In August of 2020, the NAIC adopted five guiding principles for artificial intelligence (AI), based on the Organization for Economic Cooperation and Development’s AI Principles which have been adopted by 42 countries across the globe. These five principles include: Fair and Ethical Accountability, Compliance, transparency, security, safety, and robustness of outputs.
If you ask anyone working in insurance how they got into the field, they'll tell you two things: that they didn't grow up wanting to be in insurance and that they "fell into it."
A global pandemic might not be the first business interruption business owners think of when preparing for the worst. But COVID-19 has left many businesses in peril, wounded by the surmounting effects of an unexpected pandemic. Companies install fire alarms, security cameras, generators, and other preventative measures to prepare for a standard disruption. The economic disaster caused by COVID-19, however, has showcased the growing need for strong business continuity plans to protect businesses from disruption at every level.
The COVID-19 pandemic has left profound impacts on businesses worldwide, forcing many organizations to pivot to remote work. COVID-19 has taught companies that good, efficient work can be done from anywhere, and that talent identification shouldn’t be confined to geographic locations. As the pandemic continues, some organizations have struggled with how to hire and onboard top talent remotely.
Design Thinking is a practical and creative approach to problem solving, used in industries and organizations searching for new, customer-centric ways to enhance the customer experience. Design Thinking aims to better understand consumers' needs and formulate an innovative solution for them. When utilized properly, this framework allows organizations to create faster, more profitable innovations at a more efficient rate. At AAIS, Design Thinking helps formulate innovative insurance solutions, such as the openIDL distributed ledger technology for regulatory reporting in 2018.
COVID-19 has caused an abundance of challenges for businesses everywhere. With protective restrictions, unessential businesses were forced to send employees home and, in many cases, shut down due to the threat of the rapidly spreading virus. These businesses deemed "unessential," however, are essential to the livelihoods of many, leaving businesses in a state of panic. How were they to continue business when they couldn't remain open? Many businesses that could feasibly function as a remote workforce have attempted the transition, and as COVID-19's threats persist, many schools have made the decision as well.
At AAIS, we’re continually refining our best-in-class products and services to better meet the needs of our Members in a quickly changing industry. In January of 2013, we recognized the need to improve our work processes in order to respond to growing market demand. That’s when AAIS adopted Agile as a new approach to project management.
This year, the COVID-19 pandemic changed the world. Storefronts and restaurants were shuttered; jobs were lost; many became ill, and most companies had to quickly adjust to a new, remote working environment. The effects of the pandemic are pervasive, and will have a lasting impact on families, communities, businesses, and the country for years to come.
The emergence of the COVID-19 pandemic was a serious blow to the economy…but for the insurance industry, one expert believes that recovery is on the way. A.M. Best Chief Rating Officer Stefan Holzberger discussed how COVID-19 is impacting the insurance ecosystem during the AAIS Virtual Main Event.
In the modern, digital marketplace, the customer experience is everything. From retail to service, today’s consumers expect quick, complete and secure interactions at every touchpoint.
Insurance is no different – and with stiff competition to win and retain clients, creating a positive customer experience is more important than ever. Insurers need to shift from being a service transaction industry to an experience industry.