CoreLogic Insurance Solutions’ Post

On a recent podcast episode with Digital Insurance, CoreLogic's President of Insurance Solutions, Garret Gray, illustrates the benefits of the property insurance industry adopting the integration of AI technology into everyday workflows. "This is not something to be scared of. It is something to treat seriously and to really think through and be diligent about how we implement these tools, how we build these tools and the effects that they're going to have" Listen to more of this episode here: https://clgx.co/4dsF52r

Dear Readers, Happy New Year to you all!   Welcome to the Distribution Revolution issue of Modern Insurance Magazine. It was a thrill for me to conduct and curate these interviews. Technology is transforming the distribution ecosystem at a very rapid pace and we don’t see that slowing down anytime soon!  In this special issue we had the privilege of sitting down with Garrett Droege, Director of Innovation and Digital Risk Practice Leader, IMA Financial Group, Inc., Inc., where he shares his insights on the difference between 2023 and 2024 as it relates to GenAI. Garrett shares his view that 2023 was mostly hype and sizzle whereas 2024 AI is maturing into a tool that will have a profound impact on our industry–but not a total disrupter and disintermediator.  The technology won’t replace agents and brokers but organizations need to become “people ready” to accelerate its adoption. In a combined interview, James Berrocal Sizemore, Chief Strategist, Insurance at Informatica and Margeaux Giles, CEO of IRYS Insurtech share their views on Master Data Management and blockbuster new technologies such as Gen AI and Web3 that are transforming the distribution landscape. Last but not least, have you been following Lisa Wardlaw of 360 Digital Immersion 's incredible podcast, Insurance Unplugged? She recently wrapped an entire series around the distribution revolution and was kind enough to share the highlights and key insights for our readers. Happy reading! Amelia Barlow Rachael Pearson

"Solving Insurance Inefficiencies with AI - with Sandee Suhrada and Karl Hersch of Deloitte” https://lnkd.in/gs7BHKq4 On the '#AIinBusiness' podcast, Vice Chairman and leader of Deloitte’s US Insurance practice Karl Hersch joins Daniel Faggella, Emerj Artificial Intelligence Research CEO, with Sandee Suhrada, Partner at Monitor Deloitte leading AI for Insurance, to discuss the opportunity space within the insurance sector, highlighting the integration of automation and its potential value for business creation. The episode delves into anticipated changes in underwriting and customer engagement workflows, emphasizing performance, productivity, and efficiency over the next three years: “We’ve seen it long before GenAI or AI has come into play, this year actually highlighting what has been – I think and Sandee would agree – one of the critical success or lacking-success factors we've seen in any large transformation. It's an alignment, a teaming, and a bringing together of the business and functional domain expertise with the technology or other enabling domain expertise. And that is where we see things work at their best all the time. Or if it's detached, or disassociated? Then we see a lot of stumbling blocks and often failures. And it's because the communications aren't happening, and it doesn't require every element teaming here. The reality is, the technology we're talking about here is fantastic. But everything we've talked about today, even on this podcast, is all business-centric domain knowledge that you need to actually affect that change.”

In the latest episode of Gaining the Technology Leadership Edge, we dove deep into the transformative power of technology in the insurance industry with our esteemed guest, Eugene Schefronsky, Head of Strategy at Thinkdom. Eugene brought forward compelling insights on how the consumption of insurance products has evolved and the critical role of technology in modernizing the sector to meet current consumer expectations. Here are four highlights from our conversation: The Evolution of Consumer Behavior (0:02:58): Eugene highlighted the shift from traditional in-person insurance sales to digital platforms, underscoring the importance of adapting to how consumers prefer to engage and purchase today. Embracing No-Code Platforms (0:05:40): Discussing the impact of no-code technology, Eugene shared how it empowers organizations to quickly adapt and innovate without heavily relying on IT resources, fostering a more agile and responsive environment. The Power of Personalization (0:20:02): Eugene stressed the significance of creating personalized experiences for insurance applicants, leveraging technology to ask relevant questions and gather meaningful data for improved decision-making. Utilizing AI for Enhanced Decision-Making (0:24:04): The conversation explored the potential of AI and machine learning in refining underwriting processes, fraud detection, and offering a more personalized customer journey. This episode sheds light on insurance's current state and future through the lens of technology. It provides actionable insights for tech leaders aiming to navigate and excel in this rapidly changing landscape. Whether directly involved in the insurance sector or keen on harnessing technology to drive business growth, this episode offers valuable perspectives and strategies to enhance agility, efficiency, and customer satisfaction. Did you enjoy the episode? Subscribe at https://gtle.show/YouTube! Want to be a guest on a future Gaining the Technology Leadership Edge episode? DM "podcast" to receive a booking link!

