The Intelligent Automation Series: IT Takes a Team
I have written a lot about technology over the past few months. RPA, Intelligent Automation, Chatbots, the list goes on. Technology is undoubtedly changing our lives for the better. Digital transformation is part of our daily vernacular and InsurTechs have been leading the charge for change with a technology and innovation first approach. Yes, technology is here to stay and organizations who are not running a digital first strategy face an increasingly uphill battle to remain relevant.
I was reflecting this week, however, on some of the unsung heroes of digital transformation. The dreamers, the innovators, the engineers, the creative thinkers who are the true innovators of the future. We are the ones who wield the digital sword. Technology as a standalone entity without context, without guidance really does not do much at all. The beauty of blockchain is in the creative application. The magic of AI and Machine Learning is finding a problem to solve and applying an elegant algorithm.
Data is useless without context, without a story to tell. Dashboards deliver actionable insight in a way that presents a conclusion, but also set things up for the sequel. The common denominator within all of this is some form of creative vision that invariably comes from a person or a team of individuals. Disney calls them Imagineers - the creative engine behind the magic. Without human input, without the collaboration of teams, without the imaginative and creative thinking, none of this would be possible.
The cat is out of the bag. We have all heard in the news over the past few weeks the push from Tesla to create an insurance company. The irony perhaps is in arguably the most technology forward company in the world putting out the battle cry for actuaries, yes - people, to help create this 'revolutionary' insurance company. As technology focused as he Musk, realizes the value of human input.
“This is the place to be. We want revolutionary actuaries,”
- Elon Musk
It is a brilliant move. A stroke of genius and a testament to the amazing work that actuaries are doing behind the scenes to keep this industry marching on.
At Care Bridge International, innovative technology is the core of everything that we do. Our "BridgeIT" platform bridges innovative technology with compassion that complies with actuarial principles and regulatory compliance. With our Medical Forecasting/Reserving Powered by our Analytic-Powered Outcomes® technology, future medical forecasts are produced in minutes. We bring a technology first approach, supported by algorithms that predict, analyze, and forecast future medical exposure that streamline and optimize claim decision making.
IT Takes a Team - The Concierge Approach
That is one part of the puzzle. Behind the scenes, we have an incredible team who help navigate, guide, and lead our customers on their own claim journey. In my role as Chief Innovation Officer, I see it firsthand daily. I like to think of this as the Claim Experience of the future - delivering compassion through a combination of People, Process, Technology and Data. In cases where multiple factors drive exposure and complex medical and/or legal information needs to be considered, our team of Care Bridge professionals can identify red flags and provide a comprehensive medical forecast using appropriate jurisdictional rules, guidelines, and pricing. It is a concierge approach, that technology alone cannot deliver.
As we continue to embark on this journey into an increasingly digital world, we need to embrace the people, the talent, the experience that surrounds us and make sure we are augmenting the deep domain expertise with tools and technology that help people not only work more effectively, but open the door to creative and customer focused thinking. We have an incredible opportunity right now to create and foster an environment of engagement, not fear. Technology is an increasingly important part of the puzzle that is the Insurance Experience, but the true brilliance will come from within - the agents, brokers, actuaries, the insurance professionals. These are the beating hearts - the Imagineers of Insurance. Paired with technology designed to augment not replace, the future of insurance is truly great.
Coming Soon …. CARE Forward Live!
Tuesday, September 8 - September 16
Care Bridge International calculates medical exposure for bodily injury claim reserves, medical damages for litigation, and Medicare Set Asides, simply and rapidly, using machine learning technology, delivering unprecedented claim outcomes.
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