The AI Pathway to Transformation in Commercial Insurance

The inseparable duo of underwriting and pricing has just found its third partner - automation. In a Research and Market report, The automated machine learning (AutoML) industry was valued at $346.2 million in 2020. The industry is estimated to grow by 4283% to $15 billion in ten years. Yet, a 2020 Accenture report shows that 85% of customers are not satisfied with the speed of the underwriting process. The implementation and evolution of AutoML can speed up that process and significantly increase the customer experience and gain you customers. But where is this technology headed? What are the barriers? And how can we best ride the wave of an evolving automation landscape?

The Developing a Managed Operational Services Model webinar explores from the perspectives of leading operations, middle office, and investment officers, the key considerations when contemplating the outsourcing of critical functions, responsibilities, and deliverables to a third-party for the first time or to a greater extent. The webinar will offer participants the opportunity not only to hear from respected investment industry practitioners but also to question them on their views and approaches. Discussion points include: Examining the benefits of co-sourcing and outsourcing and how a firm creates a framework and partnership to better serve operations, data governance, risk management, and compliance Exploring at which stage of a firm’s lifecycle they should evaluate outsourcing options to alleviate the operational burden of legacy system workarounds How to evaluate a managed services provider’s offering and balance different stakeholder demands Obtaining buy-in across the organisation when adopting the Managed Services approach including the issues of control and oversight Considering how managed services can help meet the demand of investor transparency with a flexible offering focused on reporting and client communication

It’s a quiet crisis that has flown under the radar: Job-based health plans have become unaffordable for a growing share of the 156 million Americans who rely on them. Rising health care prices have led to soaring deductibles and out-of-pocket costs, prompting hard decisions: Half of American families with job-based plans say they ration trips to the doctor, bypass the ER, and leave prescriptions unfilled, according to a recent survey by the Los Angeles Times and the Kaiser Family Foundation.

When it comes to reducing Workers’ Compensation Medicare Set-Asides (WCMSAs), the best defense is a good offense! Verisk’s suite of WCMSA services and cost-mitigation strategies provides workers’ compensation insurers with the help that they need to get costs under control and claims settled.