
3 minute read
ARTIFICIALINTELLIGENCE
for underwriters to handle repetitive tasks such as data entry and allows them to focus their energy on handling complex submissions. These innovations will be groundbreaking for carriers and brokers. However, independent agents stand to benefit as their customers receive increasingly accurate and error-free assessments of their risk profiles and instant quotes on most policies, allowing agents to focus on other value-add items such as product education and customer retention.
Claims
Claims processing can be a tedious task that requires hours of investigative work and the examination of countless documents. McKinsey and Company estimates that by 2030, AI and ML will play a significant role in the claims process with nearly half of all claims being fully processed without human oversight or intervention (Lemonade already handles half of their claims via AI and recently set a world record for processing a claim in just two seconds). What does this mean for agents? Well, less time focusing on data collection and information sharing with carriers and more time providing support and counsel to their customers. AI will never be able to match the interpersonal touch of a live agent, and using AI and ML to eliminate tasks such as data collection and information sharing allows agents to focus their efforts on ensuring their customers have the guidance needed to properly file their claims.
A Pivotal Moment
AI has already proven itself capable of enhancing customer support, underwriting and claims processes. The technology is here to stay and will only become more prevalent over time. The way we see it, insurance agents have three options for how to respond:
1. Reject its implementation and become the equivalent of an agency still using a typewriter in 2010
2. Rush to implement the technology without cause or consideration and watch it blow up in your face
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3. Identify the areas where AI can increase efficiencies and cut costs and meticulously implement the technology over time
The key to mastering the age of AI is to choose option three. If you don’t, you may be overtaken by competitors that are more efficient and provide more value to their customers.
ACT Supporting Partner, BondExchange is a surety bond platform and service that provides agents with the tools needed to instantly quote and issue surety bonds, generate new business, embed online quoting tools directly on their websites, and endorse bonds online. Learn more about BondExchange here.
The National Oceanic and Atmospheric Administration is forecasting between 12 to 17 named storms this hurricane season, running through November 30th.
Hurricane season is a great opportunity to grow your flood book with Selective through the Big “I" Flood Program.
Talk to current and new customers about the importance of National Flood Insurance Program (NFIP) flood insurance. Remember, the NFIP typically has a 30-day waiting period for a flood policy to go into effect. Remind existing customers to renew their NFIP flood policy. If an NFIP policy lapses, the customer will be taken off the Risk Rating 2.0 glidepath, subjecting the policy to full risk rates.
Offer this expert guidance from the National Oceanic and Atmospheric Administration to help customers protect their families and homes.
Together, we can help our mutual customers get hurricane ready. Visit www.independentagent.com/Flood to learn more about the Big “I" Flood program, or connect with your Selective Territory Manager today.



SafePoint Seeking 20,000 Additional Citizens Policies
Commissioner Jim Donelon today that over 17,000 policies have been written through the Insure Louisiana Incentive Program as of May 31. The top five parishes for new policies are Jefferson, Orleans, St. Tammany, Terrebonne and St. Charles.
"These results show the program is working as intended to provide immediate relief to thousands of homeowners who would otherwise be without an affordable policy. Unfortunately, many more of our friends and neighbors still need help," said Commissioner Donelon. "The Incentive Program companies will continue writing in the coming months, and I expect their success will encourage other insurers to resume writing in our market."
In addition to the 17,197 policies that have been written to date, SafePoint Insurance and its affiliate Cajun Underwriters (CURE) have been approved to take 19,689 policies out of Louisiana Citizens during the upcoming round of depopulation. The assumption date for those policies is October 1. 2023.
"I strongly urge all Citizens policyholders to contact their agents now and request to be notified if they have an opportunity to leave Citizens for SafePoint or CURE," said Commissioner Donelon. "Getting policyholders out of Citizens is vital to our state’s economic recovery."