New Episode Alert: Insurtech Leadership Podcast - Insurtech Connect Special Series Part 1 Transforming Insurance Processes: From Inefficiency to Innovation Is the insurance industry finally ready to shed its reputation for being process-heavy? In this special episode from ITC 2024, we explore how innovative companies are using technology to free up human potential and transform core insurance workflows. Featured conversations: Carl Ziadé, Co-founder of Gaya - Journey from Stanford Business School to insurance automation - The "super copy, super paste" approach to solving data entry - Vision for AI-powered CSR capabilities David McFarland, CEO of Coterie Insurance - Making small commercial insurance accessible and efficient - The "stupidly easy" approach to insurance operations - Evolution and future of the MGA market Key Quotes: "Data entry is the single biggest pain point this industry is struggling with... We need to get out of it." - Carl Ziadé "We seek to make life easy for our distribution partners... we really strive to make it stupidly easy to get a BOP, GL, miscellaneous professional liability for that small business owner." - David McFarland Our guests demonstrate that automation isn't just about speed—it's about enabling insurance professionals to focus on what they do best: building relationships and providing strategic guidance. This episode kicks off our special ITC series exploring how technology is transforming insurance. Stay tuned for upcoming episodes on data and AI, collaboration, life insurance innovation, and leadership! Listen now your favorite platforms! #InsurTech #Innovation #Insurance #ITC2024 #DigitalTransformation #TechnologyInnovation #ProcessAutomation 

Overly excited with our new partnership with a discovermarket to take embedded insurance to the next level. In the words of Patrick Bühler. the group CEO: “We are thrilled to be working with Novo AI to enhance this capability. The addition of AI-driven features will enable us to draft better insurance products autonomously, based on existing policy wording. We believe this is the future of hyper-customized insurance.” Since we met with Rafael Gomes and Alex Ghaitanellis a few months ago, it felt like collaboration was bound to happen. Affinity and tech fit were there. We explored a few cases, but finally decided to zero-ed in on one with unique potential. See, so far, we've been focusing on automating claims processing to build a totally new source of high-quality data insurance companies never had access to before. But this is the first time we work on the policy side, the other most important source of data for insurance companies. Combine the 2 and you'll have a the most comprehensive data powerhouse at hand. Like an endless stack of steroids for the underwriting and risk department. Can you imagine actuaries actually addicted to their daily dose of NovoAI? I know I can 😉 Reach out for a demo of our capabilities (or watch your competitors automate tedious insurance processes while you still manage them manually).

Freddie, David, Gail, Ashlee, & Meredith: In the dynamic world of insurance, today's most impressive moments are fueled by the innovative potential of generative AI and the strategic application of data, as Freddie Scarratt from Gallagher Re, David McFarland from Coterie Insurance, Gail Mc Giffin from EPAM, and Ashlee Randall from Richmond National, moderated by Meredith Barnes-Cook from ReSource Pro, showcased how these technologies are revolutionizing the industry. Key Takeaways: * Difference Between GenAI and AI: Generative AI (GenAI) stands out by its ability to create content that mirrors human creativity, spanning text, images, and voice. This goes beyond traditional AI's data processing and predictive capabilities, offering a new dimension to automation and innovation in the insurance industry. * Impact So Far: 1. Limited: No additional impact on results yet, indicating early stages of adoption. 2. Anecdotal: Observations so far are largely anecdotal, showcasing isolated successes. 3. Expense Ratio: There have been glimpses of its impact on reducing expense ratios. 4. Hallucinations: Shared issues with hallucinations suggest there will be more significant impacts down the road as these challenges are addressed. 5. Experimentation: A lot of experimentation is happening now, driven by user exploration and early-stage implementations. 6. Code Conversion: Engineering efforts are being utilized in code conversion, showing practical applications of GenAI. * Tomorrow’s Underwriter: The panelists discussed the theme "Tomorrow’s Underwriter: The Impact of GenAI in Revolutionizing Insurance." They explored how GenAI can redefine underwriting processes, enhancing accuracy and efficiency while minimizing human error. This innovation promises to elevate the entire underwriting process to new levels of sophistication. Thanks to Freddie, David, Gail, Ashlee, and Meredith for showcasing how the future of insurance is being redefined. Their insights remind us that the real impact of technology in our industry is measured not just by profitability, but by our ability to transform and improve the services we offer to clients.

