Risk managers play an important role in identifying and mitigating a wide variety of risks and technology is changing how they recognize and address them in today's environment. It also helps them to collect and synthesize data in new ways to manage previously unknown perils. This Leaders Live session will look at how risk managers are handling risks across property, auto and life insurance and features insights from three executives from LexisNexis: George Hosfield, Vice President & General Manager, Home Insurance; Jeff Batiste, Senior Vice President & General Manager, U.S. Auto; and Justin Baker, Associate Vice President, Life Underwriting Solutions.
Transcription:
Transcripts are generated using a combination of speech recognition software and human transcribers, and may contain errors. Please check the corresponding audio for the authoritative record.
Patricia Harman (
Thank you so much for joining us for this Leaders live session. I'm Patti Harman, editor in chief of Digital Insurance. Risk managers play an important role in identifying and mitigating a wide variety of risks and technology is just changing how they recognize and address them in today's environment. It also helps them to collect and synthesize data in new ways to manage previously unknown perils. Joining me today to explore how technology is changing the field of risk management are three executives from LexisNexis, George Hosfield, Vice President and General Manager of Home Insurance, Jeff Batiste, senior vice president and general manager, US for Auto, and Justin Baker, Associate Vice President of Life Underwriting Solutions. Thank you, gentlemen, for joining me today. So as I said, the adoption of AI and other technologies has just been really astounding within many different industries and especially across multiple lines of insurance. How are you and your clients integrating them into your various areas of risk management? And Jeff, I'll ask you to lead off our discussion.
Jeff Batiste (
Alright, well great. Thanks for having us today. Let me just start by level setting, given that our industry is really highly regulated, we have to be very thoughtful in how we incorporate both AI and other emerging technologies into the business. And so having said that, we operate from a really set of rigorous AI principles that allow us to navigate the landscape. And so to the point of your question, how are we incorporating these emerging technologies? When you think about for us leveraging large language models to help us summarize information and drive internal efficiency to neural networks to help us improve our modeling techniques or leveraging computer vision to benefit our customers and their consumers to have a better experience. Those are some of the ways that we're incorporating these technologies. And you think about it in a couple of different buckets. For us it's really about operational efficiency inside of our business that allows us to increase both speed and accuracy of what we do in providing data. And on the customer side, it's really about removing friction from their workflows, really from the quoting process to the claims process. And ultimately improving the consumer experience is really where you're seeing these technologies be adopted.
Patricia Harman (
That makes a lot of sense and based on what I've heard across the industry, the customer experience is a really important aspect. George or Justin, anything that either of you want to add?
George Hosfield (
Yeah, I can just add a little bit that from a property insurance standpoint, I think certainly one of first places our customers, the homeowner's insurance industry in general has really gotten comfortable with AI, has really been started with that computer vision angle and aerial imagery being interpreted by computer vision. AI has been I think a pretty successful use case in our market, both on the underwriting side and on the claims side really. And I think that's been kind of the gateway for a number of other technologies to come into play. I think certainly from an underwriting standpoint as well, beyond the aerial imagery using virtual tools to detect and understand the interior and exterior of the home has certainly been an area of rapid growth here of late. And then as Jeff called out with neural models, that's still an area of exploration I think. And there's still opportunities within the state departments of insurance and so forth for better education there, but we're seeing such good predictive results there and a lot of the explainability issues of are being overcome. And I think that's going to set the industry up to continue to kind of grow and develop down that path.
Patricia Harman (
What role does technology play then in helping to identify risks? And I'm thinking either new or even existing risks. I think there are some ways that you can use technology that maybe didn't identify something before, but all of a sudden it gives you insights that you didn't have previously.
