Lisa Woodall

🤖 AI: The New Lifeline for Insurance Companies Under Pressure? Here's the real challenge: Insurance companies are caught in a vice grip. Distribution costs are largely fixed due to industry structure, loss reserves are historically determined and/or modelled for among other things CAT. This leaves operational expenses (OPEX) as the critical lever for improving profitability. That's where 🤖 AI is proving transformational: 1. Cutting call center handling time by 3.5 minutes per call 2. Enabling 60-second claims settlements 3. Automating manual processes across the value chain The result? Lower OPEX AND improved customer experience - a rare win-win in an industry where margins are under intense pressure and public sentiment for Insurers is among the lowest within the financial services sector. Although this is just the tip of the iceberg, the opportunity for transformative change will dramatically improve outcomes which will improve the customer experience which will translate into better financial outcomes making for a vibrant sustainable industry. What an exciting time to be part of the change! Yet surprisingly, only 38% of insurance CEOs 🤔 are actively exploring generative AI. In a sector where OPEX efficiency can make or break profitability, this technology isn't just an innovation play - it's becoming a survival strategy. 📈 Read this the Deloitte analysis on how AI is helping insurers square the circle of cost control and customer satisfaction. #InsurTech #AI #OperationalEfficiency #Insurance #DigitalTransformation #Deloitte #LloydsofLondon #InsuranceUnderwriting #InsuranceBrokers #Multimodal

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𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘆𝗼𝘂 𝘄𝗮𝗶𝘁𝗶𝗻𝗴 𝗳𝗼𝗿? This has been my key message to the community of senior UW present at the Underwriting Network London event by Intelligent Insurer https://bit.ly/3XnxHA1 In the US insurance market, #IoT based initiatives around risk mitigation have already shown concrete returns, the programs are on the table of the C-suite and present in the earnings call discussions...telematics is having a strong momentum both on personal and commercial lines ...as discussed at the last IoT Insurance Observatory peer discussion at Travelers' Headquarters in Hartford last week 👉 https://bit.ly/45rklV8 In my full day of networking at the London event, I saw a lack of any basic awareness about what is happening on the other side of the Atlantic 😥 Such a pity! Connect & protect is an incredible opportunity for the insurance sector and I'd love to see more European carriers exploring it seriously (as many of their US counterparts are doing 👉 https://lnkd.in/dijiMB4b ) What about you? Have you evaluated and explored these opportunities 👉 https://lnkd.in/dvy_2kqA What are you waiting for? 🤔 #iotinsobs

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Whilst I wrote this back in 2022 it still seems highly relevant to a number of discussions I am having at the moment. Are Cloud-Native Platforms the Answer We Need? Insurance is undergoing a major transformation… but only the right technology will get it across the finish line. Long-term success of a digital transformation IS within reach. Download our guide to see: 👉 Tech trends that require cloud-native functionality 👉 Why cloud-based tech is so crucial for success 👉 The modular makeup of EIS Suite’s insurance platform that supports the entire insurance lifecycle Lisa Wardlaw Margeaux Giles Curtis Goldsborough Sara Perez Helen Burke Audry Torrence EIS Ltd Mike Daly Mike Bianchi ☁️ Alex Moscow Zoe Symonds Paul Whiskin Jonathan Phillips (JP) Jason Thackeray Chris Lee Nigel Walsh Robert Walker PwC

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Open Insurance - a topic to watch. Big opportunity to deliver modern, digital user-centric experience to consumer and SME insurance customers. https://lnkd.in/efp5V6Z3 Article by Clare Ruel , commentary from James York Roland Engel cc: ✯ Helen Child ✯ #OpenFinance #OpenData #OpenInsurance #InsuranceData

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Making sure we constantly evolve our cyber products to meet the risks that businesses face online is a top priority for Aviva. A couple of months ago, we made the latest update, to include the services of RiskEye Online Reputation Security for all of our policyholders. Here, George Thomas and Sarah Holland talk a bit more about what this means in practice 👌 #cyber #cyberinsurance #digitalrisk #onlinesafety

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*** UK Financial Conduct Authority Post Implementation Review - Travel insurance signposting rules consumers medical conditions *** Travel insurer purchase paths could always be better in ensuring that customers understand the coverage they have and don't have. 🧨An area of particular contention is coverage for pre-existing conditions. 🧨 The implications for an individual can be personally and financially catastrophic if they have a medical incident in a high cost country. 🧨 They may not get the medical attention they need or will have to pay a significant price which can be in the millions for serious injuries or in the tens of thousands for less serious injuries. Governments have a strong interest in ⭐ensuring their citizens are protected when they travel around the world ⭐ to reduce the impacts on the embassies and consulate networks around the world in managing injured or unwell uininsured individuals and ⭐also to educate citizens that when they travel they don't have the safety net government health care they have in their home countries The FCA introduced rules aimed at ✅ reducing the number of uninsured consumers, ✅ lower travel insurance premiums for customers with more serious preexisting conditions and ✅ increase consumer confidence and trust in the travel insurance  The attached report by the UK regulator ⭐ assesses the effectiveness of rules, introduced in April 2021 as part of Policy Statement (PS20/3) ⭐ that made insurance companies direct higher risk consumers with pre-existing medical condition to specialist providers. The findings: ✅ the signposting rules had a positive impact on the market with an estimated 21,000 additional policy sales were attributed to the intervention though lower than the 32,600 expected. ✅ £100 medical condition premium trigger point for signposting was found to be too low, with travellers with minor conditions being signposted to the specialist directories ✅ potential to highlight to consumers single trip cover may be easier to source for their conditions than annual cover ❌ Concerns around commissions being a percentage of premium without an absolute cap suggesting a fair value issue for consumers ❌ identified 10% of firms either didn't comply or should have made things clearer ❌ travel premiums have generally increased in the face of higher costs ❌ the pandemic and the withdrawal of the UK from the European union were identified as reasons for withdrawal of underwriting capacity ❌ some firms gamed the specialist directory by having multiple brands of the same underwriter giving perception of choice #travelinsurance #travel #insurance ASIC Financial Conduct Authority https://lnkd.in/gP4mhMpX

