Founder at Jacob Street | I help Fortune 1000 companies move their people around the world with less risk
Do insurance companies have a moral obligation to serve international business, society, and the planet better? Do insurance companies need to adopt gen AI to achieve this? These are questions I’ve been wrestling with recently. But, according to the Deloitte Center for Financial Services, the answers are clear: “yes” and “yes”. In Deloitte’s detailed analysis, 2024 Global Insurance Outlook, they argue that increasing global risks, from cybercrime to pandemics to natural disasters, have intensified the focus on insurers. The industry’s capacity to act as business and society’s financial safety net is under the microscope like never before. What’s their solution? A five-step plan insurers can follow to better serve industry, society, and the planet: 1. Build trust and confidence with people by being more transparent, responsible, and involved in societal and environmental issues 2. Include all underrepresented and unprotected groups 3. Upgrade the insurance value proposition by making the standard risk-transfer policies just one part of much broader holistic risk mitigation programs 4. Enhance brand reputation by showing communities that support is year-round, not just at the point of sale, renewal, or filing a claim 5. Improve bottom line by decreasing the frequency and severity of insured events to lower loss ratios Some of you will say it’s utopian. You could be right. It’s definitely ambitious. It’s clearly challenging. It requires a mass adoption of new technologies—including gen AI—to get actionable insights from new data. But it’s hard not to agree that the insurance industry will have to step up to the plate over the next decade. As global risks continue to grow, it’s our duty to work to create a better and safer society for everyone. And a stronger and more stable business world. At Jacob Street Partners LLC, we see these as mission critical. What role do you think insurance has to play? Is this plan realistic or far-fetched? #insurance #genAI