George Hosfield (
Yeah, I think that's a great example. We talk about using a lot of these tools at both new business and at renewal, maybe because you didn't have the tools originally or maybe something's changed and now you've got the ability to understand what's changed. And I think whether you think about new business or renewal, you're really thinking about a funnel, right? I mean most of the tools we're talking about today aren't, you can't just set 'em and forget 'em, right? You still got a human being involved. And ultimately I think from the regulatory standpoint as well as what the technology will support, you still want to have that human being involved, but where the new tools and the AI as well as other kind of data and analytics tools to really help to filter that down so that the human is really only looking at the stuff they need to look at.
(
And so when we look at how do we then assess what do we need to look at? Well, it starts with what all do we know and what all do we know that correlates with future expected losses or inspection findings or hazards or valuation gaps that we need to solve for? Let's use data to filter those down. We get that down to a certain point where we can actually leverage the tools maybe in the hands of the consumer or the agent. Then the consumer or the agent can collect some of that additional information that might be harder to get to ultimately get down to that final very, very small percentage of risks that need really hands-on underwriter attention. And that's really the goal is to get as much basically as small a number of the highest risk properties that you want into the hands of your underwriters so that you can address those. And that's where I think a lot of the tools right now are kind of leading this.
Patricia Harman (
I've been amazed at some of the tools that are out there and I was interviewing an executive and his description was AI has the ability to see much of what the human eye cannot or has the ability to take in lots of different data points and kind of synthesize them into what you were saying, George, and to adjust the things that your underwriter needs to pay attention to, that sort of thing.
Jeff Batiste (
Patty, with
Patricia Harman (
That, go ahead
Jeff Batiste (
Yeah, if I could just build on that and just kind of broaden it back out. I think what some of these emerging technologies and capabilities are allowing carriers to do is really be aware of changes in risk profile on a proactive basis to really understand how the risk is changing over time in real time from a proactive perspective. And that puts insurance carriers in a much better position to George's point at renewal, they're aware of how that risk has changed and they're able to capture the right premium for that risk. And so that's where I see some of these applications really providing a 360 view of the insured.
Patricia Harman (
Not only that, it lets the insurer come in earlier in the process before it's a disaster. It helps along with the education and all of those different aspects as well. Justin, I'm going to ask you, how is technology changing your approach to risk management then?
Justin Baker (
Yeah, thank you, Patti. From the life insurance side, generally within the insurance realm, life industry has been a little bit slower on the innovation curve, notably just because of the long tail risk and the vastly more complicated medical inputs. So over the past few years we've seen just rapid expansion of data sets and data sources with a lot of recent focus on electronic health records, which as a source of information actually represents various different data sets that go together. Now when you add that to an already complicated universe of data using tools that we've talked about here, it's all about how do I actually assess that information? I can't just be in the business of putting it on an underwriter's desk and asking them to read through it and string that together. So to your quote earlier of that, these tools help to see what the human eye couldn't.
(
Things like rules engines, mortality modeling, AI summarization, all of that tends to be trends that we see out there. And really from a risk management benefit, it's really threefold, which is expansion of markets that are able to be more cost-effectively reached from an acquisition standpoint, improvement of the overall customer experience, the consumer experience. It's less invasive, less time consuming. These faster data sets assessed in an automated fashion enable quick responses. And then finally the ultimate goal, especially from an underwriting standpoint is improved decision making. So giving the insights on the risk and really enhancing and supplementing that underwriter skillset. So bringing those all together,
Patricia Harman (
It's been really interesting for me covering especially in the life insurance area because I think that's where I've seen some of the major changes in the data that's available. And as you were saying, it really helps underwriters to assess the risk more accurately and definitely price it better. How does this increased use of technology also help to identify coverage gaps in different areas? And George and Jeff, I'll ask you maybe in the P&C areas or in some of the areas that you're covering like home insurance.
