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ITA Pro Weekly, November 06,2019

AI and data extraction, SMA Transformation in Action winners, Harvard Business Review on corporate culture and embracing tech, and more…

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Artificial intelligence plays a pivotal role in SD Refinery, a company whose proprietary sentence data processing technology has been specifically designed to address the needs of insurance companies. Meet Rock Schindler, SD Refinery’s Founder and CEO, who discusses emerging insurtech issues, the role of sentence data in improving insurer operations, and more.
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Insurance advisory firm Strategy Meets Action (SMA) announced the winners for the annual SMA Transformation in Action Awards, which honor insurers, MGAs, and vendors who are rethinking, reimagining, and reinventing the business of insurance. Submissions were judged by a panel of senior insurance executives and SMA Partners.

“We were astounded by the quantity and quality of award submissions this year,” said Mark Breading, SMA Partner. “The industry has clearly accelerated beyond the early stages of innovation and is putting transformation into action – by adopting new technologies and actualizing possibilities.”

Many businesses claim to embrace data, analytics and AI, and other new technologies – but do their company cultures reflect those claims? This Harvard Business Review article takes a look at how the wealth management unit of Toronto-based bank went beyond verbiage to create a program to get senior and middle-level executives excited about what technology can do for their business.

“We have turned anxiety into excitement, and now everyone who’s been through the program is a change agent,” the program leader says. “I hear all sorts of ideas from business leaders about how we can use AI and chatbots in the business. It used to be that the push for those came from our IT people, and IT would get the blame if they didn’t work out. Now the business sees these projects as a joint responsibility. We’ve also created some great relationships among people who have never gotten the opportunity to work together, which was an unexpected benefit of the program.”

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