I have the best job.  I get to work with great people doing great things.  In this issue of Insur.Tech.Talk for Modern Insurance Magazine, I highlight the great work of the Insurtech Insights insights team.  We work tirelessly all year to put on Insurtech Insights USA (ITI USA) which wrapped in NYC this past June. My favorite part of recognizing the fruits of this labor is seeing all of the key leaders in our industry under one roof, in this case, the Jacob Javits Center. While at ITI USA, I was able to attend the riveting keynote panel discussion: "GenAI Revolutionizing Insurance with Intelligent Next-Gen Core Solutions", moderated by Majesco's Chief Strategy Officer and member of Insur.Tech.Talk editorial review board, Denise Garth.  After the keynote, I was able to take a deeper dive with Robert Pick of the Tokio Marine Group to learn the importance of data engineering vs. prompt engineering in GenAI across the enterprise. Sandeep Mangaraj of Microsoft shared with me his “run, walk, and crawl” approach to AI in order to foster a culture of innovation and learning. The partnership between Tokio Marine, Majesco, and Microsoft was fascinating to learn, and a great example of real world examples of GenAI in action. We loved hosting our colleagues at BrokerTech Ventures and Holmes Murphy at ITI USA. The CEO of both organizations, Dan Keough shares his insights on the distribution landscape and also what is currently keeping insurance carriers up at night.  Susan Winkler, Executive Director of Connecticut Insurance & Financial Services (CT IFS) for the great state of Connecticut, the “insurance capital of the world” shared her vision for the “Insuring the Future” event she is created with the CT Insurance Department, which just wrapped, on one of the most important business imperatives globally–climate risk. I had the distinct honor of attending and it was a powerful program with over 20 commissioners in attendance. Gary Hoberman CEO of Unqork and former CIO of Metlife draws a fascinating analogy with the movie “Matrix” on what is required to challenge the status quo in a large organization. Or, if you are like Gary, the ultimate rebel, leave to start your own company to solve the problems and obstacles that have been in your way for decades. Enjoy this special issue of Modern Insurance Magazine, and let me know what you think!

Will AI Replace Insurance Brokers? Here’s What You Need to Know As AI rapidly advances, many are asking: will it replace the role of the insurance brokers? At Rival, we see AI as an enabler, not a replacement. Here’s why.   Through our RPM, we’re focused on enhancing the broker’s role rather than replacing it. RPM integrates AI to support brokers with data-driven insights and streamlined tools, offering brokers timely updates on new coverages and potential policy adjustments that may benefit their clients. For instance, if a customer buys a new home or launches a business, AI can quickly suggest coverage options. Yet it’s the broker’s expertise and knowledge of the client’s unique needs that ensures these suggestions translate into the right protection.   Brokers bring empathy, experience, and an understanding of each client’s distinct needs—factors that algorithms alone cannot replicate. With AI managing the routine tasks, brokers are empowered to focus on what matters most: building relationships, delivering personalized guidance, and ensuring clients have coverage that truly fits their lives.   This blend of AI and human expertise is central to our RPM philosophy at Rival. Over the coming weeks, we’ll dive deeper into RPM and how it’s changing the insurance landscape. From practical AI applications to success stories, our upcoming posts will cover everything you need to know.   So, stay tuned! Follow Rival for more insights on how RPM and AI are shaping the future of insurance. Together, let’s explore how innovation can empower brokers to provide exceptional service while making insurance smarter, more responsive, and more personal.