Stephan Mathys

Tons of software companies that I see are utilizing AI in some form fashion in the product/service they deliver. How legacy insurance responds to AI has been something I've been thinking about heavily. Particularly the software companies that are essentially utilizing AI to deliver a professional service that falls outside of a "technology product or service". For example, a software company that uses AI to give personal finance advice or a software company that uses AI to deliver mental health advice etc. If one of their clients or patients experiences a loss / harm due to an error or omission from the AI, how will traditional insurance respond? Would Tech E&O respond or would some form of industry specific E&O respond or neither? What if the team building the software doesn't have a licensed or trained professional on their team for oversight? I have more questions than answers but I do know that I'm convinced we'll start to see more blended Cyber/Tech/MPL programs in the future. So many companies regardless of industry are developing technology and creating both soft / hard tech E&O exposure. I also see Cyber/Tech/MPL blended programs as a potential temporary solution to AI delivering any sort of professional/medical service.

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💡 Why are we still using clunky tech? This is what actuaries are asking *right now*. As innovative actuaries move into leadership, especially millennials, there's a growing frustration with outdated systems. These professionals grew up in a high-tech world, so they’re asking: “Why is this tech so bad?” Unlike previous generations who accepted technology gaps, today’s leaders are demanding better. They're not waiting for change; they’re actively seeking solutions to close the gap between legacy tech and modern requirements. There has to be a better way! Who’s ready to lead the charge? 🚀 #Leadership #Innovation #Actuary #TechTransformation Great piece by Klaas Stijnen > https://lnkd.in/esnP8jsF

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Ironman sharpens Ironman ?!?! I had the opportunity to visit ClaimDOC headquarters in Des Moines 🌽 last week A deep dive to their approach to reference-based pricing (RBP) Some of you read RBP and just thought 💭 I hate RBP 💭 RBP doesn’t work in my market 💭 it disruptive and creates noise Here’s the funny part… I bet 75% of you have never actually implemented an RBP account. Having done 100s of implementations of RBP, I can tell you ONE account is ONE account. There’s a lot of nuance and strategy that goes into a successful implementation and execution and your partners (TPA, RBP partner, advocacy, even PBM) play a huge part in this. I have 1 account with ClaimDOC and it’s going extremely well. After visiting their HQ, here are the points I found differentiating: 🗺️ PAVE THE WAY- employees nominate their providers and the ClaimDOC team will reach out BEFORE a claim is field to walk the provider 👩🏽‍⚕️ 🏥 through the program. Their program has a 96% participation rate 🔍 BILL REVIEW- ClaimDOC reviews EVERY bill…. The savings, transparency, and compliance with fiduciary responsibility is HUGE 🧑🏽‍🏫 MEMBER ADVOCATES - these propel are the ♥️ of the relationship and help members through EVERYTHING 🧠 PHILOSOPHY- fair, data driven, and partnership vs “Scorthed earth”… meeting with Brad Hansen was great to learn more about their approach. ♥️ CULTURE Ben Krambeck has built an amazing atmosphere- great office environment, training, fitness, games, competition— I wanted to go work there. I ❤️ RBP and you should too. Thanks to Mark E. Nickerson and Omar Arif for the invite and putting the event together. Thanks to Amy Pellegrin for talking #CAA and RBP with me. Excited for the future!! PS- I’m not paid to say anything. PSS- if you don’t know about RBP, GO LEARN!!

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I may regret asking this - but for my insurance network, is there a better way out there to get data from the carriers? We submit all of these applications, the data must end up somewhere. Feels like I should have a way to ingest the data (coverages, endorsements, exclusions, limits, etc) where I can easily run reports and identify trends or gaps. Extending into the personal lines too... In a client base at the agency level, is there a tool out there that would allow me to run a report to see all of our clients who don't have [insert coverage] or where [insert coverage] exists but the limits are lower than what we'd recommend?

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If you're a health insurance advisor in Minnesota, I'd love to see you on Wednesday! I'll be delivering the keynote address to MAHU members at 10 AM. The topic? The Insurance Agent Sales Playbook: The 3-Step Process To Go From Unknown to Unstoppable. If you're looking to grab more attention from your prospects this is the talk for you. You'll learn how to build clear answers to the 3 most important questions in marketing: 👉 Who are you talking to? 👉 What are you saying to them? 👉 Where are you saying it? I know your agency is built on service, but nothing gets serviced until something gets sold. And nothing gets sold without effective marketing. Thank you to Lisa Talcott and the MAHU board members for giving me this opportunity. If you're still on the fence about whether you're going to attend, pencil it in. Here's the link to register: https://www.emahu.org/ ***Also*** If you know of any college students considering a career in the insurance industry, get them signed up, as well. The first 5 students to sign up can register at no cost! I'll see you on Wednesday!