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Have you identified where to unlock value for life, pensions and wealth, general insurance and London market participants? If not then worth a read of this... #Deloitte #AI #Insurance

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‘No let up in crack down on insurance cheats as industry detects £1 billion worth of fraudulent claims’ as reported by the Association of British Insurers Public sector bodies and Registered Social Housing providers are not immune to exaggerated and spurious claims. I have always felt that an insurers fraud detection capability is critical in helping Risk Managers protect future insurance costs. The article shared by the Insurance Fraud Bureau (IFB) provides some useful information and case examples that will prove valuable reading for those looking to act as the ‘first line of defence’ and work in tandem with their broker and insurer to tackle this type of insurance cost leakage. Miller Insurance Services LLP #socialhousing #fraud #insurance

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The recent announcement of the merger (sic. takeover) between two prominent insurance organisations has ignited curiosity and anticipation within the industry. Such mergers present both opportunities and risks that need careful consideration. On the positive side, this merger can lead to increased operational efficiencies, a wider customer base, and improved product offerings. The combined expertise and resources can foster innovation, enabling the new entity to better meet market needs and provide enhanced value to policyholders. Conversely, there are significant risks to address. Integration hurdles, cultural differences, and potential regulatory challenges may impede progress. Additionally, the impact on existing customers and employees regarding changes in procedures, branding, and leadership structures is a crucial aspect to monitor. The road ahead will undoubtedly test resilience while offering a chance to reshape the future of the insurance landscape. What are your perspectives on this merger? Do you believe the potential benefits outweigh the risks? Let's engage in a discussion! #Insurance #MergersAndAcquisitions #OpportunitiesAndRisks #impactoutcomes Source: Financial Times - [Link to Article](https://lnkd.in/gqRVuvsh)

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Had a great time at #insiderLMC earlier in the week on a panel discussing #ai. In three years AI will be good enough that it will be on par with a general medical practioner, research PHD, or a financial analyst. Will it be as good as a junior insurance broker or underwriter? We have to assume so, don’t we? As a sector we need to be ready for the speed of change. This isn’t on the horizon. It’s upon us. We need to be thinking about how people will derive enjoyment from their role and what their roles look like. I hope AI will drive better insurance penetration, with people doing more varied, interesting jobs with less manual data and rekeying work.

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If you want to find out more about this exciting new Cyber Insurance product, drop me a message. #cyberinsurance #cyberrisk #breachresponse

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JUST TO MAKE THIS SUPER CLEAR GenAI theoretically unlocks loads of new value for insurers, more than we can likely imagine (is there a tool for that? 🤣 ). We are already doing loads of it. The question to ask yourself is - do I have the right data foundations and capability to harness this in decisioning, customer & employee experiences and operational processes. At scale and across everything viably and feasibly? If not, then it's probably why you're once again stuck "up the PoC river without a paddle". Lets turn theory into reality by starting to address the enterprise design and technology changes needed to make this happen in an industry wonderfully complex, regulated and hugely valuable. Here's some of the Insurer AI Allies (IAIA 😇 ): Lisa Wardlaw Margeaux Giles Helen Burke Mike Daly Michael Dwyer Gary Leyden Nigel Walsh Sabine VanderLinden Paul Maker

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'Insurance Age' News, brought to you by PROTECT Commercial Insurance \>\> Claims – are brokers confident in insurers, MGAs and TPAs to deliver at the moment of truth? - Insurance Age https://lnkd.in/enNCF33Y \#UKBrokers \#MortgageBrokers \#CommercialInsurance

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Lloyd’s of London has long struggled with the challenge of creating a common IT platform for the market. Currently, participants use a patchwork of sometimes aged systems, with different data standards and lots of manual tasks. Much of the trading is still face-to-face. The initial goal is a common system with claims and policy data recorded in a standardised way for everyone to see. The bigger prize would be faster and more streamlined processes, connecting seamlessly to the platforms where policies are agreed and allowing automated settlement of the tens of billions of pounds of claims paid by the market every year. But a lot of the work has been held up, executives say, by the difficulties of co-ordinating a single system for all of the market and by the complexity of some of the insurance and reinsurance policies. The corporation that runs Lloyds “accepts responsibility for the delay, but is confident of delivery in 2025” said a person familiar with its position. The project is the responsibility of Velonetic, a joint venture between Lloyd’s and IT consultancy DXC. The person added that “market testing identified much greater complexity in the interactions between market and settlement systems causing delays”.

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UK fleet operators are being urged to switch to electric vehicles. However, obstacles such as high repair costs and inadequate charging infrastructure stand in their way. To discover what changes are needed to make this electric dream a reality, read QBE's blog - https://lnkd.in/eGKWadwT #insuranceindustry #fleet #fleetmanager

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