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ITA Pro Weekly, May 15,2020

How insurers are leveraging AI during COVID-19, HazardHub on big data, Jen Overhulse on “competent women,” and more…

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Hot off the presses!

For years, the insurance industry has been talking about how artificial intelligence (AI)-driven solutions will drive innovation, streamline efficiencies, and uplevel the industry’s customer service capabilities. But the new realities of COVID-19 are accelerating the delivery of these promises, writes Sonny Patel, founder and CEO of Insurmi, an AI-based insurance platform for insurers.

“There is no going back to the way things were before the COVID-19. The world has changed and therefore industries have changed. Businesses looking to weather the storm—and maybe even come out on top in the end—need to adapt in order to meet the needs of an ever-evolving digital environment.”

 

The insurance industry has always run on data – actuarial tables, driving records, demographic information. But the insurance data field has been revolutionized by technology and the ability to garner data from a wide swath of sources, the diversity of which would have been unimaginable in years past. We spoke with HazardHub Founder John Siegman on how insurance’s reliance on data has changed over the years, and the role of technology in its acquisition.

“AI and machine learning require huge amounts of data to be successful in their implementation. Having access to data sources with thousands of variables allows companies to maximize their AI/ML investment. The results of those processes then permeate the organization, from loss/cost models to how a chatbot responds.”

 

Women have come a long way in insurance and business in general since 1998, when Jen Overhulse launched her consulting business. But although women’s voices are much more accepted and respected in board rooms and executive settings, there are still minds to be changed and glass ceilings to be shattered, she writes.

“Even though some research puts the return on investment (ROI) for private, women-owned tech businesses at roughly 35% higher than that of private tech companies owned by men, there is still a serious wage or pay gap between men and women employees. And, women overall expect less when it comes to business assistance or funding of any kind, consistently asking for less funding than men, but outperforming men in terms of crowdfunding startup ventures.”

 
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