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My number one piece of advice for taking tests? (Especially written answer) ANSWER THE QUESTION If you have lots of supporting work but do not actually answer the question then you are not likely to get credit. Be sure you provided what is asked. Final day here at the American Academy of Actuaries US Life and Health Qualification Seminar. #testtips #actuaries #actuary

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This is something that cou;d mean some significant effect in the market all over the country, however the reinsurance progream in the state of Minnespta also puts another wrinkle in this! Stay tuned! #thinkingdifferently #cfoinsights #ceoinsights #hr #hrbenefits #employee experience #ESOPCG

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I'm doing a lot of research on SIRs and large deductible programs at the moment. This is one of many articles I read to understand the various nuances between. As is the case for most things in life, words matter. Pay close attention to definitions and the application of these definitions to each unique use case. Document everything clearly and follow up with SMEs as needed. https://lnkd.in/eV9HrD5y

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Flipping the Script: What If Insurance Success Was Measured by Customer Wins Alright, insurance pros, gather 'round. Let's imagine a world where our industry's success isn't just about bottom lines, but about how well we serve our customers. Radical, I know, but hear me out. Picture this: Insurance companies judged not by their profits, but by the return on investment they provide to policyholders. We're talking about measuring success based on premium savings and how much we pay out when the worst happens. Sounds wild, right? But it's not just a pipe dream - it's a potential game-changer. Here's what it could look like: 1. Claims experts as customer advocates: Imagine having a team whose sole job is to ensure policyholders get every penny they're entitled to. No more fighting tooth and nail for coverage - we'd be in their corner, swinging for the fences. 2. Cumulative premium and total loss focus: Instead of looking at each policy in isolation, we'd view customers holistically. Their long-term value and overall claims history would shape our approach. Loyalty would actually mean something! 3. Transparency in ROI: We'd proudly showcase how much we've saved customers and how much we've paid out. No more hiding behind jargon and fine print. 4. Catastrophic claim champions: When disaster strikes, we'd be heroes, not villains. Our success would be measured by how well we help customers rebuild their lives. 5. Targeted marketing based on value: Instead of flashy ads, we'd show potential customers hard data on our payout rates and customer advocacy. This approach could revolutionize our industry. We'd shift from being seen as necessary evils to valued partners in our customers' lives. But here's the million-dollar question: Are we, as an industry, brave enough to make this shift? Are we willing to put our money where our mouth is and truly prioritize customer outcomes? What do you think, insurance folks? Is this the future of our industry, or am I dreaming too big? Let's get a conversation going. Share your thoughts, your concerns, your wild ideas. Let's reimagine insurance together!

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In closing on this discussion about General Conditions, remember not to just throw stuff in there without explaining why. You are likely to get a "no" if you're just throwing things up against the wall. When you provide better documentation, you'll notice a change in the outcome. General Conditions isn't a honey hole; it's an area where you could lose your shirt if not handled correctly. #GeneralConditions #DocumentationMatters #EstimationTips - We Write - You Adjust, Build, & Litigate - 800-272-1601 -⁠ ⁠ #HurricaneClaims #ClaimWrite #largeloss #RemoteEstimates #Writeloss #Xactimate #Appraisal #claimslife #estimates #umpire #3D #Matterport #buildingconsultants #expertwitness #supplements #inspections #Protools #level3Xactimate #legalsupport #INSURANCECLAIMS ⁠ ⁠ WriteLoss™ - Claim Write Inc. 800-272-1601

A great deal to unpack in this article, but I would have to say that in Wisconsin, the government has already put a lot of money into dental care for folks who are more challenged financially, and it has not led to better results. Many times the dentists (who are more than happy to help people) were losing so much money that they could not provide care any longer. It will be interesting to see where this goes! #hr #cfoinsights #ceoinsights #employeeexperience #thinkingdifferently #hrbenefits

