Developments from ITC Vegas, October 15-17. The theme for this year's event is the universe of possibilities.
Summaries written by Grace Crane, Patti Harman and Kaitlyn Mattson.
Reporter's notebook: ITC Vegas 2024
October 17, 2024 4:26 PM
Matthew Murphy, VP, SIU Anti-Fraud Programs at The Hartford
Murphy spoke during the session, Data Foundations for End-to-End Fraud Detection – Presented by Carpe Data. He shared that as time goes on the sophistication of artificial intelligence will only get better. Murphy said he has seen Gen AI faked water damage photos and shingle damage on a roof from wind damage. "[It] will be harder and harder to identify as time goes on."
Vince Tizzio, president and CEO at Axis Capital
Tizzio shared during, Driving Innovation at the Core of Specialty Insurance, that his dad worked for AIG and that's how he was exposed to the insurance industry. He said insurance has a role in innovation and that the global economy doesn't survive without the insurance industry. "This is one of the most exciting times in the industry."
Max Chee, partner and head of venture capital at Aquiline
In the Data Revolution in Claims: Unlocking Insights for Better Decision Making panel, Chee said that he's excited by how large language models and generative AI technologies are bringing new ways to extract data, which is transforming the claims process.
He shared an example from Five Sigma, a claims management platform that Aquilline has invested in, and itsclaims adjustor AI solution , Clive AI. This tech can listen to phone calls from customers and summarize it to save adjusters time on gathering data, Chee explained. Emerging technology in the claims space is focused on increasing efficiency and accuracy throughout the claims process to help adjusters with simpler tasks.
He shared an example from Five Sigma, a claims management platform that Aquilline has invested in, and its
Andrew Robinson, CEO at Skyward Specialty Insurance
Robinson spoke during, Winning the Niche: Combining Old School Underwriting & Claims with New School Solutions for a Sustainable Future. He joined Skyward five years ago and it was, "a broken company." There was an opportunity to rebuild the company with data and advanced technology.
For example, in 2022, Skyward partnered with Understory, an insurance solutions provider focused on climate risk, to launch an insurance solution to help U.S. automotive dealerships control the rising cost and instability of dealership inventory coverage.
Richard James, SVP of insurtech and embedded solutions at HSB
James said during the panel session, Cybersecurity, Climate Change, and AI: Anticipating and Mitigating Emerging Risks in Commercial Insurance, that bringing expertise together is difficult outside and inside a company. "We have to create strong partnerships within organizations … to address these emerging risks."
James also said there is much to do to bridge the expertise gap but finding the right partners is an important step.
James also said there is much to do to bridge the expertise gap but finding the right partners is an important step.
Debbie Brackeen, chief strategy and innovation officer at CSAA
During the session, Ethical Analytics: Guiding Principles for Responsible Innovation in Insurance Data, panelists shared how companies can find the balance between investing in the latest innovations while also ensuring that these new solutions leave no gaps in their ethical business practices.
On ethical practices, Brackeen said that implementing new technology isn't "set it and forget it." She suggested that companies consistently monitor and assess their technology, data sets and talent to ensure their standards are met. She also emphasized specifically that generative AI, and that governance and risk framework, should be assessed more frequently for gap analysis.
On ethical practices, Brackeen said that implementing new technology isn't "set it and forget it." She suggested that companies consistently monitor and assess their technology, data sets and talent to ensure their standards are met. She also emphasized specifically that generative AI, and that governance and risk framework, should be assessed more frequently for gap analysis.