The Future of Insurance

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.

Chris Luiz, CEO of Scout InsurTech, connects insurance professionals and innovators to redefine the industry. He discusses building local communities to enhance engagement and networking in insurance. Chris highlights Scout's startup program that helps emerging companies connect with major players in the field. He emphasizes the importance of nurturing relationships and demonstrating value before forming partnerships, advocating for collaboration over transactional interactions. His insights showcase how community-driven initiatives can transform the insurance ecosystem.

Melbourne O'Banion, CEO and co-founder of Bestow, is on a mission to modernize the life insurance industry. He discusses how Bestow leverages technology to revolutionize underwriting, making it faster and more efficient. Melbourne highlights the shift from direct-to-consumer sales to enterprise solutions, tapping into larger market opportunities. He emphasizes that while agents may fear technology, their roles are evolving, not disappearing, as they adapt to new tools. Tune in for insights on innovation and the future of life insurance!

Daniel Aldrich, Dean's Professor of Resilience at Northeastern University, dives into the concept of community resilience after disasters. He shares insights from his own experience with Hurricane Katrina, highlighting the vital role of community support versus traditional insurance. Aldrich discusses the rising challenges homeowners face with insurance in a changing climate and emphasizes the need for a comprehensive approach to resilience that fosters social connections. He advocates for rethinking our disaster recovery strategies, focusing on collaboration and community involvement.

Andrew Horton, Group CEO of QBE since 2021, brings over 30 years of experience in the insurance and banking sectors. He discusses the critical need for sustainable growth in the insurance industry, urging a balanced approach to risk and pricing. Horton emphasizes client engagement and innovation, stressing that companies must adapt to evolving customer needs. He also highlights the importance of resilience in rebuilding after natural disasters and advocates for collaborative strategies among insurers, homeowners, and governments to foster long-term recovery.

Justin Goodman and Brenden Corr, co-founders of Project 55, dive into the pressing topic of mental health within the insurance industry. Brenden opens up about his personal journey to sobriety, advocating for open discussions around mental health. Justin shares his own experiences that fueled the creation of Project 55, emphasizing the need to combat stigma in the workplace. They highlight the lack of resources available for employees and the importance of fostering a supportive environment where individuals feel safe to discuss their struggles.

Tim Dillahunt, Head of Personal Lines Underwriting at The Hanover Insurance Group, shares over 25 years of insurance expertise. He emphasizes the emotional and financial toll of water damage in homes, advocating for proactive measures like water leak detection sensors. These devices not only prevent costly claims but also preserve personal belongings and maintain affordability. Tim highlights the importance of regular inspections and innovative technology in preventing water-related losses, transforming how we approach home safety and insurance.

Ryan Vigus, EVP of Personal Lines Product Management at CSAA Insurance Group, brings a wealth of experience in developing insurance products for AAA Members. He dives into California’s evolving homeowners insurance landscape amid rising wildfire risks and historical market shifts. Vigus discusses the financial pressures insurers face and the need for innovative risk assessment tools. He advocates for a strategic approach that prioritizes policyholders, calling for improved building codes and better preparedness to address climate challenges.

Dawn Walker is an associate director, Industry Relations (DUAE) in AM Best’s Strategy and Communications department. Dawn has more than 15 years of insurance industry and risk management experience, and joined AM Best in 2022, initially serving as a senior financial analyst, conducting performance assessments for Delegated Underwriting Authority Enterprises.  Previously, Dawn as a senior risk management analyst at MacAndrews & Forbes Inc., a global mergers and acquisitions firm in New York City. She also previously served as a senior account executive for Alliant Insurance Services, serving its ultra-high net worth book of business.  Dawn received her MBA degree with a concentration in Enterprise Risk Management at St. John’s University. She graduated Cum Laude earning a Bachelor of Law degree from the University of Arizona. She holds a Property & Casualty and Life & Health Broker’s license, has earned an Associate in Risk management (ARM) designation and is actively pursuing a Charter Property Casualty Underwriter’s designation. Highlights from the Show AM Best is known for many things, but mainly for the assessments and ratings they perform on players across the insurance industry. For the Delegated Underwriting Authority Enterprise (DUAE) space in particular, they are bringing transparency to help drive continued growth not only of the DUAE segment, but the product innovation that goes on within it. The level of growth in the delegated underwriting authority space has been huge, getting to $77B in the US alone, and making up 10% of the P&C market globally. The key areas they look at when assessing DUAEs includes Operations, UW Capabilities, Governance and Controls, Financials and Corporate Structure. This analysis helps bring transparency to the sector to help facilitate partnerships while also giving DUAEs a blueprint for how to optimize their operations for growth, stability and, ultimately, success Why do insurers work with Delegated Underwriting Authority Enterprises (DUAEs), like MGAs and MGUs? Can’t they just compete in the market directly? DUAEs bring expertise in niches and market segments that incumbent carriers may not be able to build efficiently given their scale, and the relative size of these niches being too small to support the operational cost of a carrier. DUAEs often come with expertise and distribution in the segment, allowing carriers working with them to access new spaces efficiently, quickly and profitably. What can support or stand in the way of the success of a Delegated Underwriting Authority Enterprises (DUAEs), like MGAs and MGUs? AM Best performs assessments of these entities to bring transparency to key success factors insurers would look at when deciding whether to work with a DUAE or not. This episode is brought to you by The Future of Insurance thought leadership series, available globally from Amazon in print, Kindle and Audible audiobook. 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.