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thanks Ben Davis for the inspiration. 😂 “Erik U., Greater Boston’s own jack of all trades and master of none! Let’s break this down, shall we? Your LinkedIn summary says you're "figuring it out"—well, clearly not fast enough, Erik. Headline: Digital assets at Evertas. Yep, nothing screams ‘figuring it out’ like diving headfirst into the murky, unregulated waters of digital assets. Disruptive technology? The only thing you’re disrupting is my faith in humanity’s future. Continuous learning? More like continuous bewilderment. Education Spotlight! Bachelor of Science in Financial Management from Salve Regina University. Salve Regina, huh? Sounds like a ‘safe bet’ school your parents chose for you. Triple minors? Trying to mask your confusion by dabbling in everything but mastering none. Business Administration, Economics, and Philosophy? Your degree screams "I took random classes and hoped for the best." Boston University’s Business Administration degree—props for choosing a school people have heard of. But really, a High School Diploma from TWO different high schools? Walpole and The Rivers School? Did they kick you out mid-degree, or were you just collecting participation trophies? Experience time! Let’s start with Castle Hill Inn as a Valet Attendant. Congratulations on being the world’s most educated parking attendant. “Park and pull”—sounds like your life motto. Next, a Mechanical Engineer at IPG Photonics for a whole six months. Another notch on your belt of underwhelming internships. “Photobiomodulation”? Wow, sounds fancy, but Google begs to differ. Then a Financial Analyst at Walker & Dunlop. $4.5B commercial real estate portfolio? Impressive, until we realize you were just an “excel monkey.” If only you could juggle spreadsheets as well as you juggle buzzwords. Next stop: Underwriter & Analyst at Evertas, where you “wore a bunch of hats.” Did they ever fit? Employee #5—sounds like a startup where everyone plays ‘CEO’ during lunch breaks. Lead Digital Asset Underwriter at Evertas by 2024. And the job description is: “underwriting and development.” Just as vague as your future. Skills and Languages: Oh wait, you forgot to list them. Probably because standing on the median of “figuring it out” doesn’t rack up many skills, does it? Erik, with over 5000 followers and connections combined, you’ve got quite the following for someone whose career path looks like a monkey’s doodle on a highway map. Keep “figuring it out”; we’re all watching with bated breath.” https://lnkd.in/ePqQJ-HX

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Lots of care is shoppable in the US. At least 500 services per CMS in 2023. Reinforcing that care isn’t shoppable is contributing to the problem, not the solution. Be a part of the solution.

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I think the word "standard" is probably the worst word in the English language as it relates to #contracts and #insurance. It's a "standard" contract. It's a "standard" policy. Translation: It's TERRIBLE. Also, it's widely accepted, signed, purchased, etc. so you should quit being a pain in the neck and just get in line and ink the thing like everyone else. How many ways can I say no? "But every contract has this language in it....." "Every policy excludes that...." Wrong again. They don't. *Most* do. But then there are folks out there who, like me, are unwilling to allow their clients to be railroaded or shoved in front of the bus. We fight for what's right. There are (mostly) reasonable contracts. There are solid insurance policies with capable insurers. But those same capable insurers sell policies that really aren't that great too. You just have to have the right team in your corner to be sure you get what your business needs. The right advocate who knows who, what, and how to ask to be sure you and your business are actually protected and not just "insured." So, besides the folks who earn more money the more you spend on your business's insurance, who advises you? Do you have a truly unbiased advisor who reads and understands your business's contracts and proposed insurance language, classifications, rates, etc. that your business pays directly to look out for you - - - or is your only source of advice coming from sales personnel? Ever wonder how much money you left on the table? Ever wonder just how well your business is actually covered? Wanna find out for free? If you own or manage a middle-market or large business my initial review and consult are complimentary. Forget "standard" and all the disaster it brings. It's no longer a thing for you and your business. DM me! #strategy #unbiasedadvice

