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ITA Pro Weekly, February 25,2021

Preventable disaster, flipping the fraud triangle, InsurTech NY goes virtual

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Hot off the presses!

Even the best risk models couldn’t have anticipated what happened in Texas when an unprecedented winter storm this month knocked out the state’s power grid, leaving millions without power. But the “perfect storm” in Texas was entirely preventable if the powers that be had only been prepared, writes Bob Frady in his “Eye of the Storm” blog.

“PG&E’s experience in California should have been a wake-up call to all U.S. utility companies: an ounce of prevention is far less expensive than a pound of cure. Poor planning should no longer be an excuse for the ratepayers to suffer.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

Catastrophic events like the Texas snowstorm create huge opportunities for fraud, especially around what will be covered, whether the insured has the money to cover short-term expenses, or even if they can cover their deductible. Jeffrey Cirino, customer success manager at FRISS, examines the three sides of the “fraud triangle,” and how insurers can leverage data to prevent fraud losses.

“Pressure, rationalization, and opportunity create what’s called the fraud triangle. So, how can we flip it? First, it takes a willing and enlightened carrier with resources dedicated to a digital transformation.  A willing carrier will think differently and challenge the way things are currently done. The end goal is trust and transparency between all parties.”

 

On March 10 and 11, 2021, InsurTech NY and InsurTech Hartford are hosting a joint Spring Conference to bring together the insurance innovators and insurtech leaders across the globe. The event is 100% virtual.

The conference will also host the largest global insurtech competition. Top startups from a pool of 100+ applicants will pitch in front of investors and insurance executives. Attendees will also hear from emerging startups and have the opportunity to connect with budding entrepreneurs and new tech solutions.


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