“We believe that if we continually improve efficiency and leverage AI, we will remain a leader in this competitive market. We have been investing in data and analytics for a decade. We implemented a modern claims system about seven years ago. It allowed track every element of a claim across all of our lines of business. This gives us a comprehensive understanding of litigation rates and the types of claims that are most likely to be litigated,” said Mo Tooker, head of commercial insurance lines at The Hartford.
He said the company was investing heavily in information systems for five years. “We insure over 1.5 million small business owners in the country, which makes us the largest in this segment. Using our extensive policy data, we can identify trends specific to a restaurant in a particular litigation environment with certain characteristics. We can then feed these insights back to brokers helping them serve their clients better,” the speaker said.
The next phase is to deliver generative AI tools to underwriters at a pace that will make their jobs easier.
“I believe the industry is not investing in technology enough to meet changing customer expectations, particularly in the SMB space. If we can’t deliver the experience that customers outside the insurance industry are used to, we risk disappointing them. Secondly, the industry continues to struggle with attracting talents, especially diverse talents. Many companies rely on poaching employees from competitors rather than bringing in new people from universities. This remains a significant risk, albeit in a different way than traditional insurance risks,” the speaker noted.
Source: https://riskandinsurance.com/mo-tooker-the-hartford-ai-data-commercial-lines/
Photo is from open sources.
