Aerial imagery, connected cars and homes, artificial intelligence, and automation were just a few of the topics discussed at the third annual Verisk Risk & Analytics Summit, as more than 230 property/casualty professionals gathered to share ways to rethink insurance for a rapidly changing world.
The Summit, which was held October 17-19, 2018 at the Hyatt in Jersey City, presented attendees with a full and diverse agenda:
- More than 40 sessions and special networking events
- A talk with NFL Hall of Famer Terrell Davis
- A Women’s Leadership Breakfast
- An innovation lab with 13 of the latest Verisk products on display
The event was held in conjunction with two other annual Verisk events – the PAAS® Forum and E&S™ Executive Loss Control Forum – and offered attendees the chance to learn about some of the latest challenges in property/casualty underwriting and rating, premium auditing, and loss control.
ISO President Neil Spector set the stage for the Summit with his keynote address about the future of insurance. He drew from personal anecdotes to illustrate the changing insurance industry environment, highlighting the disruptions that insurers must overcome to help maintain and enhance profitability in the years ahead. He also announced key new Verisk products, including WaterLine™, an underwriting tool that scores flood risk for properties in the contiguous United States,
On the heels of the keynote, Verisk Chief Operating Officer Mark Anquillare hosted a panel discussion on the growing talent gap facing the industry in its hiring. The discussion touched upon the need for 500,000 new industry employees, the challenge of managing a workforce that ranges from millennials to Baby Boomers, and the difficulty of attracting qualified talent.
The event offered opportunities to explore a wide range of topics, including:
- How aerial imagery can provide critical underwriting data for properties
- How prefill applications can significantly improve the customer experience in both personal and commercial lines
- How connected home data can offer new ways to engage customers
- How changes in climate has affected insured losses and how analytics can help improve management of these perils
The PAAS and E&S forums also offered an array of compelling sessions, including technical education on cannabis and vaping risks, workers’ compensation issues, and frequently asked questions for general liability classifications. Representatives from the National Council on Compensation Insurance (NCCI) presented underwriting-related research and rule changes, and there was a discussion on how insurers can combat premium fraud.
E&S sessions featured presentations from many industry related groups, including the American Transportation Research Institute (ATRI), which explored best practices for managing safety in the trucking industry. The National Institute for Occupational Safety and Health also offered an overview of research on workers’ compensation and how the organization collaborates with insurers.
Women’s Leadership Breakfast: The Summit also included its first Women’s Leadership Breakfast, presented by the Verisk Women’s Network, an employee resource group. The timely event spotlighted Deborah Morris, senior vice president of commercial lines at Verisk, and Michele Bernal, head of corporate pricing at Munich Re. Both talked about how challenging it can be for women to succeed in the industry and discussed the challenges they faced on the path to success. Morris characterized her early industry role as “a disruption in the status quo” and spoke about the resistance she encountered in her career journey from London to Asia and finally to Verisk in Jersey City. Bernal talked about being discouraged from taking advanced math courses in elementary school (being told “they were for boys”) but mastering those skills on her own and leveraging that personal strength throughout her successful career.
Innovation Lab: The Summit also featured an Innovation Lab where attendees could see a wide range of Verisk InsurTech solutions, including Mozart® Form Composer, LightSpeed Auto, and the Verisk Data Exchange™.