The counterintuitive psychology of insurance

The real reason you buy insurance may have as much to do with pleasing your psyche as it does protecting your wallet. Behavioral psychologist Orit Tykocinski explores the connection between insurance and the reality-distorting risks of “magical thinking” that may make you reconsider your own rationale.

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Extract: 

We have to remember, insurance is an antidote, it’s not a vaccine. It doesn’t ward off evil; it doesn’t eliminate the risks that we face. However, when it comes to insurance, the distinction between an antidote and a vaccine somehow gets blurred in our minds. Why does it happen? It happens because people are not that good at assessing risks rationally. Let me give you an example. When I arranged my flight to come here, I had to decide if I wanted to buy travel insurance. Rationally, I should have based this decision on several considerations: the price of the policy, of course, the value of my luggage, the aggravation that I’m likely to experience if my luggage gets lost. And of course, the likelihood of such an event, right? But most of the time, we’re just too busy to make such rational calculations. And anyway, I doubt that Lufthansa are very keen to share their damage statistics with me. So what do we do instead? We rely on our intuition.

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Films where insurance plays a role!

What if you could onboard your new recruits and teach them about insurance thanks to Hollywood films – and others?

    

Would you think that insurance is a hot topic for Hollywood or Netflix? Probably not… however, insurance has been a great source of inspiration for movies. Here is a non-exhaustive list of films and series where insurance plays a role: 

  1. A Life at Stake
  2. Alias Jesse James
  3. Automata
  4. Cedar Rapids
  5. Double Indemnity
  6. Entrapment
  7. Evil Under The Sun
  8. Groundhog Day
  9. Lucifer 
  10. Memento
  11. Roadblock
  12. Save the Tiger
  13. Sicko
  14. Sleuth
  15. Strange Bargain
  16. The Big White
  17. The Incredibles
  18. The Killers
  19. The Last Seduction
  20. The Postman Always Rings Twice
  21. The Rainmaker
  22. The Truman Show
  23. To Catch a Thief

    

If you have some other titles to add, please let us know. Thanks in advance! 🙂

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Traditional Insurance Companies moving to 100% remote initiatives.

Author: Juan D’Alessandro

Spain is used to long working days. It’s normal for employees to start at 9 or 9.30 and finish around 20:00 – It does include a nice lunch break from 13:30 to 15:00 though. This also applies to the insurance industry there of course.  

Today, I would like to speak about Liberty in Spain. As you know, Liberty is a traditional US insurance company. Not exactly a startup! They have a very long-standing experience in the industry and could be considered quite conservative.  

Now, things might be on their way to change. Indeed, Liberty Seguros (Liberty in Spain) will allow its 2,000 employees in Europe to telecommute permanently. They are investing heavily on technology to adapt to the new normal and improve their employee’s experience. This will allow their workforce to become ‘digital nomads’ around Spain. You can expect to hear about engagement and training platforms that they will be deploying to address their new needs. 

However, some senior managers around the world still doubt the remote working model. It is a great model, but it is not for everyone. 

At INGAGE, we have been a ‘digital-first’ company from the start. It is in our DNA. We help our clients digitize their training, their academies. We address their needs to generate content in a very dynamic way that will be available on demand for their employees, clients and salesforce. We look forward to seeing Liberty Spain’s result at the end of the year. 

Source (in Spanish): https://elpais.com/economia/2021-03-11/liberty-seguros-permitira-a-sus-2000-empleados-en-europa-teletrabajar-permanentemente.html 

 

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Tecnología al servicio de los suscriptores de Líneas Comerciales

Guest Author: Juan D’Alessandro

Siguiendo con nuestro ultimo post sobre el impacto de la inteligencia artificial en la industria de seguros hoy vamos a hablar de seguros comerciales. Con agrado, vemos cada vez mas iniciativas, proyectos de transformación integral y capital fluyendo a Insurtechs enfocadas en Líneas Comerciales. Años de mercado blando han puesto mucha presión en los equipos de suscripción. Ajustes, recortes y reestructuraciones que han sobrecargado el día a día de los suscriptores al punto de comprometer su nivel de servicio a los brokers y clientes.

