Six Things Newsletter | September 28, 2021

In this week's Six Things, Paul Carroll explains how insurance can be like a smartphone. Plus, 3 keys to building a safety culture; how to protect those who need it most; perspective on the pandemic; and more.

Insurance Thought Leadership

September 28, 2021

How Insurance Can Be Like a Smartphone

Paul Carroll, Editor-in-Chief of ITL

The theory goes that, in time, every industry becomes a technology industry. Well, what if we thought of insurance as akin to an electronic device and gave it an operating system, like what we’ve seen in recent decades with computers and smartphones?

The power of operating systems is undeniable. IBM surged to the forefront of the computer industry in the 1960s when it developed an operating system that ran on all its mainframes, meaning that software written for one model could run on any other model in the family. Digital Equipment opened the market for minicomputers in the 1970s with the operating system that tied together its VAX line. The Microsoft operating system that ran on the original IBM PC and compatibles ushered in the personal computer revolution in the 1980s by creating a large enough, unified market that it attracted software developers in droves. The Apple and Google operating systems for smartphones have likewise provided a platform for vast arrays of apps and services, making the devices so valuable that we rarely leave them out of arm’s reach.

Along the way, those operating systems created tens of trillions of dollars of value for shareholders, customers and the developers of apps and services. (Microsoft, Apple and Google, alone, have a combined market value of some $6.5 trillion, and the operating systems have played a key role.)

What could an operating system look like in the insurance industry?

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SIX THINGS

Can You Automate Coffee and Donuts?
by Alex Frommeyer

Here’s a look at how the digital-first benefits shopping experience works – and why it works so well.

3 Keys to Building a Safety Culture
by Pat Stoik

A strong safety culture can actually save your company money if it avoids incidents and delays.

The Right Way to Engage Customers

How to Protect Those Who Need It Most
by Bernhard Klein Wassink

An EY survey of consumers reveals how the pandemic shifted financial well-being and prompted interest in new insurance protections.

Perspective on the Pandemic
by Mark Webb

Policymakers must identify how to integrate workers’ compensation programs into an overall commitment to worker security.

Read More

Survey Data Is Your Secret Weapon
by Tara Kelly

The pandemic is changing customer expectations, and carriers and agencies need data to map out a strategy to meet evolving needs.

Pressures on Insurer Asset Management
by Christopher Dvorak

Here are two principles that will help insurers take control of the whole office in their asset management operations.

Minimize Fraud, Lower False Positive Rates and Increase Automation for Low Value High Volume Claims Using Halo Based AI

MORE FROM ITL

Making the World More Resilient

In this webinar, ITL Editor-in-Chief Paul Carroll sits down with Chris Wei, Chairman of the Executive Council of the International Insurance Society and a longtime senior executive at Aviva. In advance of the IIS annual forum on Sept. 27-29, they explore how the industry can help drive a sustainable global recovery.

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SEPTEMBER FOCUS: Life Insurance

"...It seems to me that the lines will increasingly blur between life insurance and financial management, given that life insurance is an important financial asset; people often think about their finances, and life insurance can become a natural part of that focus. I could also see the trend toward embedded insurance expanding the life insurance market — why couldn’t a term life policy be, for instance, embedded in a mortgage when someone buys a building, to make sure the purchase is secure even if something happens to the buyer?

Over the years, I’ve had people tell me life insurance is boring. I don’t see it that way at all."

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