The Future of Insurance

Episode Info Debbie Brackeen leads CSAA Insurance Group in strategy, partnerships, innovation and venture investing. She has more than 25 years of experience and leadership at innovative high-tech companies, including Apple, Sun, HP, and eBay, and, most recently, serving as the global head of innovation at Citigroup. She has served as an adviser to the Astia Technology Committee since 2008, and was an adviser on the corporate board of the National Venture Capital Association. Ms. Brackeen earned a degree in American Studies from Stanford University and has completed executive programs at the Northwestern Kellogg School of Management, INSEAD and the Stanford Graduate School of Business.   Highlights from the Show The video features a discussion with David, who has over 35 years of experience in the insurance industry, focusing on casualty underwriting and management. He currently serves as the Head of Casualty at Argo Group, where he oversees various liability lines, including primary and excess casualty, environmental liabilities, construction liabilities, and workers' compensation. The conversation highlights Argo's niche focus on the U.S. market, with some operations in Bermuda, and its recent acquisition by Brookfield Wealth Solutions. David shares insights into the challenges faced by the Casualty insurance sector, such as social inflation, litigiousness in the U.S., and the economic viability of Casualty lines. He discusses the importance of capacity management and the need for insurance carriers to be nimble in managing their portfolios. The conversation also touches on the impact of distracted driving on auto insurance claims and the necessity for the industry to adapt to changing conditions. The video concludes with a discussion on the future of the insurance industry, emphasizing the need for innovation and the importance of attracting new talent to sustain the industry. David expresses optimism about the industry's ability to adapt and continue providing necessary coverage despite current challenges. Episode Summary The video features a discussion on the strategic implementation of Artificial Intelligence (AI) within a corporate setting, specifically focusing on the insurance industry. The conversation is led by Debbie Brackeen, who heads innovation and corporate development at CSAA Insurance Group, a part of the AAA insurance companies in the US.  Key Points AI Strategy and Implementation: The focus is on harnessing the power of Generative AI (Gen AI) to transform business operations and create sustainable business value. The strategy involves embedding AI as a strategic capability within the company to gain a competitive advantage. AI in Insurance: The conversation highlights the potential of AI to revolutionize the insurance industry by improving efficiency and accuracy in claims processing and underwriting. The use of AI is seen as a way to manage both structured and unstructured data more effectively. Challenges and Opportunities: There is an acknowledgment of the challenges posed by AI, such as the need for governance, controls, and regulatory compliance. However, the potential benefits, such as faster claims processing and better customer service, are emphasized. Future Outlook: The discussion reflects optimism about the future impact of AI, comparing its transformative potential to that of the Internet. There is a belief that AI will lead to new job roles and opportunities, rather than just eliminating existing ones. Overall, the video provides insights into how AI is being strategically integrated into business processes to enhance efficiency and create new opportunities within the insurance sector. This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.

Episode Info David Corry joined Argo Group in September 2020. As Head of Casualty, he is responsible for leading Primary Casualty, Excess Casualty, Construction, Environmental, Rockwood, and Bermuda Casualty.  Corry previously served as Senior Vice President, Head of Environmental at Argo Group. He has in-depth experience in all lines of casualty insurance, having served as Senior Director at Markel Specialty and Vice President at Liberty Mutual. He also held senior positions at Chubb and Crum & Forster. Corry is a veteran of the armed forces, having served for 29 years in the Air National Guard, retiring with the rank of Lieutenant Colonel.  Highlights from the Show The video features a discussion with David, who has over 35 years of experience in the insurance industry, focusing on casualty underwriting and management. He currently serves as the Head of Casualty at Argo Group, where he oversees various liability lines, including primary and excess casualty, environmental liabilities, construction liabilities, and workers' compensation. The conversation highlights Argo's niche focus on the U.S. market, with some operations in Bermuda, and its recent acquisition by Brookfield Wealth Solutions. David shares insights into the challenges faced by the Casualty insurance sector, such as social inflation, litigiousness in the U.S., and the economic viability of Casualty lines. He discusses the importance of capacity management and the need for insurance carriers to be nimble in managing their portfolios. The conversation also touches on the impact of distracted driving on auto insurance claims and the necessity for the industry to adapt to changing conditions. The video concludes with a discussion on the future of the insurance industry, emphasizing the need for innovation and the importance of attracting new talent to sustain the industry. David expresses optimism about the industry's ability to adapt and continue providing necessary coverage despite current challenges. Key Points: Challenges in Casualty Insurance: Social inflation and increased litigiousness in the U.S. Economic viability of casualty lines. Importance of capacity management and nimbleness in portfolio management. Impact of Distracted Driving: Significant effect on auto insurance claims. Necessity for the industry to adapt to changing conditions. Future of the Insurance Industry: Need for innovation and attracting new talent. Optimism about the industry's ability to adapt and provide necessary coverage despite challenges. This episode is brought to you by The Future of Insurance book series (future-of-insurance.com) from Bryan Falchuk. Follow the podcast at future-of-insurance.com/podcast for more details and other episodes. Music courtesy of Hyperbeat Music, available to stream or download on Spotify, Apple Music, and Amazon Music and more.