Desde RiskTech, trabajamos en distintas iniciativas que se adaptan a las necesidades y requerimientos de nuestros clientes como son:

. Triagge en base al apetito de la compañía al momento de la recepción a fin de definir prioridades y atender los casos mas importantes.

. Alertas de parámetros o exposiciones en base a autoridad o pautas de suscripción que se generan en tiempo real al momento de cargar la cuenta.

. Generar de forma automática la mayor cantidad de información posible. Tanto de fuentes internas (pago de prima, siniestralidad, otras líneas activas, etc.) como externas (google maps, NatCat, Nathan, noticias de actualidad).

. Estimación de la siniestralidad potencial a nivel cuenta y portafolio en base a datos históricos.

Estas iniciativas apuntan a liberar a los técnicos de tareas repetitivas para poder enfocarse en actividades de estrategia, desarrollo de negocios y suscripción pura impactando de forma positiva el resultado de la compañía.

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Buying insurance for billions – Interview with Ali Hauser

As part of our podcast series “Innovative Training in Sales and Insurance”, I had the pleasure to talk with Ali Hauser about buying insurance for large companies on the global insurance market, risk management and the role of captive companies.
  
   
Ali is the former CEO of Kot Insurance Company AG, Pemex’s Reinsurance Captive Company, with assets of US$1 billion. As such, he was one of the largest buyers of insurance in the world. 
   
He is fluent in Spanish, English, Arabic and French with a perfect understanding of the Global Insurance Market as well as Latin America
   
Ali likes to say: “Know your risk as much as possible”. Indeed, the better you understand your risk, the more you are able to manage it, and insure it.
  
Listen to this insightful podcast “Buying insurance for billions – Interview with Ali Hauser”. 
  
    
If you like it, please share it! We are also looking forward to your comments. Thanks in advance. 
     
  
#interview #podcast #captive #riskmanagement #globalinsurancemarket #buying #buyinginsurance #sales #sales training #salesexcellence #corporatetraining #latam #latinamericanmarket #kotinsurance #pemex #mexico
   
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Utilización de Inteligencia Artificial para lograr eficiencias en el proceso de suscripción de líneas comerciales.

Guest Author: Juan D’Alessandro

Las Compañías de Seguro comienzan a poner los datos a trabajar para ofrecer a sus clientes productos innovadores. La ciencia de los datos, impulsa la automatización de procesos repetitivos y provee más conocimiento para, al final del día, ofrecer un servicio personalizado a los clientes aumentando su satisfacción y relación con la marca.

Para empezar, vamos a repasar que es la Inteligencia Artificial. En 1956, John McCarthy acuñó la expresión «inteligencia artificial» como «la ciencia e ingenio de hacer máquinas inteligentes, especialmente programas de cómputos que reúne características y comportamientos asimilables al de la inteligencia humana. Una definición mas actual que se adapta a la realidad es la siguiente: la capacidad de un sistema para interpretar correctamente datos externos, para aprender de dichos datos y emplear esos conocimientos para lograr tareas y metas concretas a través de la adaptación flexible.

Sin duda, adoptar una estrategia integral sobre el manejo de la información es vital para garantizar el correcto funcionamiento de los modelos desarrollados y su resultado. Este es el principal desafío de las compañías. Recolección, transformación, clasificación y almacenamiento es esencial para poner en practica estos modelos. El origen de los datos pueden ser fuentes externas como redes sociales o internas (formularios, histórico de siniestros y primas).

Algunos casos de impacto de esta tecnología en la industria:

  • Reducir el tiempo dedicado a tareas repetitivas. Estas tareas simples que ocupan un gran porcentaje del tiempo de los equipos de Suscripción, Operaciones, Siniestros pueden ser realizadas por modelos entrenados.
  • Ofrecer un servicio personalizado a sus clientes y corredores anticipándose a sus necesidades. Conocer mejor a los clientes.
  • Desarrollar nuevos canales de venta utilizando el IoT
  • Mejorar el resultado de la compañía implementando modelos de detección de siniestros fraudulentos. 

Estos son solo algunos ejemplos propios de la industria. También existen productos ya operativos en otras industrias (fintech, ecommerce) que se están adoptando como Chatbots, Manejo de recursos humanos, etc.

