From AM Best: Marsh and McLennan Companies’ Dan Glaser on AI in Insurance

Predictive capability will come through machine learning and artifical intelligence

What MMC President and CEO Dan Glaser calls “augmented intelligence,” driven by advances in machine learning and AI, will allow insurers to keep up with the increasingly complex risks companies face today.  What will clients find most valuable about these insurtech advances?  And will there always be a role for the broker? Join AM Best’s  Meg Green in conversation with…

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From Oliver Wyman Health: Opportunities in the Making?

Insight into the Amazon-Berkshire Hathaway-JP Morgan Announcement

The recent announcement from Amazon, Berkshire Hathaway, and JP Morgan is still echoing in many ears, and has caused much speculation about what the plans of these three titans mean for payers, providers, and consumers, and where and how disruption might occur.  Our colleagues Helen Leis and Sukanya Soderland have put the announcement in perspective in a fascinating post on…

IoT in the Spotlight

Breaking through the invisibility that has always cloaked real-time risk

Insurance has always operated in world of relative invisibility. Once the policy is written, the person or property it covers goes back out into the world (a world full of risks) and is never heard from again, until it’s time to renew — or file a claim. Insurers can make some inferences about the kind of risk that person or…

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The oliver wyman insurtech interview

Interview: Change That Puts the Customer at the Forefront

Anita Sathe of CoverHound on embracing disruption from price comparison websites

Insurance price comparison websites (PCWs) are a relatively new business, especially in the U.S., where regulations, limited online capabilities and resistance from incumbent insurers have been barriers to growth. The barriers are falling, however, and new players are beginning to transform the relationship between insurers and their customers. PCWs offer customers the ability to quickly compare price quotes and purchase…

The oliver wyman insurtech interview

Conversation: It’s Time for Business Teams to Tackle Technology

Carpe Data’s Max Drucker on the next generation of decision makers

Insurance underwriters, actuaries, claims specialists, and other experts on the business side are just beginning to recognize the many ways that insurtech can enhance the way they do their jobs. In the insurance industry technology specialists still make most of the decisions about how the organization uses technology, but that scenario is likely to change in the next five years,…

From BRINK: The Payoff and Peril of Smart Infrastructure

The example of smart grids

As part of an ongoing collaboration between Oliver Wyman and the World Economic Forum on Mitigating Risks in the Innovation Economy, Stuti Joshipura, an Oliver Wyman Principal seconded to the Forum this past year, has been in a unique position to observe different ways in which the intersection of technology and risk have unfolded.  Here she outlines the challenges and…

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Thinking Strategically About Insurtech

Issues, opportunities, and challenges become clearer when framed in terms of strategic outcomes

Insurtech can be difficult to think about strategically. That’s largely because the term covers so much ground—multiple technologies from big data and artificial intelligence to blockchain and the Internet of Things, all of which are finding applications across the whole spectrum on insurance company functions, from distribution to operations to underwriting. As result, the question of how you are supposed…

From Carrier Management – “P/C: It’s Not Personal Anymore”

Prashanth Gangu and Matt Leonard sketch out the upheaval facing P/C in 2018

After decades during which the operating model in the property/casualty business has been surprisingly stable, it feels like we’re suddenly surrounded by new players, new models and new business realities. That feeling is partly an illusion, as the new features and players of today’s market have been in the making for at least a decade. But they’ve reached a level…

Managing Next Generation AI in Insurance

The journey should start now.

Financial services executives view artificial intelligence (AI) with a powerful mix of excitement and concern. With new proofs of concept, innovation labs and investments in technology appearing every day, financial institutions – including insurers – are eagerly exploring AI to improve business decisions, customer experiences and risk management outcomes. While AI promises great opportunities to work faster and smarter, it…

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Video

Video: How Big Data will Transform the Industry

John Standish on the data points that insurers have barely begun to tap

Insurers have barely begun to realize the potential that big data offers when it comes to managing every end of the business, from conducting back office functions in an instant to uncovering a new universe of risk factors. Today an insurance company can use artificial intelligence to analyze the millions of data points that go into reviewing a claim or…