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THE INSURTECH WORLD IS MOVING FASTER THAN EVER written by Patrick McCoy , KAIA
The world of Insurance Technology is like a fastmoving carousel , with new technologies spinning into the insurance industry at a rapid pace . At the recent InsurTech event on the Silicon Prairie in Omaha , NE , industry leaders from Swiss Re , Microsoft , AWS , Waymo , Deloitte , IA Capital Group , NAIC , and many more gathered to discuss these dynamic developments and share insights . One clear observation is that this fast-moving carousel of tech start-ups , expansion , and evolution is not slowing down anytime soon . While it might be moving at an intimidating speed , one would be encouraged to go ahead and hop onboard and enjoy the ride .
AI WON ' T REPLACE PEOPLE - IT WILL EMPOWER THEM
The most common concern ( or hope , depending on your role ) is whether AI will replace people . The short answer is no . AI is proving to be a great tool for exponentially improved efficiency , allowing our people to spend more quality time building and strengthening relationships with clients . For example , Jim Dimarco of Microsoft shared that when a client calls to ask , ‘ Is this scenario covered ?’, we might currently respond , ‘ Let me look into that and get back to you .’ We all know the drill : locating the right version of the policy , reading through for the correct verbiage , and doublechecking exclusions . This can take significant time , often requiring input from multiple team members .
With Cognitive AI , every version of every policy can be loaded into a database , and what could easily take up to an hour or more can now be accessed in seconds . Of course , we don ’ t want an AI bot to simply provide an answer to our client . However , being able to quickly retrieve and interpret the correct verbiage to explain to a client within seconds can be game-changing .
14 KANSAS INSURANCE AGENT & BROKER