Cool! New tech!
Hopefully ITC also discussed ethics.
AI creates velocity. It amplifies decisions - good and bad. While it holds tremendous promise, it will also bring some real suffering to people. Some will jump in too quickly without adequate testing.
I see very few getting the human expertise they need to make sure their decisioning logic - regardless of how "cool" and complex it is - work as planned and as society needs.
In the olden days of 1980-2010, some companies trained human underwriters, and had experienced folks check the new underwriters work. Arch, Axis, Berkley, Cincinnati, Genstar, Great American, Hartford, Lloyds, Markel, RLI, RSUI, Selective, State Farm, USAA and others were then very profitable and successful for a very long time. They are all still great performers today.
Other insurers are a cautionary tale.
They got the cheapest labor they often could. Were run by expense cutters. Let shiny new technology rule underwriting. Used half-baked "decision trees", data warehouses, and even tried disintermediation.
Tens of billions of dollars were gleefully invested! Conferences buzzed!
And then so many of them went out of business I have lost count.
PLEASE do the right thing with AI.
Insurtech companies at InsureTech Connect conference in Las Vegas are exploring emerging trends like experiential platforms and AI agents, prompting larger players to reconsider their business models and collaboration strategies. Carrier Management's Allen Laman talks with vendors and attendees about what they're seeing in the industry and what the future holds. Allen speaks with Chase Courtney, CPA of AndDone and Mike Prentice, Director of Solutions at Pyramid Solutions, Inc.
Interested in attending or speaking at Carrier Management's virtual InsurTech Summit in 2025? Register now at theinsurtechsummit.com!
#InsurTech
#AgencyManagement
Business Development Director- US | Sales, Consulting, Technology @ Davies
8moIt was a great session Nate. Very imformative.