Nick Lamparelli, a nearly three-decade insurance veteran and managing partner of Insurance Nerds, dives into the pressing challenges of today’s insurance landscape. He discusses inflation's impact and the broken cycle of post-crisis rate adjustments. Innovative solutions like parametric insurance and the importance of diversification for mutual insurers are explored. Lamparelli also highlights how tariffs and economic factors influence the insurance market, advocating for more responsive and adaptable business models.

Dr. Christy Lane and Laura McDonald, co-founders of Flora Fertility, dive into the critical issues surrounding women's health and fertility insurance. They share personal struggles with infertility, highlighting the emotional toll and financial hurdles many face. The discussion revolves around their innovative insurance solutions aimed at making fertility treatments more accessible. They also address the evolving landscape of employee benefits, emphasizing the need for tailored support for women's health in the workplace. This empowering conversation champions proactive fertility planning and community engagement.

Darren Wood, founder and chief product officer of Recoop Disaster Insurance, brings over 25 years of experience in the insurance industry. He vividly shares his motivation rooted in Gulf War experiences, emphasizing solutions for underinsurance in the wake of natural disasters. The conversation dives into the inadequacies of traditional insurance and innovative products designed to fill those gaps. Darren discusses the regulatory hurdles faced in launching new insurance solutions and the critical need for education and preparedness for families at risk.

Paul VanderMarck, Chief Technology and Innovation Officer at SageSure, shares insights from his extensive background in insurtech. He discusses the importance of proactive customer outreach after catastrophic events, enhancing the claims process through technology. VanderMarck explains how AI and aerial imagery are revolutionizing property damage assessment, and highlights the ethical responsibility to ensure adequate coverage amidst industry challenges. His focus on improving customer satisfaction through active engagement reshapes traditional approaches in the insurance landscape.

David Worldon, founder of Accelerated Innovation, shares his insights on the intricacies of the Australian insurance market. He discusses the high concentration of major players and its impact on competition and innovation. Regulatory challenges post-Royal Commission add a layer of complexity, leading to a cautious industry. David emphasizes the urgency for insurers to innovate and align better with consumer needs, especially as rising premiums and underinsurance become critical issues. He envisions a transformative future fueled by collaboration and new strategies.

Dave Wechsler, Principal at OMERS Ventures, brings a wealth of experience from his background in insurtech, previously serving as VP of Growth at Hippo. He discusses the transformative role of technology and AI in the insurance industry, emphasizing the need for agility and innovation. Dave shares insights on venture capital investing within fintech and insurtech, stressing the importance of selecting knowledgeable investors. He also explores the challenges of entrepreneurship, advocating for resilience in the face of 'fast forward problems' and the necessity for established companies to adapt to emerging technologies.

Join industry leaders David S. Milton, CEO of TelaClaims, Ramon Lopez, President of Claim Assist Solutions, and Erik Bahnsen, Director of Industry Analytics at CCC Intelligent Solutions, as they dive into the transformative role of AI in insurance claims. They discuss how AI enhances efficiency and accuracy, reshapes adjuster workflows, and improves claims adjudication. The panel also tackles challenges like data privacy and the ethical implications of AI, emphasizing that technology will augment human expertise rather than replace it.

Sarah Russell, founder and managing director of Project Bellwether at Alphabet X, merges technology with climate insight. She discusses the pressing risks of climate change, highlighting wildfires and their ramifications for insurance. Innovative tools like Bellwether Predict and Bellwether Rapid Response leverage machine learning for disaster readiness and damage assessment. Russell emphasizes the insurance sector's role in adapting to natural disasters, advocating for collaboration and advanced analytics to rethink risk management in a rapidly changing world.