George Hosfield (
Yeah, I mean if you think about it, in a lot of cases the industry has data that's been out there for a long time but maybe has not been mined in the way that we can now mine it to come up with important insights. One of the things that we're doing right now in the homeowner's insurance area looking at contributed policy information because one of the big problems that our customers have on the home side, especially with all these wildfires and hurricanes and big events, total losses, then when the insure is underinsured and they can't rebuild that home for what they're covered for, that becomes obviously a major issue. And so we're now able to take a lot of the contributed policy information we have across the industry and determine in pockets where a carrier may have policies that are underinsured. And it's kind of interesting to look at that data because we do see very geographic distributions on that. Sometimes it's driven by agent behavior. 5% of agents in our study account for about 33% of the most potentially underinsured properties. And so by identifying where those pockets are, you can not just identify, hey, this is where we might have an issue, but also kind of leads you right to a solution on how to fix it. That's something we couldn't have done before. The analytics and the geospatial technologies and everything that we have available to us today, were able to be brought to that type of data.
Patricia Harman (
Very true. Jeff, are you seeing anything in the auto space?
Jeff Batiste (
Yeah, I think just kind of building on the last comment that I made around understanding the risk profile changes, so the ability to have more information about the consumer earlier in the process, let's say that they're adding that drivers are coming of age in a household, we're able to share that information with carriers ahead of time so that they're aware of that. And also from a data capture perspective, identifying incremental data sources that give us a better picture of a driver's experience. For example, with accident history, there is accident history that is available that's outside of contributed data that we're able to link to potential insurers to give you a better to give insurance carriers a better understanding of the real driving history of that consumer. And so these things have been made available through kind of advances in the technology and the ability to go out and harvest more data.
Patricia Harman (
Okay. Does technology help then in the creation of new coverage solutions maybe to offset some of these gaps you're seeing in different areas? And Justin, I don't know if you're seeing anything in the life space or George, if you're seeing anything in the property and casualty.
Justin Baker (
Yeah, it's a great question and it's really all about access. The life industry. It's kind of funny where I'd like to say the original risk, as soon as people were born, mortality risk existed. And so from that standpoint though, the industry has also seen a large protection gap for decades just in terms of either underinsured or not insured at all population and have been constantly trying to close that gap for years. So the potential is there with the base risk and the base coverage offerings. And so then this becomes about access, which is largely enabled by combination of technologies, not just thinking of one in isolation. And for life insurance, there's been a strong base that's been established during the last decade with accelerated underwriting. So that's the avoidance of traditional evidence sources like a paramedical exam or current labs or visit to the doctor.
(
All of those would be potential barriers to applicants even getting started in the purchase process. Plus they're expensive to support, there's high fallout rates, et cetera. So when we look at these combination of tools that pull together, we have digital applications and underwriting workbenches, we have those new and expanded data sources we talked about, and then really that mortality modeling technology, which is sort of think of it from the standpoint of automated assessment of those inputs to see those pieces that you can't see with the human eye. And that enabled automated decisioning to say, do I need more information or can we make an offer to this applicant? And the carriers have been steadily innovating on that platform over the last decade, expanding age and face amounts. Now, what that does for us just in thinks of, in terms of what comes next is really that modeling and the newer data sets, pulling those together and saying, Hey, how do I combine driving behavior and public records footprint with electronic health records?
(
What are the new insights that we can see out there that can reveal further segmentation, higher wind percentages for carriers, more competitive offers being presented to consumers? Alexis Nexus, we had a recent white paper where we were talking about some of those opportunities with our own internal research. We had three examples of common conditions, diabetes, asthma, sleep apnea. When we paired those with our risk classifier mortality model, we saw what was an opportunity in segmentation within those conditions to say, if you have diabetes, not all diabetics present the same mortality risk. And the risk classifier mortality modeling approach allowed us to create segmentation within those diabetics. And what we saw was the opportunity for acceleration and competitive offers out to those customers by combining those data sets through the use of mortality modeling. One other thing that I think is important here too is we see trends towards consumer driven access and consumer driven control of the data that they share.
