The insurance industry is finally making waves in the area of digital underwriting. It is refreshing to see some carriers step out of their comfort zones and go beyond just automating basic activities with rules engines and more advanced workflow tools. Most carriers are starting to use additional external third-party data to help support the automation process as well, reducing the operational costs of onboarding a new customer and creating a better customer experience. While it seemed to take forever for many carriers to utilize some of the basic third-party data elements, such as Medical Information Bureau or motor vehicle records, or even credit or reinsurance scores, this is finally becoming the norm.
Merchant Risk Council’s (MRC’s) annual Vegas show has concluded; another highly successful trade show is over, but the benefits are ongoing. MRC Vegas 2018 was such a success, it didn’t seem the 2019 show would be able to compare, but it certainly did.
Over the past year, I have been reading article after article that gushes over the advantages of health savings account (HSA) investments. These articles are getting repackaged and reshared with growing frenzy. I worry that there is a serious dose of Kool Aid drinking going on. There is a major disconnect between the layperson’s reality and awareness of HSAs as a long-term investment vehicle and the industry’s bullishness.
The Healthcare Information and Management Systems Society (HIMSS) conference was a huge event that took place in the Orange County Convention Center in Orlando, Florida, with 44,000 participants staying across 90 hotels, visiting 1,200 exhibitors. As a first-timer, I took the seasoned participants’ suggestions for comfortable footwear and laced up my sneakers to traverse the expanse of hallways, exhibit halls, and meeting rooms, inhaling all I could. The tagline for the year was “Champions of Health Unite.”
As insurance industry carriers, vendors, and assorted observers descended upon Toronto last week for Insurance-Canada’s Technology Conference (ICTC), several questions emerged about the readiness of Canadian insurance carriers to embrace innovations such as Software-as-a-Service/cloud, artificial intelligence (AI), blockchain, and robotic process automation.
First and foremost, it is important not to confuse lack of desire with lack of readiness. Many insurance carriers at ICTC expressed a strong desire to integrate these types of innovations into their operations. Yet, at the same time, these carriers acknowledged that they faced hurdles to adopting innovation.