On May 2, at this year’s Insurance Nexus Insurance AI and Analytics conference, I had the opportunity to facilitate two panels and an executive roundtable. These sessions allowed me to listen and learn some interesting, inspiring ideas on the topics of AI and analytics in insurance. Bringing IoT in as a topic for discussion makes for outstanding conversation.
Panelist Sean Christie, CIO at Gore Mutual, described the selection process that led to licensing an AI tool to improve the underwriting process at Gore Mutual. Sean made the very interesting point (that is sometimes forgotten) that he prioritized training company employees about the AI product “because I wanted to demystify AI at the company and ensure everyone knows what it is and what it isn’t.”
Zahid Ansari, BI analyst at X by 2, LLC, believes, “Maximizing the value of analytics requires top-down, performance-management-driven strategic thinking and alignment at all levels of an organization.”
And speaking on IoT, panelist Mike Gulla, Sr. Director of Underwriting at Hippo Insurance, whose company is leading the pack of InsureTechs leveraging IoT for homeowners insurance, said, “We enhanced our insurance to include more coverage for items that today’s homeowners care about, which includes IoT and other proactive services to help reduce the risk of loss,” which supports the ability to capture new data.
Other panelists who participated in these sessions included John Willemsen, Managing Director, Head of Programs at ArchRe, who said, “Vendors servicing the AI and analytics marketplace should consider moving directly into the MGA space and understand the process they go through.” Perhaps the time is ripe for InsureTechs to start exploring opportunities in the MGA and wholesale markets. Paul Barone, Chief Actuary, Global Insurance Claims at AXA XL, provided his insights on how AI and analytics have impacted how actuaries look at risk—things have changed dramatically over the past two years.
The panels and roundtable I presided over as well as the conference at large gave attendees a great opportunity to learn new perspectives and trends on AI and analytics in insurance.
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