Digitizing how risk flows: the future of commercial insurance (308)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 23 June 2024

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

In anticipation of our upcoming release of panels from our most recent event in New York in June, we are taking another look back at our star-studded line-up from March. We asked: what does the future of insurance look like? One answer is digitising how risk flows. In this discussion, industry experts Nigel Walsh from Google Cloud, Meghan Hannes at K2 Cyber, Zaheer Hooda at Cytora and Charles Clarke at Guidewire delve into the current progress made by insurers, the challenges they encounter, and a playbook for accelerating AI-assisted underwriting. Watch this space for more releases soon... Key talking points include: Is the industry heading in the right direction with regard to AI? “Augmentation” - why using the right vocabulary matters The perspective of insurers working for technology companies - what is working? The rallying cry for insurers How to make a case internally for adoption of AI? Don’t aim for the moon, aim for standardisation Can generative AI solve technical debt? Implementation differences between SMEs and large corporates Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Describe why the word ‘augmentation’ is important in insurance List reasons why carriers should consider digitising their risk flows Summarise at what stage is the industry currently at with adoption, what is holding it back and what does the future look like If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 308 page of the InsTech website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	And the one word change that opened people's minds up to say, oh, how do we embrace this?
0:04.9	Was disrupt and remove to augment.
0:08.1	And we've all of a sudden we've gone from, oh my God, I have no job to actually how do we
0:13.8	make our underwriters, which are really expensive, qualified individuals to do the things
0:20.1	that they love, not play about with sheets and Excel and forms and
0:24.1	this and that and swivel chair integration. All that's busy work. All that's toil.
0:36.5	Hi there and welcome, everyone. It's Sawyer here is podcast producer at InstTech.
0:42.3	We're in for a very exciting evening event on Tuesday 25th June in collaboration with Placing Platforms Limited and Artificial Labs.
0:51.3	We're covering one of the most highly anticipated topics, which is digital placement and smart follow underwriting.
0:58.0	We have an incredible list of speakers coming to this event from Lloyd's Head of Lloyd's Lab Accelerator, Howden, WGW, WNockery, Apollo, Beasley, De Loit, Key Syndicate and more. It's looking to be one of our biggest events
1:13.8	of the year so far in London, so do you make sure you have reserved your place. This week on the
1:19.2	podcast, we are looking back at New York in March to our panel discussion featuring industry
1:24.9	experts Nigel Walsh, Megan Hannes, Charles Clark and Zahir Huda to focus on the integration of AI and automation in the insurance sector.
1:34.3	Our fantastic panellists touch on their personal experiences regarding adoption, providing recommendations for all.
1:41.3	Make sure to tune in to the very end to hear the audience's interesting
1:45.3	questions for our panellists. Over to Matthew.
1:58.2	Well, Nigel, you've sort of given an introduction to yourself, but I think there's more than one, Nigel was, because you're so prolific on social media and you do a day job, and you've just been promoted.
2:06.3	So briefly, who are you, and what do you do?
2:09.1	I run round a lot, it feels like.
2:11.2	I think you described me last time as a super connector, and actually it's probably a great description. Been to Google three years prior to that around global future of insurance, global insuretech.
2:20.5	Deloitte prior to that, CAPG generally doing large-scale transformation in insurance companies.
2:25.5	I also sit on the advisory board for Capital G, one of our late-stage investment firms.
	...

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