After a brief update about InsurTech Hartford and upcoming area events, Matteo Carbone kicked off the evening with a discussion about IoT and how insurers are finding value. In his role as Director of the IoT Insurance Observatory, Matteo draws from his experience in IoT think tanks across the globe. According to Matteo, IoT value comes from five categories: improved risk selection, loss control, changing customer behaviors, risk-based pricing, and services.
Seth Rachlin, PhD followed Matteo. In Seth's role as EVP of P&C Insurance for Capgemini, he has the opportunity to see how technology is impacting the industry. Seth described the insurance industry as an upside-down duck. Above the water we see lots of paddling and activity, but below the water it moves with slow grace.
March 8, 2018 was also International Women's Day. The break was followed by a quiz about Women's Day and successful women, led by InsurTech Hartford supporter Nathan Eusko. Many of the women in the audience showed their pride and came to pose for pictures. The women applauded for their contributions.
We also got to hear from Rajasekar Narayanan, whose team won the last Healthcare Hackathon supported by InsurTech Hartford and Upward Hartford. Sandeep Anand from E&Y also introduced us to the Startupbootcamp Accelerator company RozieAI. Technology and product lead Vijay Dheap walked us through a brief presentation about the company and talked about the benefits of AI to help customer drive engagement with social media platforms.
The night ended as InsurTech Hartford supporter Dina Belyayeva led a discussion panel through various questions related to IoT, Analytics, and AI. Ashish Umre and Tracey Cournoyer joined Matteo, Seth, and Vijay all participated in the panel. There were several thought provoking questions. The panel members actively engaged in the discussion. In regards to AI,l Ashish spoke about how we often talk about machine learning, yet nobody is talking about machine forgetting. Humans forget, but machine models do not. Tracey spoke about the importance of APIs to making the most out of data sharing. Seth revealed one interesting point - many insurers are not getting the returns expected out of their RPA investments because of the low capabilities of their AI. To improve RPA, insurers need to improve their AI.