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John Drzik on understanding where to use insurtech as a business accelerant

In the second content discussion at ITC 2018 to feature contributions from Marsh, John Drzik, President Global Risk and Digital, presented the broker point of view in a lively discussion of where legacy processes and systems fit into the fast-changing world of insurtech.

Oliver Wyman's Rick Chavez on Meeting Mega-Disruptions in Insurance

Flashing blue disco lights, pop music, a half dozen very large TV screens, and thousands of people. Sound like insurance? It’s insurance disrupted. This morning at ITC 2018 Rick Chavez, Oliver Wyman partner and the head of the America’s Digital Strategy Acceleration Practice gave a keynote describing the opportunities for legacy insurers trying to transform their business.

The move to complex problem solving with data, analytics, and AI

In these excerpts from Oliver Wyman’s sister company Celent, Craig Beattie, Nicolas Michellod and Zao Wu provide a compelling overview of the kinds of problems AI (artificial intelligence) is being used to tackle in insurance.

What are the implications of a blend of digital and human capabilities?

The recent report from Oliver Wyman and the Chartered Insurance Institute (CII), “The Underwriter of the Future Six Years On,” makes clear that in many areas of corporate and commercial insurance, much of the current “artisan” business model will get a “bionic upgrade” – not 100% machine, but an inseparable blend of digital technology and human capabilities.

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?

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December 14, 2017

Tech Drivers: Blockchain

Still in early days, but with great potential.

Blockchain, currently best known for its role in enabling crypto currencies and—bizarrely—virtual cats, is a technology that only a handful of experts truly understand. The basics, though, and the way they can be applied to business, are already clear. The technology creates a kind of uber-ledger that records transactions permanently, transparently, and immutably.

How will underwriters and underwriting change in the age of big data?

Oliver Wyman CEO Scott McDonald recently sat down for a wide-ranging discussion on the future of the insurance industry with AIG CEO Brian Duperreault. In this excerpt, Brian talks about how data science and technology will change the face of an industry that is characteristically risk averse and wedded to the “tried and true.”

November 13, 2017

A Bit about Bots

Automation and chat bots are just around the corner for insurers

Donald Light, one of our colleagues at Celent, published a report last week called “What Advice Would You Give to a Bot Looking for a Job in an Insurance Company?” The report is based on a survey that asked CIOs for their views on the potential of automation.

New technology - cloud, AI, APIs, blockchain - is changing the face of trade finance

Two years ago, Louis Carbonnier and Christophe Spoerry founded the Euler Hermes Digital Agency, the innovation arm of Euler Hermes, a global provider of trade-related insurance solutions. Besides working on ways to monetize Euler Hermes assets, EHDA is trying to reinvent trade credit insurance, initiate plug and play partnerships, and create products rooted in Big Data and artificial intelligence.

On the P&C front line with Tractable's Alex Dalyac

Imagine a world in which machines can “see” and process claims – quickly and accurately – in nearly real time, using computer vision powered by the vast trove of resident data and experience in today’s P&C insurers. That world, according to Tractable CEO Alex Dalyac, is not around the corner, but very much here and now.

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