Behind the Times

As insurance becomes more and more about artificial intelligence, I have to ask, is your company ready?  We have a bunch of new talent coming through our doors.  These are graduates that have had a ton of computer based training already.  Once they hit your training class are they going to feel like they’re stepping into the dark ages?

Being an older insurance professional, I took it upon myself to take and pass classes

abstract motion-blurred view from a moving train

on coding in JAVA.  But recently when I was reviewing with agents in my area the rideshare coverage option – I noted more than one opened a DOS based quote system.  Many were perplexed by it and felt confined that it wasn’t user-friendly.

In a recent article from Property Casualty (See Article Here) reported in reference to AI – 32% of insurance executives said their own company would be transformed within the next three years; 79% think it will revolutionize information collection; and 55% said they need better data analysis and insight on the key benefits?   This is too little, too late.

Companies like, CHUBB, recently purchased by ACE, were out in front of the technology field well ahead of the industry.  Some 25 years ago (the mid-90’s), they had their underwriting department completely set up with programs to handle files, coverage, and data collection.  Still, this far ahead, we still have carriers who haven’t even thought about upgrading their tech.

Therefore, I see two problems in the road of these executives.

First, the major carriers seem to be able to focus on one thing at a time.  For instance, Geico is all set up with Kate the AI/mobile app; but they are lacking in important rideshare coverage in most states.

Besides the Lexis Nexis/Mitsubishi partnership – are any other of the carriers going to eventually be partnering with automakers to provide coverage and promote safer driving?  How or when are the major carriers going to start offering coverage with the Flux policy for the driverless vehicles?  Is this before or after they finally decide to upgrade their systems.

Secondly, if a customer calls the IVR they cannot reinstate or pay late policies without speaking to a representative.  Just so we’re clear, we have technology that can determine coverage, renewals, and reinstatements already out there – why isn’t that utilized here?

Further, systems like IVR (phone payments), Concept One, Citrix do not seem to be updated timely or properly.  One company may be using a Citrix with the most up to date software; whereas others may be five to ten updates behind.

Just a day or two of training and anyone can see how behind the curve we really are.  Leave a comment or share an experience.

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