Weekly Newsletter - 10.30.2024

Insurtechs: 5 Solutions for 5 Challenges with Agentic AI

Author

Zihan Lyu
October 30, 2024

EDITOR’S PICK 🌟

At Insuretech, McKinsey and other industry experts underscored the growing need for productivity-focused AI solutions for insurance brokers. With private equity-backed firms facing growth challenges, AI is emerging as a vital tool for organic productivity.

Based on insights from the event, Lee Arthur points to Hive Perform as a prime example of AI-driven performance enablement, providing brokers with real-time coaching and insights to help meet client demands and drive growth.

INDUSTRY INSIGHTS 🌐

Generative AI is poised to revolutionize insurance distribution by enhancing agent productivity, enabling hyper-personalization, and improving business insights. Bain & Company reports potential economic benefits exceeding $50 billion annually. However, risks like misinformation and data issues necessitate a responsible AI strategy for sustainable implementation.

Agentic AI transforms claims processing by automating workflows, reducing human error, and enhancing compliance. It offers increased processing speed, cost efficiency, and improved customer satisfaction. As AI adoption grows, Agentic AI leads in providing predictive insights and fraud detection, empowering adjusters to focus on high-value tasks.

INDUSTRY NEWS 📰

Victor Kuk of Swiss Re emphasizes the need for innovation and collaboration in reinsurance to address emerging risks. He highlights the importance of updating catastrophe models, leveraging technology, and forming partnerships to enhance risk management and resilience, particularly in the Asia-Pacific region, amid increasing natural disasters and economic challenges.

Controlling medical treatment is crucial for managing workers' compensation claims, potentially affecting costs in 2025. Despite a softer market, an increase in premiums is possible.

EVENTS 📆

Join sales enablement expert Roderick Jefferson from @Roderick Jefferson & Associates as he explores "Ever-Boarding" -- a continuous process for developing and upskilling sales professionals.

Date and Time: Nov 13, 2024 (Wednesday), 2 PM ET / 6 PM GMT

You'll learn:

  • How AI can help you provide personalised coaching to sales reps based on their individual strengths and weaknesses, analysing calls, emails, and meetings to identify areas for improvement

  • How to build a culture of continuous learning and development by using AI-powered tools to deliver knowledge bites and reinforce best practices

  • How to design a data-based process that removes time blockers and accelerates the ramping up of sales reps

Sales Intelligence is a Contentive publication in the Sales & Marketing division