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ITA Pro Weekly, November 19,2020

Bob Frady on why insurers hate insurtechs, AI still not delivering on promise, serial entrepreneur Evgeny Aleksandrov, and more…

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Hot off the presses!

Why do insurance companies expect insurtechs to provide them with freebies to “see if there’s any value in it”? In “Eye of the Storm,” a new blog series on natural disasters, the insurtech market, and more, HazardHub CEO Bob Frady looks at why insurers still believe in a free lunch, even in insurtechland.

“Somewhere along the line, insurance companies figured out that they could get prospective vendors – which is basically what insurtechs are -- to do stuff for free. Big stuff. Costly stuff. Just for the pleasure of potentially doing business with them.”

 

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.

 

Only 10% of companies obtain significant financial benefits from implementing artificial intelligence technologies – and those companies intentionally change processes to facilitate organizational learning with AI, according to a new study by MIT Sloan and Boston Group.

“Organizational learning with AI is demanding,” the report finds. “It requires humans and machines to not only work together but also learn from each other — over time, in the right way, and in the appropriate contexts. This cycle of mutual learning makes humans and machines smarter, more relevant, and more effective. Mutual learning between human and machine is essential to success with AI. But it’s difficult to achieve at scale.”

 

Evgeny Aleksandrov is co-founder and CEO of Pilotbird, an analytics solutions provider for insurance carriers that uses lifestyle analytics to improve the insurance experience. Pilotbird’s product leverages social data points for customer acquisition and engagement, accurate risk scoring, and reduced claims leakage accessible via API or web portal. He is also CEO and co-founder of Kiwi Insurance, an AI-powered travel insurer.

 

Since childhood, my family encouraged me to form a view, see change as an opportunity to validate my thinking, and embrace calculated risk to pursue my interests. Fortunately, some of it sunk in over the years. Later in life, time at McKinsey exposed me to a culture that values entrepreneurship, impact, and personal development. Kiwi was an opportunity to build on my strengths and create an impact in an industry ready for change.”

 
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