” and the Insurance Information Institute is unveiling measures for U.S. communities’ resilience against natural disasters. In this webinar, ITL Editor-in-Chief Paul Carroll and the Triple-I’s senior economist, Michel Leonard, discuss what the measures cover, how individuals and communities can use them and where the Triple-I will take them from here.

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AUGUST FOCUS: Cognitive Technologies
This month sponsored by Intellect SEEC

Cognitive computing is a funny beast. Every time you hit your target, you find that another pops up off in the distance.

When I first saw a demonstration of speech recognition, some 30 years ago, I was mightily impressed that the computer understood a few words. If I had seen what would be possible today, I’d have been stunned. But now? Oh, that’s just Siri or Alexa. And why didn’t auto-correct guess exactly what I wanted to say?

Keep Reading

Digital Revolution Reaches Underwriting

by Intellect SEEC

Underwriting is evolving toward a service that will help clients prevent losses, rather than merely indemnifying clients afterward.

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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.

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