The Insurbreak Podcast - Insurance Insights

How should Insurance companies navigate in this new economic climate?
Join Karim Hirji, CFO and Canada Managing Director at Intact Venture in the InsurBreak Podcast.
Intact is a 20bn global p&c insurer with 70% of revenues and 20% market share in Canada. Intact Insurance is Canada's largest home, auto, and business insurance company, the choice of more than four million consumers. Its coast-to-coast presence and its strong relationship with insurance brokers mean the company can provide the outstanding service, comfort, and continuity customers deserve.
In this podcast learn about:

• His career from Canada to Hong Kong, from an underwriting position to his current role as CFO, his responsibilities, and goals.
• How AI brings value to Intact, their incorporation of machine learning to personalize pricing on an individual basis, as well as modernizing their pricing systems, and gain an edge in terms of segmentation.
• How good analytical insights and AI are able to make loss predictions to reduce cycle time, improve the customer experience, and save on costs in that process.
• How AI improves agent/customer interaction using intelligence to predict the best agent to handle interactions based on agent profiles and customers' needs.
• The impact from a cost of goods perspective on insurers and how the conflict in Russia and Ukraine will affect the supply chain disruption over time.

Craig Chapman spent his career in the finance and insurance industry. Craig has worked in three countries and held various C-Suite positions including CEO CFO and CTO across consumer banking commercial banking and other sectors. His last role was the President at Washington Mutual Commercial Banking.
Listen to this episode to learn about Craig's international experiences, how technology's role in the insurance industry has changed over the years and why diversity equity, and inclusion are so important for businesses to actively grow and prosper.

Brian Poppe worked for Lincoln Financial Group for a period of time and then came over to Mutual of Omaha a little more than 13 years ago. From pricing and product development at Lincoln Insurance, he worked his way up in risk management at Mutual of Ohama. Brian also created and led the innovation practice for a couple of years, led one of the PNLs, worked on tech modernization, a bridge between business and IT strategy. He is now Chief Data officer - we can say he’s exempt in the data world!

In this podcast, learn about:

• Friction between data privacy and personalization. How do you protect customer privacy and what are the legal implications? How do you make sure you're not intentionally/unintentionally biasing some of the models that you're using to either recommend or automate underwriting?
• Personalization of the customer experience. How do you help your customers pick the right policies? How do you earn their trust to be able to provide them with the right recommendations?
• Whether human interactions will continue to be crucial for consumers’ decision-making process and how AI is impacting insurance and potential future applications
• His Pilot AI with chatbots, and the experience of an interactive agent call center
• The future of insurance and the implications of embedded insurance
• How inflation is impacting insurance businesses and consumers
• Diversity equity and inclusion in the insurance space

«So one of the things that we, and I suppose many others in the insurance industry, have learned is as much as you want to give an automated recommendation to a customer because it's such a personal and financial decision, customers want confirmation that they're making the right choice. So we can put a recommendation engine out there that helps customers pick a policy, they will still want to talk to a person to verify that they're on the right path» But how to ensure the protection of consumer data privacy while serving their needs for a more personal touch? « The technology industry has greatly advanced the ability to do that in a way that protects both customer privacy while still allowing you to do the types of personalization that customers are coming to expect from other industries (...) for example through anonymize the data either through consolidating it in a way or tokenizing it »

Satish Weber is Executive Vice President and Head of Sustainability Financial Services Strategic Business Unit at Capgemini
Listen in to this episode to learn about Satish's experience and career and her take on:

• Capgemini's sustainability targets for the next decades and how financial services companies can contribute to a greener future
• The future of telematics in insurance
• Real-time data and customer's value proposition
• Female leadership in the insurance industry

Colin Works has been working at SCOR for the last 19 years. He has held multiple leadership roles in all aspects of Life Underwriting, and he is now the global head of underwriting and claims. Originally from Cork, Ireland, he traveled a great deal, Colin worked in the UK,Ireland, France, in the United States (Charlotte), and now lives and works from Montreal Canada.

Responsible for the direct supervision of SCOR’s Underwriting and Claims functions globally, his primary duties are risk management of medical underwriting and claims, operational efficiencies, continuous improvement of SCOR’s underwriting claims manuals (SOLEM), and participation in underwriting and claims innovation initiatives.

Listen in to this episode to learn about:

• How the insurance underwriting process has changed in the last few years – in favor of the consumer.
• How data privacy regulations are different across different markets, and the implications for insurance businesses operating in different markets
• How the ecosystem of Insurtech companies, re-insurance, and insurance businesses all function to boost the customer experience.
• How insurance companies can ease and foster the underwriting processes, with biological age modeling for example
• Stick around until the end to hear about what risk scoring is all about and how it’s accelerating the efficiency of underwriting.