{"id":259,"date":"2025-01-20T13:45:57","date_gmt":"2025-01-20T14:45:57","guid":{"rendered":"https:\/\/legendsfootballcamp.com\/?p=259"},"modified":"2025-02-25T12:33:37","modified_gmt":"2025-02-25T12:33:37","slug":"human-needs-drive-insurance-and-should-drive-tech-solutions","status":"publish","type":"post","link":"https:\/\/legendsfootballcamp.com\/index.php\/2025\/01\/20\/human-needs-drive-insurance-and-should-drive-tech-solutions\/","title":{"rendered":"Human Needs Drive Insurance and Should Drive Tech Solutions"},"content":{"rendered":"
\"\"<\/a><\/figure>\n<\/p>\n

By Lewis Nibbelin, Contributing Writer, Triple-I<\/em><\/strong><\/p>\n

Maintaining human centricity in an increasingly digitized world was a focus of discussion for many participants at Triple-I\u2019s 2024\u00a0Joint Industry Forum<\/a>\u00a0(JIF) \u2013 particularly during the \u201cFireside Chat,\u201d featuring Katherine Horowitz, executive vice president and head of business units for The Institutes, and Casey Kempton, president of personal lines at Nationwide.<\/p>\n

As generative AI and other technological innovations help streamline the insurance value chain, such processes must continue to align with the human needs intrinsic to insurance, Kempton stressed.<\/p>\n

\u201cInsurance is a human business,\u201d Kempton said. \u201cThe moment of a claim \u2013 of whatever tragedy or inconvenience that has happened \u2013 is a human moment. Theres\u2019s emotion involved in that. I don\u2019t expect any robot or machine to take on that experience end-to-end and be able to deliver what folks need in that moment, which is comfort and assurance.\u201d<\/p>\n

Rather, new technology presents opportunities to facilitate more proactive and individualized risk management than ever before, while also enabling employees to do what this industry does best: engaging with other people.<\/p>\n

Role of telematics<\/strong><\/p>\n

Usage-based insurance, for instance, allows insurers to tailor auto rates based on the policyholder\u2019s driving behavior, tracked by telematics<\/a>. By providing feedback to encourage safer driving habits, telematics has been found<\/a> to lower risk and reduce auto premiums, empowering consumers to recognize their direct influence on their insurance rates, Kempton said.<\/p>\n

Similarly, advanced smart devices \u2013 such as those developed by Whisker Labs (Ting) and Ondo InsurTech (LeakBot) \u2013 continuously detect conditions that could lead to damage within a home and notify homeowners before losses occur. The success of these devices has spurred numerous insurance carriers, including Nationwide, to pay for and distribute them to customers.<\/p>\n

\u201cSupporting the delivery of these technologies to our customers is critical,\u201d Kempton explained, as is \u201cmaking the cost of entry accessible.\u201d<\/p>\n

Words matter<\/strong><\/p>\n

Kempton noted that mitigative insurance solutions further serve to alleviate widespread public distrust in the industry, which has become \u201csullied\u201d under misconceptions of insurance as merely a commodity.<\/p>\n

Industry language fixated on costs, rather than consumer needs, is partly to blame.<\/p>\n

\u201cIn insurance, we talk about \u2018mitigating loss,\u2019\u201d Kempton said. \u201cThat\u2019s how it feels from our perspective \u2013 we see claims as losses \u2013 but let\u2019s turn that into, \u2018how can [insurers] better engender peace of mind and protection for consumers?\u2019\u201d<\/p>\n

Louisiana Insurance Commissioner Tim Temple later echoed this sentiment during a panel on legal system abuse, discussing how \u201cbillboard attorney<\/a>\u201d advertising has appropriated the consumer confidence once placed in insurance carriers.<\/p>\n

\u201cI remember when insurance companies advertised dependability and stability,\u201d Temple explained. \u201cNow it\u2019s lizards, birds, and jingles\u2026 And then you see the attorneys, and they talk about how you\u2019re going to be safe and secure with their service. That\u2019s [the insurance company\u2019s] job.\u201d<\/p>\n

Fueled by such advertising, excessive claims-related litigation has cost residents of Louisiana and other states across the country \u00a0thousands of dollars in \u201ctort taxes<\/a>\u201d every year, contributing to rising premium rates as insurers struggle to predict and mitigate protracted claims disputes. Lack of transparency around third-party litigation funding (TPLF), in which investors fund lawsuits in exchange for a percentage of any settlement, exacerbates this financial strain.<\/p>\n

\u201cIf we can avoid these additional expenses and the severity attached to nuclear verdicts, it benefits all consumers,\u201d Kempton said. Recent reforms in Florida<\/a> \u2013 once the poster child for legal system abuse \u2013 indicate as much.<\/p>\n

But reform necessarily hinges on collaboration between all stakeholders, which is unattainable without resolving \u201cthe consumer mindset we\u2019ve inadvertently created around what the value of insurance is,\u201d Kempton said. Updated legal regulations are equally important to ending legal system abuse as reasserting the key values of insurers \u2013 to protect and care for policyholders.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Lewis Nibbelin, Contributing Writer, Triple-I Maintaining human centricity in an increasingly digitized world was a focus of discussion for many participants at Triple-I\u2019s 2024\u00a0Joint Industry Forum\u00a0(JIF) \u2013 particularly during the \u201cFireside Chat,\u201d featuring Katherine Horowitz, executive vice president and head of business units for The Institutes, and Casey Kempton, president of personal lines at […]<\/p>\n","protected":false},"author":1,"featured_media":261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[14],"tags":[],"_links":{"self":[{"href":"https:\/\/legendsfootballcamp.com\/index.php\/wp-json\/wp\/v2\/posts\/259"}],"collection":[{"href":"https:\/\/legendsfootballcamp.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legendsfootballcamp.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legendsfootballcamp.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/legendsfootballcamp.com\/index.php\/wp-json\/wp\/v2\/comments?post=259"}],"version-history":[{"count":2,"href":"https:\/\/legendsfootballcamp.com\/index.php\/wp-json\/wp\/v2\/posts\/259\/revisions"}],"predecessor-version":[{"id":262,"href":"https:\/\/legendsfootballcamp.com\/index.php\/wp-json\/wp\/v2\/posts\/259\/revisions\/262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legendsfootballcamp.com\/index.php\/wp-json\/wp\/v2\/media\/261"}],"wp:attachment":[{"href":"https:\/\/legendsfootballcamp.com\/index.php\/wp-json\/wp\/v2\/media?parent=259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legendsfootballcamp.com\/index.php\/wp-json\/wp\/v2\/categories?post=259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legendsfootballcamp.com\/index.php\/wp-json\/wp\/v2\/tags?post=259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}