(
And within the life insurance industry, we have electronic health records offering that we call health intelligence, and that is enabled by consumers actually able to connect and share their data directly with life insurers and what that results in, it makes it easier for them to get the right information to the life insurers so life insurers can make their decisions, puts them in control of that entire buying experience. And most importantly, especially from a carrier's viewpoint, is the data that we see from our carrier customers that are using it is that they make notably higher decision rates on that data where the consumer has actually connected it directly to them themselves. And so all of that says that these technologies as they start to build on each other, really enable in the life industry in particular, just enable us to actually work as an industry to close that protection gap.
Patricia Harman (
It clarifies a lot of information and I think it makes the entire process a little bit more transparent for everybody that's involved too. So each of you focuses on different areas of insurance. Are there certain areas where you're seeing that the adoption of AI has been harder or easier one way or the other? Jeff, I'll start with you on that.
Jeff Batiste (
Yeah, I wouldn't say harder or easier. I would say there are areas, the market that the capabilities of AI are better aligned with the application in the space. So when you think about the claims process, you see a lot of activity with extractive AI being leveraged where there's large amounts of unstructured data that need to be structured. It's a semi-manual process in terms of connecting the dots as you see someone in the claims workflow. And then I think from a modeling perspective, I think leveraging neural networks to explore different ways to look at, for example, violations where we typically look at violations by the type and the count, but using neural networks to look at violations more how they interact with each other over time periods. So looking at using the technology to look at things in different ways where the capabilities align with what's called for in the process.
Patricia Harman (
George, anything that you're seeing in the P&C space?
George Hosfield (
Yeah, I mean in terms of where the new technology is, I guess working versus where this running into some trouble, I think you can easily say that a lot of these things with AI, with computer vision, with machine learning, neural networks, et cetera, it seems like there's a lot of success in workflow and process optimization where you really are giving your existing staff tools to do things in a smarter, faster, more efficient way. I think where you see some hiccups happening and where you see even some departments and some regulations popping up here and there are when that technology is used to make a decision that is not then validated by a person, and I think that's really, if you just look from a 30,000 foot view, that's where I'd say the challenge is. And so that really does continue to point back to the need for a human being to be that final check, to be the final one that says, okay, this roof is bad and we're not going to cover this policy versus just taking the AI's word for it. So I think that's a very key place. I do think over time, especially when it comes to pricing with more sophisticated AI driven models, I think that the industry will get there, but I do think that that's something that the industry has to take its time with and do the right thing for the consumer because I guess acknowledging that there are some limitations to the new technologies that we have.
Patricia Harman (
Yes. I would totally agree. I spent all day yesterday checking something we had used AI to collect some information and I spent five hours going through records and just verifying information. So you're right. There still is a need for that human interaction for sure. With everything that's going on. What do you see are the greatest benefits to the integration of technology into your different areas of expertise? Jeff, I'll ask you that first.
Jeff Batiste (
Sure. I'll start with some categories. I mean, I do think at the end of the day it's customer experience, so really removing friction from the process, making easier, simplifying the process for consumers to access either insurance broadly like a policy in the first place or working through the claims process so that they're made whole faster. I think that that's where you're going to see some of the greatest benefits. But I think one thing that we haven't talked about, and it's away from the AI conversation, but it's still somewhat early in the adoption curve I'd say, and that is the advent of telematics in terms of personalization of policy. So you asked a coverage question, a few questions back, but if you think about where the market is going and the capability to personalize coverage, I think that that's going to be one of the biggest benefits that we see as we look forward as we continue to have people adopt telematics and carriers have a greater mass of data that I think is a huge benefit that we're going to see for the industry.
Patricia Harman (
I would agree with that. George, anything you want to add on that from your perspective?
