Monday, June 3, 2019
Working Smarter: How Machine Learning and Intelligent Automation are Transforming Insurance Investment Operations and Accounting
We can safely say that science fiction and insurance have typically not gone hand in hand. But next-generation intelligent technologies are now delivering tangible transformation benefits to the middle and back-office operations of data intensive industries. As investment data management, reconciliation, regulatory compliance and client reporting requirements become increasingly burdensome, organizations are starting to apply Machine Learning, Natural Language Processing (NLP), Predictive Analytics and Robotic Process Automation (RPA) to traditional, manually-intensive functions that are pervasive in the insurance industry. Implementation of solutions using intelligent automation can result in streamlined workflows, improved data accuracy and transparency, and achieve dramatic efficiency and cost gains. SS&C Technologies along with select industry colleagues will share their experiences with this brave new world.
Reimagining Insurance in a Digital World
In today’s P&C landscape, insurance companies are delivering world-class customer experiences and innovative insurance products faster than ever before. Imagine launching a digital-first insurance solution – just 12 months after starting from scratch - that allows customers to purchase a complex insurance product in five minutes or less. What strategies and processes need to be in place to achieve this? Learn from Cerity, a direct-to-consumer company dedicated to reimagining the way small business customers purchase and maintain workers’ compensation insurance, explain the methods behind their rise from concept to reality - and other key insights about delivering customer-centric experiences in an increasingly competitive marketplace.
The State of InsurTech Investing: Mega Deals and Market Disruption
As the evolution of InsurTech continues at a rapid pace, its small part of the overall venture capital market has had a tremendous effect on the insurance industry of the future. Since its inception, InsurTech has come a long way and continues to expand with both investors and insurers benefitting from this space. Deal flow has increased, as has the size of the investments, which has shifted the structure of early stage investing. And the breadth of technologies is astounding, from wearable loss-reduction devices to affinity marketing applications that lower the cost of customer acquisition. Our esteemed panel of speakers will discuss the current state of venture capital and of InsurTech investing, the benefits of investing in the space, and key themes of InsurTech investing opportunities.
Predictive Modeling in Claims: The Objectives, Challenges and Outcomes You Can Expect
Many companies in the insurance industry emphasize the importance of a differentiated claim process from both a customer value proposition as well as a financial optimization perspective. One such company is Atlas, a Specialty Commercial Automobile Insurer, which has not only implemented analytics in Underwriting, but then focused Machine Learning on Claim-related initiatives. A primary objective of this strategic effort was to generate predictive models to help identify claims earlier to be more proactive in research, triage, and ultimately resolution for their customers.
The result? Come to our session as we explore the outcome of Atlas’ strategic move and unanticipated challenges to certain stakeholders. Additionally, we will share lessons learned touching upon implementation, managing potential process challenges, and key observations of using predictive analytics in the claim area.
The Investment Implications of an Aging U.S. Economic Expansion
It should be no surprise that the Investment landscape is changing with Central banks slowly removing accommodation and the initial simulative effects from U.S. tax reform now behind us. As a result, investment strategy should shift given this economic expansion is already the longest on record.
This session will highlight the opportunities and anticipated challenges for insurers with a focus on an evolving interest rate and credit environment, new tax rules, and updated capital requirements. Our discussion will include NEAM's opinion on how these and other topics of the day will impact investors generally, and insurance companies specifically. Looking forward to seeing you at this informative and interesting session!
The Innovation Journey: Real-life Robotic Process Automation Implementation for the C-Suite POV
Digital transformation, innovation, artificial intelligence, automation technologies. Everyone talks about the importance of these technologies for the future of the insurance industry, but what do they really mean and what are companies doing to leverage them? Come to our interactive session to understand the implementation process through the lens of critical management decisions and opportunities to drive success.
In this session, Baker Tilly’s Waqqas Mahmood, Director of Advanced Technology and Innovation, and his client will share their journey through the innovation continuum by walking through a recent robotic process automation implementation, including:
How management determined automation was the right solution for their issue, and the proper time to implement.
How to gain consensus among key stakeholders.
How to set realistic goals heading into the project.
The challenges encountered during implementation and the impact to the solution.
Finally, results of the project, including return on investment, and next steps in the organization’s innovation journey!
Reducing Risk through Innovation: An Exploration of Machine Learning and AI in Today’s Technology Landscape
With increased pressures from traditional carriers and insure-techs, insurers are exploring emerging methods to meet their goals for growth and profitability. As a result, companies are finding that one of the most effective ways to improve the bottom line is by reducing risk exposure through the utilization of innovative technologies to evolve traditional – and sometimes archaic – processes.
We encourage you to join us in exploring how Machine Learning (ML) and Artificial Intelligence (AI) are leveraged to drastically improve the underwriting process, empowering carriers with advanced tools to enable better decisions.
Additionally, we will highlight several opportunities and scenarios where these new technologies could greatly benefit your enterprise, along with key strategies for driving transformation within your organization. Innovation is everywhere and we’re here to help you explore it.
