Weekly News Roundup – 26th November
It seems there is a lot of reticence in the industry regarding the use of somewhat nascent technologies, which one can understand. However, it does beg the question, what opportunities are being missed out on because of this? One of the news items below asks why insurers are not taking advantage of AI technology to help customers prepare for and mitigate against potential risks, for example using up-to-date 3D imaging of a property. Another demonstrates how the insurer Hiscox, has fully embraced new technologies and developed a video game to train their junior underwriters in what is purported to be the first underwriter simulator.
Future of insurance is preventive (Source: Insurance Thought Leadership)
This recent article argues the point that insurers can take more proactive action, especially in the P&C space, with the application of proven AI technology.
‘Prevention rather than cure’: Zurich launches industry first drive to help flood-stricken customers build back better (Source: Zurich)
The insurer has dramatically changed the way it deals with flood claims by helping flooded customers rebuild their homes with better flood resistance measures as opposed to on a like-for-like basis.
Current cyber insurance model is ripe for change – cyber advisors (Source: Insurance Business Magazine)
According to reports, Lloyd’s of London, which accounts for almost a fifth of the global cyber insurance market, has reportedly discouraged its syndicate from taking cyber business next year. However, as cyber incidents increase in prevalence something needs to be done to protect future victims.
A video game to learn the underwriting craft (Source: Carrier Management)
Hiscox have partnered with game solution provider, Attensi to create the ‘3D Insurance Training Simulator for Underwriters’, allowing more junior staff to learn how to apply technical concepts throughout the underwriting cycle.