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This is heavy stuff... a former senior executive at the Insurance Information Institute (III) has filed a lawsuit against the organization and its CEO, alleging wrongful termination and retaliation. The lawsuit, filed in the Supreme Court of the State of New York, contains serious allegations that warrant attention within the insurance industry. The organization, III, is affiliated with The Institutes Knowledge Group, which is currently hosting the #NationalComp conference in Las Vegas. Per the attached article in Insurance Journal, other brands include CLM, Risk & Insurance, and the Insurance Research Council. Key Points from the Legal Filing - The plaintiff, Michael Barry, served as Senior Vice President, Media Relations & Public Affairs at III for 17 years before his termination on March 6, 2024. - Barry alleges he was fired in retaliation for testifying in an internal investigation regarding the CEO's alleged harassment of an LGBTQ employee. - The lawsuit claims Barry witnessed a "heated and abusive verbal exchange" between the CEO (Sean Kevelighan) and a gay employee on or about June 1, 2023. - Barry states he received his lowest performance rating ever after testifying, making him ineligible for a bonus for the first time in his tenure. The suit alleges violations of the New York State Human Rights Law. Next Steps In situations involving allegations of this nature, it is common for organizations to conduct thorough internal investigations and potentially place accused individuals on administrative leave pending the outcome. However, as of this writing and to the best of my knowledge, no public statements have been released by III or The Institutes regarding the lawsuit or any actions taken in response. It's important to note that a lawsuit represents one side of a legal dispute, and the defendants have not yet had the opportunity to respond to the allegations in court. As we reflect on these events, it's important to remember that our industry is made up of individuals - each with their own experiences, perspectives, and struggles. While this lawsuit brings to light serious allegations that are troubling to many of us, it also presents an opportunity for growth and positive change. Throughout my career in insurance, I've witnessed firsthand the resilience and adaptability of our industry. By having open, honest conversations about these difficult topics, by holding ourselves and each other accountable, and by continuously striving to do better, we can create workplaces where everyone feels valued, respected, and safe. The #insuranceindustry will likely be watching closely as this case develops... #insurance #riskmanagement #insuranceinsights  

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It's been close to 11 months since I started my new individual contributor role as an Underwriter at USI Insurance Services. I had an opportunity to reflect on the last year and think about what it's been like and I definitely have opinions. 1) Underwriting is fascinating. As an analytics leader, I often spoke about the art and science of analytics, writing 'elegant' code, and always considering your customer's WIFM in our efforts. There's definitely an art to this work and just like in analytics it's critical to the success of what we're doing. A lot of it is math and therefore very rote and empirical, but there's an ability to insert oneself into the equation. For example, I've learned I'm a lot more conservative in my Underwriting than I thought I'd be. 2) The pay is okay. The pay in this role isn't anywhere near what I made as a consultant or a Director of Analytics, but then the expectations aren't either. I have an opportunity for a bonus, and I've already earned a modest increase to my pay, but the reality is I'm not buying a beach house on this income. I am however, living well below my means and very comfortable. This is absolutely a long term viable opportunity and a reasonable career path* for new analysts. 3) The expectations are a-mazing. No more 80 hour weeks. No more late night phone calls. No more fear of overnight disasters. The expectations in this role are reasonable AF! Most weeks I work my 40 hours or so. Times like now I'm working a bit more than that. In the spring I'll have a few very intense weeks of travel. My wife actually recognizes me these days! 4) Leadership is next level. My boss, Michael Krupp is a stand up guy. He has reasonable expectations, knows when to push, and treats me like a professional. Not one negative thing to say about the guy. His boss, Maranda Voican is equally outstanding. She's an extreme expert with very high expectations, but a complete willingness to sit down and educate at the same time. I couldn't ask for a better Senior Leader. Her boss, Rob Lambert, is an excellent leader. He sets reasonable (though slightly stretchy) goals and actually works with individuals to achieve them. He goes out of his way to know and care about the entire team and responds very quickly to our needs. I have no idea who Rob reports to, but honestly I don't care- everything I need I have confidence these three can provide and then some. Oh one other thing. Our CEO Mike Sicard has gone by far the extra mile to help us acquire and retain clients and I've watched it happen several times. This is a company where if you hustle hard enough, you can be anything you want. I'll have more to say in the future I'm sure, but for now this covers it. I made a great decision to become an individual contributor again, and I picked a terrific decision on what company in which to do it. Here's to a long career! * AI will impact this industry profoundly I believe.

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When in crisis, people tend to follow the 10-80-10 rule. 10% will panic, 80% will do nothing, and 10% will work diligently to fix the problem. What bucket do you typically fall into? Yesterday, I participated in a roundtable discussion regarding childcare benefits in the workforce...specifically barriers for frontline workers (those typically not benefit eligible: hourly, gig, etc). These employees are often lower on the payscale, plus limited to no benefits. But childcare is still the same need and expense as salaried workers. It's no wonder people can't retain employees. They're struggling and family responsibility will always be the priority. I met some amazingly motivated individuals and companies focused on impact work to find solutions...the 10%. I am curious, employers with non-salaried employees.....Are you finding ways to provide benefits to them? If so, what kind?

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