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Impacto Covid a las aseguradoras. PyMEs beneficiadas por fallo de la corte suprema en $1.6B 

Guest Author: Juan D’Alessandro

La semana pasada cerro con una noticia alarmante para Lloyds y el resto de companias de seguros. Un fallo de la corte suprema de UK, sentencio que los comercios deberán cobrar por la perdida de beneficio ocacionada por los lock-downs ordenados por los distintos gobiernos a causa de covid. 

En forma unánime, la corte sustento su decisión en ampliaciones de cobertura ambiguas respecto a su relación directa con un dano material como son enfermedad e impedimento de accesos. De esta forma, desactivaron el principal argumento de las aseguradoras que es la no existencia de dano material.  

El impacto de esta medida se estima en $1.6billones. Ahora resta esperar que sucederá en otros países donde estamos viendo demandas y procesos similares.  

https://www.insurancejournal.com/news/international/2021/01/15/597643.htm 

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Seguro Paramétrico para proyectos de Construcción y Montaje

Guest Author: Juan D’Alessandro

Compartimos a continuación un articulo donde Zurich presente este innovador producto que apunta tanto a dueños como a contratistas. En tiempos donde los eventos de la naturaleza son cada vez mas frecuentes y mas devastadores, el producto recientemente lanzado en Estados Unidos es una solución complementaria al ya tradicional TRC. De esta forma se logran cubrir aquellas demoras que puedan surgir luego de un evento catastrófico, aunque no haya un daño material al Proyecto.  

Este tipo de seguros paramétricos requieren la definición del evento y los órganos de medición que dispararan la cobertura. Por ejemplo, ráfagas de viento sostenidas de determinada velocidad o milímetros de lluvia caídos en determinado tiempo.  

Ejemplos de eventos que podrían estar cubiertos por este producto serian la falta de suministro de agua o electricidad, el impedimento de acceso por arboles caídos en los caminos o inundaciones.  

Interesante debatir respecto a la posibilidad de implementar este tipo de cobertura en Latinoamérica, subjetividades y consideraciones propias de la geografía e idiosincrasia local. 

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Insurance 2030

McKinsey report

The industry is on the verge of a seismic, tech-driven shift. A focus on four areas can position carriers to embrace this change.

Welcome to the future of insurance, as seen through the eyes of Scott, a customer in the year 2030. His digital personal assistant orders him an autonomous vehicle for a meeting across town. Upon hopping into the arriving car, Scott decides he wants to drive today and moves the car into “active” mode. Scott’s personal assistant maps out a potential route and shares it with his mobility insurer, which immediately responds with an alternate route that has a much lower likelihood of accidents and auto damage as well as the calculated adjustment to his monthly premium. Scott’s assistant notifies him that his mobility insurance premium will increase by 4 to 8 percent based on the route he selects and the volume and distribution of other cars on the road. It also alerts him that his life insurance policy, which is now priced on a “pay-as-you-live” basis, will increase by 2 percent for this quarter. The additional amounts are automatically debited from his bank account.

When Scott pulls into his destination’s parking lot, his car bumps into one of several parking signs. As soon as the car stops moving, its internal diagnostics determine the extent of the damage. His personal assistant instructs him to take three pictures of the front right bumper area and two of the surroundings. By the time Scott gets back to the driver’s seat, the screen on the dash informs him of the damage, confirms the claim has been approved, and that a mobile response drone has been dispatched to the lot for inspection. If the vehicle is drivable, it may be directed to the nearest in-network garage for repair after a replacement vehicle arrives.

While this scenario may seem beyond the horizon, such integrated user stories will emerge across all lines of insurance with increasing frequency over the next decade. In fact, all the technologies required above already exist, and many are available to consumers. With the new wave of deep learning techniques, such as convolutional neural networks,1 artificial intelligence (AI) has the potential to live up to its promise of mimicking the perception, reasoning, learning, and problem solving of the human mind (Exhibit 1). In this evolution, insurance will shift from its current state of “detect and repair” to “predict and prevent,” transforming every aspect of the industry in the process. The pace of change will also accelerate as brokers, consumers, financial intermediaries, insurers, and suppliers become more adept at using advanced technologies to enhance decision making and productivity, lower costs, and optimize the customer experience.

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