Trends in Insurance Distribution: From OMNI to OPTI Channel
Sharmila is the Head of Product and Strategy at Vertafore, an insurance software company, with responsibility for the direction and delivery of Vertafore’s agency product portfolio. Prior to Vertafore, she was a management consultant for McKinsey and Company for twelve years, eleven of which she spent serving the insurance industry. During this time, she worked closely with property-casualty, health and life insurance carriers and distributors, spearheading the creation of growth-oriented business strategies through sales and marketing.
She is a published author of several articles detailing the intricacies of consumer needs and behaviors in the retail and commercial property-casualty and life insurance markets.
She holds an M.B.A. from Kellogg School of Management at Northwestern University, and a B.A. in Economics and English Literature from Wellesley College.
Tuesday, June 4, 2019
Critical Industry Evolution: How InsurTech is Making the Insurance Industry Bold
Insurance Industry, InsurTechs and Risk Management Boldness - Inspiration
Group VP of Business Innovation
Insurance, a 1 trillion dollar industry in the U.S. alone, is about compassion, empathy, and a commitment to helping families and communities survive and thrive in the face of a catastrophe. Companies achieve this by getting money into the hands of those impacted as quickly as possible so they can start repairing their homes or cover expenses due to a disability or death, as examples. Over the years, the industry has become known for an often conservative approach with a focus on calculating and managing risk—far from boldness that industry desperately needs. In the face of this, InsurTech is creating new pathways in an old industry. It is the confluence of technology and insurance, where insurance meets its boldness.
Join us as experienced TEDX Talk speaker, Laura Drabik, covers this exciting topic in the first portion of her session. She will talk about her ‘boots on the ground’ journey in insurance, explain how it supports community, and highlight salient InsurTech value propositions that are powering the evolution of insurance.
InsurTechs the Value Proposition - Education
Co-Founder & COO
Following her InsurTech TED Talk, Laura will guide each InsurTech through a structured pitch to the audience on their value proposition. Each InsurTech will have 5 minutes to communicate their value proposition then the panel will answer audience questions.
Entrepreneurship within the Firm: The Art and Benefit of Forward Thinking
Do you know what it takes to build an entrepreneurial, growth-focused culture in your firm? By sharing lessons learned along the way and the strategies essential to success, Courtney Kiss, Chief Marketing Officer of Johnson Lambert, will discuss how the company has become the largest insurance-focused accounting firm in the nation. Through a strong focus on the development of a firm and its employees, learn how your company can remain resilient throughout countless shifts in the industry. Dave Fuge, Chief Information Officer of Johnson Lambert will also explore the growth possibilities offered by rapidly-expanding disruptive technologies. Technology is transforming the way insurance companies operate and interact with their customers and no company can succeed without looking ahead and embracing the future. Discover how you can stand out amongst your peers and rise to meet tomorrow’s challenges and opportunities.
Conversations of Four
Peer-to-peer dialogue is highly valued by IASA attendees. Whether solving challenges collaboratively during technical sessions or connecting with other experienced peers, meaningful dialogue is actively woven into the fabric of the event. The latest research tells us that conversations among four people are ideal. Based on overwhelmingly positive feedback, IASA is pleased to offer this again as part of the 2019 OnPoint: An Executive Experience.
This session combines all C-Level attendees for an event that includes three 20-minute conversations of four, with attendee-designated discussion categories aimed at exploring timely topics such as big data trends, managing and leading people, innovative culture, and latest trends. Within each category, there will be three or four specific topics for discussion. Attendees decide which topics they want to discuss and, with the help of a moderator, the conversations will flow based on the makeup of the group. Attendees can stick with the same topic or change it up after each round of conversation. We look forward to your participation in this interactive session!
Workplace of the Future: How Robots Will Elevate, Not Replace Your Team and the Impact of Innovative Thinking
In a two-part session, esteemed speakers will cover the booming industry trend of Robotic Process Automation (RPA) and the power of innovative thinking. Join us to hear about what is going on around the industry and how you can adopt similar strategies to improve the workplace.
The first portion of this session will cover how robotics and automation are changing the way we work every day at an impressive pace. As a result, much has been written about risks of human-replacement in the future technology-driven business and this often elicits a response of hesitation or fear. Instead, look to be inspired by how technology can eliminate redundant and low-value tasks while highlighting issues and opportunities that the human-brain remains best positioned to interpret.
Switching gears, the second portion of the session will focus on the importance of adaptive thinking about fraud and IT risk as technology continues to evolve and reshape the workplace. With new changes come new risks insurance company executives must address to avoid disruption.
KEYNOTE: On Fire! John O’Leary
John was a curious nine-year-old boy. Playing with fire and gasoline, he created a massive explosion in his garage and was burned on 100% of his body. Given less than 1% chance of survival, John is proof of the power of the human spirit and a luminous example of thriving through adversity.
This “survivor” story is a celebration of heroes who intimately served him and his family. From a dedicated Hall of Fame sports announcer to a visionary burn nurse (and countless others), every individual involved in this 1987 fire teaches us this truth: One person can make a profound difference in the lives of others.
With emotional storytelling and unexpected humor, John will remind us of the significance of daily attitudes, the power of gratitude, and the impact of serving others with courage. He will reawaken you to realize the gift of today and the possibility of tomorrow.