George Hosfield (
And I think within the home insurance market, it actually builds off of exactly what Jeff was saying. There is a lot more personalization and consumer oriented services that can be provided through this new technology. And I think one of the great examples that I would use would be, we did a study last year about the consumer and how the consumer feels about homeowners insurance, and a lot of consumers even said, the vast majority said we would even pay more if we knew what we were paying for basically when it came to insurance. And I think a lot of the frustration that consumers have is the lack of education and the lack of perceived transparency as they go through that process. And a lot of these tools, you put a tool in somebody's hand to help them document their home and the risks associated with their home, but they're also documenting things that are important to them that they want to be sure that are covered. And you're also having a new opportunity to learn about that consumer, what that consumer needs, what that consumer wants, and you have an avenue to communicate to that consumer ways to educate them through these mobile apps. I think that's a great example of how these new technology can kind of create a stronger value proposition of insurance for consumers by filling some of that education gap.
Patricia Harman (
Justin, what benefits are you seeing in the life insurance space then with the integration of technology?
Justin Baker (
Largely the same themes, which is the consumer benefit is number one, and it's really driven by the fact that the carrier can achieve benefits as well, which is smarter decision making overall just improved cost structure to make their underwriting decisions, et cetera. The one additional point I would make here that I think where we are at in terms as an industry is the notion of innovation as a thing that happens and then we're done with it or we move on to the next thing. We're in a spot where AI and some of these tools is going to be a steady state of learning. I mean, I think anybody on this webinar could probably reflect on their own personal use of AI and how that's evolved over the past couple of years. And so as the tools get more sophisticated as the low hanging and safer use cases like workflow optimization, prove value, then that allows carriers to learn and get more comfortable advancing to the next phase as an extracting value. So this is definitely a multi-year journey, and so it's one where the most immediate benefit is just getting started and getting into that learning curve.
Patricia Harman (
Yes, I agree. There's a lot to learn, but when you start to see what the possibilities are, I think that kind of changes your perspective. And along those lines, how are your teams and clients and even your client's employees adapting to the increased use of technology and risk management? And Justin, I guess I'll ask you that question first.
Justin Baker (
Yeah, I think with any technology, the hype and then there's the reality of it and what's consistent in the reality of it is that any adoption of any technology and incorporating into the business has to be driven by a comprehensive change management approach and plan. So it's knowing the stakeholders, knowing what's important, but what are all the second order impacts? So if we say, make better underwriting decisions, be like, well, yeah, but what does that mean for distribution and what does it mean for the consumer? And really taking care to understand all of those implications so that the adoption of that technology actually achieves the original intended benefits. And so there's a variety of change management techniques and standards that are out there, but what we see in terms of adoption of new data sets or new tools that we put out there is that change management, the regular feedback loops, the adjustment, the learning, that's absolutely key to successful launch. And so that's really where I think the emphasis should be. And then as carriers are thinking about adoption of any technology or any refinement, is to make sure to stick to those tried and true change management principles and then you'll achieve the entire benefits with all.
Patricia Harman (
Jeff, anything you wanted to add on that? Nope. No. Okay. Is there anything that really concerns you as you see customers adapting technologies into their workflows? Because each of you focuses on a different area, so anything that you're seeing from your perspective that concerns you?
George Hosfield (
And I can start on that one. I'd say that the concern necessarily isn't how they adopt it, it's more like how they aren't adopting it in some areas. I think we're in an industry that has traditionally taken a while to integrate new technologies, and there have been some that have been promising technologies that haven't really necessarily fully panned out the way they were originally hyped. So let's not fool ourselves Now we're dealing with this AI wave. I think it is fairly clear there's substance here and there's really two different categories of carriers right now. There are those that are, nobody's fully adopted any of it, but there are definitely folks who are looking and learning and getting their feet wet, finding one or two good use cases or opportunities to begin utilizing some of this in their business. And there are folks who are fully in the wait and see mode, and I think that as the years pass, you're going to see a growing distance between those two. And so that would be my biggest concern is that folks need to start dabbling, getting their feet wet and kind of getting on the train in some way, shape or form.
Patricia Harman (
I agree. Go ahead, Jeff, anything? Did you want to add anything to that?
