Here are five priorities for insurance leaders to consider, drawing on insurtech-driven solutions. Carriers, regulators and solution providers in the insurance industry continue to seek innovative solutions to some of the most pressing issues facing the industry. Priority 1 – Global risk: Even before the pandemic, volatility in global risks stemming from climate change, economic uncertainties, cyber attacks and more were at the forefront of long-term concerns for insurance providers. The pandemic has accelerated those debates, bringing both urgency and added complexity to forecasters and those evaluating the macro and micro impact of those risks. Insurtech Response: Better understanding of weather volatility from storms, drought/wildfire, etc., has long been a focus in the insurtech sector, with firms such as Hazard Hub, Opterrix and Athenium Analytics, to name a few, giving insurers greater insights for underwriting and claims.

On Monday, The White House announced plans to co-host four upcoming public workshops on various AI topics to "spur public dialogue on artificial intelligence and machine learning and identify challenges and opportunities related to this emerging technology." Spearheaded by the Office of Science and Technology Policy, the workshops will be rolled out over the next few months (May to July) and will cover topics including implications in law and government, as well as the social and economic impacts. Workshop co-hosts include academic and non-profit institutions, as well as the National Economic Council. In addition, a new National Science and Technology Council (NSTC) subcommittee on machine learning and artificial intelligence will meet for the first time next week. The NSTC is currently working to leverage AI and machine learning technology in a variety of government services.

Intelligent machines inform better, faster decisions. They enable managers in insurance to shift their focus to activities that call for decidedly human traits such as complex thinking and higher-order reasoning. Providing guidance and recommendations, machines complement managers' expertise, experience and ethics, as well as their ability to experiment and innovate. The overwhelming majority of insurance managers believe machines will make them more effective and their work more interesting. However, the survey also revealed a lack of trust in machines among managers that might affect an organization's ability to make the most of cognitive computing.