Six Things: April 12, 2022

Is the Email Era Ending? Plus, how to social media data in underwriting; it's time to reimagine digital payments; how automation can streamline claims; and more. 

 

Is the Email Era Ending?

Paul Carroll, Editor-in-Chief of ITL

Paradigms die hard, but they can eventually die. The idea of a carriage stuck around long after engines, rather than horses, began to power them, but the horseless carriage became the car over the course of a few decades. TV shows were initially just radio shows or Vaudeville acts done in front of a camera, but "I Love Lucy," "The Honeymooners" and others eventually pioneered a better way, just as cable-TV has morphed into its many, many current forms after initially being just broadcast TV carried on a wire. 

Even though email has been around so long that many of us can't remember life without it, it's actually based on an antiquated physical model -- the inbox and outbox -- and the paradigm is showing signs of dying. While it's still not clear just what approaches will supplant email, they could make internal communication more efficient and, even more important, provide better ways of communicating -- even collaborating -- with customers.  

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SIX THINGS
 

Revolution? Not Yet. Evolution? You Bet.
by Bill Walrath

In our fervor to embrace new insurtech companies, we may have missed the opportunity to learn from those incumbents that have seen the ups and downs.

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How to Use Social Media Data in Underwriting
by Michael de Waal

Social media data provides insurers with an opportunity to gain insights into a customer's risk exposure in real time. But it comes with many challenges.

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The New Competitive Landscape 

Sponsored by PwC

Insurers increasingly go to market not as individual companies but as part of ecosystems -- a radical change in thinking. In this high-octane webinar -- featuring Marie Carr, partner at PwC; Andrew Robinson, CEO at Skyward Specialty Insurance Group; and Andy Cohen, COO at Snapsheet; along with moderator Paul Carroll, editor-in-chief at Insurance Thought Leadership -- we discuss where ecosystems are making a difference now, where they will in the near future and where their impact is likely overstated. 

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It’s Time to Reimagine Digital Payments
by Karen Furtado

The acceptance and delivery of payments must be in real time, and capabilities must let customers create tailored digital payment experiences that fit their needs best.

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How Automation Can Streamline Claims
by Faheem Shakeel

Insurance claims software lets agencies reduce fraud, shorten the claims lifecycle, optimize costs, improve efficiency and a lot more.

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An Overlooked Target for Modernization
by Kayvan Alikhani

Maintaining compliance requires manual, repetitive and error-prone processes, handled by small armies of well-compensated experts -- but many can be automated. 

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The Power of Ecosystem Transformation
by Nag Vaidyanathan

The ecosystem model empowers technology departments by getting them closer to the end customers, positioning them as supporters of business strategy.

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InsurTech Ohio Spotlight with Ron Rock

Sponsored by JobsOhio 

Ron Rock discusses how the insurance industry is rapidly evolving, and the importance of recruiting and retaining top software and programming talent. 

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MORE FROM ITL

April Focus: Automation and RPA

Sometimes, innovation takes time.  

Some 30 years ago, I wrote an article for the front page of the second section of the Wall Street Journal that declared a revolution in forms. We were far enough along in the personal computer revolution that software companies were coming out with products that would let users fill out forms on-screen, speeding the process and eliminating the errors that occurred as someone had to interpret people's handwriting. Even more magical, the spread of local area networks meant that information could flow straight from my screen into a corporate database, with no never to ever print the form and have someone re-enter the data. . 

Everything I wrote was correct, and forms did take a major step forward, but, here we are three decades later, still drowning in forms. And the insurance industry is Exhibit A. 

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The Impact of Rising Inflation and Interest Rates on Insurance Profitability 

Sponsored by Insurance Information Institute 

Paul Carroll, ITL's Editor-in-Chief, and Dr. Michel Leonard, vice president, senior economist and head of the Triple-I’s Economics and Analytics Department, continue their series of webinar discussions by looking at the Triple-I's latest projections for inflation and interest rates and talking about how the insurance industry can prepare.

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Insurance Thought Leadership

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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.

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