From the SFI work groups creation of the 2015 Hard Trends Report and the resulting Must Do actions, one primary work group recommendation is to create a new ACT Work Group focusing on the changing nature of (insurance) risk.
This work group reviews the individual topics that will impact risk Machine Learning, Voice Computing, 3D Printing, the Sharing Economy, IoT, Drones, Telematics, Machine Learning, and others and determining for responses needed by ACT and the industry.
The CNoR work creates Risk Advisories; short, focused advisories on each topic, defining the trend, importance, implications, economic impacts, recommended actions, and resources for more information. These 'Risk Advisories' are intended to drive strategic discussions among all industry leaders, resulting in accelerated distribution channel movement forward.
The 'Risk Advisories' are located on the 'Changing Nature of Risk' web page, and the group will continue to populate the web page with new Advisories as they are finalized. In 2018, this group focused on updating key previously-issued Advisories that have seen the greatest continued evolution. In addition, volunteers from the group completed an "Internet of Things Deep Dive", published March 2019.
2019 Strategy Update: The group has confirmed to create the next 'deep dive' on Artificial Intelligence ('AI'), utilizing the same format as IoT - We are working on this now, and targeting completion by end of Q4/19.
If you're interested in joining the discussion, simply send a quick email to ACT@iiaba.net!
Co-Chairs: Steve Anderson (Anderson Consulting), Rick Morgan (WAHVE), and Jerry Fox (Systems by Fox)
Click here to watch a Changing Nature of Risk breakout session from one of our ACT Meetings.