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ITA Pro Weekly, October 03,2019

Insurance and the cloud, recruitment challenges, keeping AI FAIR, and more

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Hot Off The Presses!
We’re living in a fast-paced new insurtech world, where insurance companies are boldly embracing the latest technology to streamline services and enhance customer experience – right? Well, maybe not. In “The 22nd-Century Insurer: Taking a Cloud-First Approach,” Cara McFarlane of Hyland points out that even in the midst of the insurtech revolution, the insurance industry’s traditional risk-averse mindset prevents many insurers from adopting a cloud-centric approach.

 
“On-premises enterprise technology solutions are aging at a quick pace. The future of work, and how people prefer to interact with information, is changing. However, the need to access secure information will always remain constant – regardless of the industry.


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It’s been an insurance truism for as long as we’ve been observing the industry: recruitment and retention of top talent, especially in the tech field, has always been a challenge. Recent grads are more likely to be attracted to big tech companies like Google, Amazon, and Microsoft than the hippest of insurance companies. This notion isn’t just anecdotal: A recent Valen Analytics study finds 73% of insurers have trouble finding data and analytics talent, primarily due to location, better pay in other industries, or similar opportunities offered by tech startups.

 
In spite of this bad news, however, insurance has a couple of secret weapons to deploy in the war for top talent, writes Kirstin Marr, president of Valen Analytics, in “Creative Approaches to Combat the Talent Crisis: Upskilling and Reskilling.”


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Artificial Intelligence (AI) is poised to play a huge role in the future of insurance, in areas like distribution, claims management, and more. Proponents say AI will improve the way we live and work, and free up carbon-based life forms to deal with more challenging tasks.

 
But AI can be either good or bad – and businesses need to develop an ethical framework to use it. This interesting article at TechRadar examines how to use FATE – fairness, accountability, transparency, and explainability – to inspire consumer (and employee) trust in AI.


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Breaking News from the Insurance Industry
Click on the links below to get the latest news in the insurance marketplace:
 
 
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