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The AI in Business Podcast
Looking at Insurance Challenges from a Telecom Perspective - with Haden Kirkpatrick of State Farm
Oct 10, 2023
28:52
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Haden Kirkpatrick, Vice President of Innovation and Venture Capital at State Farm, discusses challenges facing the insurance industry, the importance of leveraging data tools, changes in the industry due to IoT and generative AI, optimizing customer experience using telematics platforms, data's role in underwriting and pricing decisions, and insights on data collection and front door verification in insurance.
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Quick takeaways
- The evolution of connected cars and smart homes poses an existential threat to the insurance industry, requiring leaders to proactively address the risk of being disintermediated.
- Generative AI and the Internet of Things (IoT) have brought about a transformative 'iPhone moment' for insurance companies, allowing them to leverage vast amounts of device data to provide value to consumers, enhance risk assessment, and improve claims processes.
Deep dives
The Threat of Disintermediation: Connected Cars and Smart Homes
Hayden Kirkpatrick, Vice President of Innovation and Venture Capital at State Farm, discusses the greatest threat to the insurance industry - the evolution of connected cars and smart homes. With every car coming off the line now connected and generating massive amounts of data, and 70% of Americans having some version of a connected home solution, carriers face the risk of being disintermediated. Kirkpatrick emphasizes the existential nature of this risk and the need for insurance leaders to get ahead of these changes.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode