Why do you feel Insurance AI and Analytics USA is an important event?
Industry professionals are increasingly leveraging (and being leveraged through) the quickly evolving topic of Artificial Intelligence and its impact in the delivery of analytics and insights. As leaders and professionals, we must sharpen our tools and continue the dialogue about how the impact of this change and the opportunities it presents.
What are the top three trends and challenges facing insurance carriers today?
Introduction of significant capital into the funding model for insurance companies, significant change in geopolitical risk structures and regulatory/statutory schemes, accelerating disruptive innovation in virtually every component of the historical insurance relationship.
Is the American insurance industry on the brink of significant disruption?
No. It is not on the brink. It is already past the brink. The question is not whether we are on the brink or not, but rather, “what does that mean for us as an industry and where do we go from here?”. Without doubt, there has never been greater pressure on insurance companies, intermediaries and risk professionals. We see that in the consolidation of companies, the pressure on developing appropriate pricing for the risks taken by insurers and the value added by intermediaries. There are (and will continue to be) a series of disruptions within our industry, just like virtually every other industry. It is undeniable and inescapable. What we have to realize is that it carries with it enormous opportunities to develop new ways of bringing useful solutions and sharing risk with policyholders in ways that we haven’t done before.
Tell us a bit about your session and who it would be most valuable to?
Our session will be about how analytics and the use of technology (notably the use of artificial intelligence) is increasingly impacting the service delivery model for claims. Indeed, because Insurance (at its core) is the delivery of an integrated service through a claims response, it is the innovation and pace of change in this part of the insurance equation that is of the highest urgency within our organizations. While claims and analytics professionals will certainly find the session valuable, it is a discussion for any insurance professional who wants to learn more about the use of analytics in the claims environment.
Does your organization have a permanent team dedicated to exploring future products, technologies and opportunities for insurance? Or who within your organization is leading or has the responsibility for the initiatives looking into future developments?
We do. Based primarily in Sun Prairie, Wisconsin, QBE has built an Innovation Lab, where colleagues work to develop a variety of new tools and opportunities for the benefit of our clients and customers. My colleague, Ted Stuckey, who is also speaking at the event, leads QBE’s efforts to identify, cultivate and build innovative capabilities to allow us to meet those commitments and deliver better products and services in a very competitive marketplace.