Top 3 Takeaways from Reuters Future of Insurance 2020

Anuj is the Carriers Practice Leader at ReSource Pro. With consulting experience at Accenture and Aon Inpoint, plus insurance experience with AIG and Liberty Mutual, Anuj brings a depth of knowledge in the carrier space to the ReSource Pro team. He is a thought leader, contributing to insurance publications such as Carrier Management.

On November 16-18, executives from top insurance carriers across the globe converged for Reuters The Future of Insurance USA conference, a three-day symposium on the top trends impacting insurance. I had the opportunity to both attend the conference and speak on the panel “The New Insurance Marketplace: Unlock Unprecedented Customer Reach with Tech.” Here are my top takeaways from the event.

1. Automation still needs a human in the loop

With half the insurance industry expected to retire in the next 10-15 years, how are we meant to fill the talent gap? To many, the answer is automation. But when submission flows spike or there is a need for a business continuity plan, automation alone can’t serve as a silver bullet. That’s where human-in-the-loop automation comes in—processes that are automated but maintained and audited by experts.

2. Robotic process automation and machine learning solve for different challenges

Robotic process automation (RPA) solves process problems. For instance, it can increase submission processing capacity by merging people and processes for a quicker turnaround time on quotes. On the other hand, artificial intelligence (AI) use cases are geared more towards better risk selection or claims adjudication with a focus on loss reduction.

On the topic of AI within claims, the startup ecosystem is focused towards predicting the tail of the risk and advising on corrective measures for accurate and timely resolution. Currently however, few, if any, enterprise AI solutions are being offered.

3. Technology solutions face growing regulation

As a service provider to insurance carriers, agencies, MGAs, and wholesalers, what we’re seeing is that regulators are not only putting pressure on carriers and brokers, but also on service providers. Over the last two years, due to regulatory changes, we’ve seen our clients demand much more robust information security plans and data protection plans. Just as insurance becomes increasingly digital, all of us will need to elevate our cybersecurity protocols and practices.

Read more on how carriers and MGAs can grow in today’s market:

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