March 12, 2021
Insurance product innovation
Reputational Crisis Coverage powered by AI
What is it: Now companies can transfer some of the financial risk associated with cancel culture and other reputation problems.
How it’s different: AI will give rise to new products and approaches. By using AI and social media data, this product will try to proactively prevent crises from occurring.
Read: Willis Towers Watson and Liberty Specialty Markets launch reputational crisis solution
Industry Challenge
Insurtech is overhauling the industry, and some companies could be left behind
Quote: “We are in an important fight for the future of our industry … I think the models point to possibilities that can be highly helpful for us to consider, that can help us prepare for the future and to also do our part in shaping it because the insurance industry itself has a very bright future”
The big picture: The insurance industry has tons going for it right now, however, big changes are on the horizon, and there will be winners and losers. With a booming insurtech space and huge innovations like AI on the horizon, what agents and carriers do right now could determine if they’ll continue to exist in 15 years.
Read: Future of the Insurance Industry and Who Owns It: 3 Scenarios From Verisk’s Anquillare
Connecting the Industry
Nationwide is starting to digitize all their commercial lines, accelerating the API-driven future for insurance
The big picture: Carriers of all sizes are racing to digitize their offerings. API’s for BOP are quickly becoming table stakes and leading carriers are driving towards automating all of their commercial lines. Nationwide is working with Vertafore, starting with workers comp, BOP and general liability.
Nationwide’s Goal: “…streamline processes for our agents, enabling them to generate quotes, issue new business, and service customers, resulting in agency speed, ease, and efficiency.”
Tech Watch
Bitcoin’s surge means blockchain technology is back in the spotlight for insurance
Why: Blockchain technology has many fascinating applications within insurance, and with Bitcoin again skyrocketing, it’s a technology that is getting a lot of attention. With blockchain’s ability to increase data reliability, new opportunities for insurance products are being created that have yet to be imagined.
Quote: “In a world that is increasingly digital, where decisions have to be made on the spot, you need to access the real-time data and you need to be able to make real-time decisions. Blockchain can provide this.”
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