Welcome to the latest installment of The Connected Podcast, where we cast a spotlight on the evolving landscape of the insurance industry and the significant events shaping its future.
This episode zeroes in on the burgeoning trends and noteworthy happenings within the insurance ecosystem. Starting off, we explore the revolution in digital payments within the Property and Casualty (P&C) insurance sector. Data from Mastercard and VPay reveal a steep consumer inclination towards instant digital claim payments. Laura Drabik of Guidewire stresses the importance of insurers adopting digital technologies to stay competitive by 2030.
Our discussion also takes a look at the insurance industry's employment stability, with PULSE by The Jacobson Group reporting a record 3 million jobs as of early 2024, complemented by an impressively low unemployment rate of 2.3%. However, we tackle the persistent specter of insurance fraud, with Customertimes surveys showing a troubling interest in fraudulent activities. The countermeasure? A hopeful reliance on AI and data analytics to ward off fraudulent attempts.
In an exciting industry collaboration, the Society of Actuaries Research Institute has aligned with the U.S. AI Safety Institute Consortium led by NIST to propel ethical AI advancements tailored for the insurance world. This partnership is a testament to the industry's commitment to innovation and integrity.
Shifting gears, we delve into the strategic retreat of non-traditional entities like Intuit and Amazon from the insurance sector. Meanwhile, General Motors emerges as a new player, and ICEYE's satellite technology is brought into focus for its groundbreaking real-time risk management capabilities.
Furthermore, the repercussions of the pandemic on casualty lines are scrutinized, as insurers grapple with reserve reestimations, spotlighting recent quarterly results. We also examine how claims professionals are adapting to climatic unpredictability through the use of drones and AI.
The podcast also discusses the vibrant M&A activity that peaked in 2022 with 449 deals as insurance companies strive for efficiency and competitiveness. Eric Ayala from Novidea shares insights on how cloud platforms are catalyzing these market motions.
Addressing the Canadian auto theft crisis, we discuss potential repercussions on insurance policies. On a transformative note, Fairmatic appoints a new president, signaling a shift towards promoting safer driving habits.
Highlighting upcoming events, the InsurTech Hartford Symposium is likened to a "rock concert" for insurance technology enthusiasts, while the Reuters Events: The Future of Insurance USA 2024 in Chicago promises to be a critical juncture for industry thought leaders.
Join us in this episode as we dissect the multifaceted world of insurance, examining the balance between historical practices and innovative breakthroughs, and the undying pursuit of addressing today's challenges while pioneering tomorrow's successes.
Digital payments are a growth opportunity for P&C insurers
February 2024 Labor Market Pulse
Survey Shows 1-in-5 People Have Considered Committing Insurance Fraud
SOCIETY OF ACTUARIES RESEARCH INSTITUTE ANNOUNCES PARTICIPATION IN THE DEPARTMENT OF COMMERCE CONSORTIUM DEDICATED TO AI SAFETY
Evaluating OnStar Insurance