Jeff Batiste (
No, just building on George's point. I mean I think that identifying small parts of their workflow or processes to experiment with and partner with people wherever there's an exception and there's a human in the loop, that might be a good place to start with leveraging some of the new AI or generative AI offerings that are out there because it gives you kind of an opportunity to test and learn, and I think that's the right approach. I mean, it's really largely what George suggested.
Patricia Harman (
I agree. Justin, anything you wanted to add on that? Go ahead.
Justin Baker (
Yeah, just one more addition here. As a company that specializes in data and modeling, I would encourage any carriers as they think about how they go forward, which is don't think of data and technology as two distinct categories. They largely go together from the standpoint of it, I think of it as the data, as the fuel and the technology is the engine, and you got to make sure that the fuel and engine combination is the right one, and if they really want to unlock value, thinking about how's the workflow configured, what technology pieces, what do I learn in the process at one point that informs further down, that's an overall design issue. And so they want to think about it comprehensively as they go forward, caveat with the little call out that to learn and adapt as they go also is going to be of critical importance for them.
Patricia Harman (
I think one of the things that I have observed as I've spoken to carriers of all sizes across the ecosystem is that I'm seeing that some of the silos that had initially been there because of different, very specific lines of insurance, I'm starting to see those come down a little bit because as you're implementing AI in one department, it affects three or four or five other departments, and so you can't use it in just one space within your company. You have to look at it across the entire ecosystem. So I think are there any risks that you're watching in particular in your coverage areas that you think our viewers should be aware of or monitoring or at least keeping an eye on going forward? George, I'll start with you on that one. I'm sure within the home insurance space, there must be something.
George Hosfield (
Yeah, well, absolutely. I mean, look, I think from the overall standpoint, I think a lot of the industry is starting to move to more of a predict and prevent kind of approach, which I think is the right approach because fact matter is we have things such as climate based risk that seemed to be increasing gradually year over year, but doesn't seem to be showing any signs of abating. So whether it be wildfire or hurricanes or flooding or you name it, these are things that are going to continue to happen, and so you're not going to stop them from happening, so you want to try to prevent the claim as a result of that. So that's a key piece. But the other risk that we have to look at over the course since 2020 post COVID and the supply chain issues and the inflation that came following that, that was obviously a big shock to the system of the industry on many fronts, not just on the home side.
(
I don't think we're totally out of the woods yet, and so we want to continue to look at things like proper valuation on the home as we see how things evolve here in the next few years, whether we have an additional inflation or labor shortages that could drive up cost. So those are things we're really looking at and trying to maintain, I think a solid underwriting approach that's going to protect you in good times and in bad. But those are certainly things that I think are on the minds of a lot of homeowners insurers right now.
Patricia Harman (
Jeff, anything you're watching in the auto space?
Jeff Batiste (
Yeah, a couple of things. I'll give you one that sticks out, and that's the rising amount of litigation that we see in claims settlement, right? Just as a trend. I mean, we've been seeing that for a significant amount of time now, and that's something that we see as continuing to persist. And how do insurance carriers get ahead of that curve? How do they prepare themselves and their claims organizations for this increased amount of litigation and attorneys evolved in claims? And so there are some things that we're doing to kind of help them understand what that landscape looks like, but it's one of the factors that continues to drive insurance costs higher.
Patricia Harman (
Okay, interesting. That's one of the things that we've been watching from our perspective too, because I've just watched those numbers climb significantly over the last couple of years. Justin, any risks that you're watching in the life insurance space? Anything that our audience should be keeping an eye on?
Justin Baker (
Yeah, I think our industry has long been focused on what's actually changing in the healthcare industry and how's that impacting mortality trends. And I think everything that we talk about in terms of emerging technologies and AI in the insurance realm itself, we have the same adoption and speed of change issue happening in the underlying healthcare industry. And so it's just not a matter of keeping track of those trends, but also keeping pace with the information exchange that's coming out of that and looking at for those trends that are occurring within healthcare, how can we as a life insurance industry leverage AI to quickly respond and adapt to those changes in the underlying healthcare industry so that the mortality performance and projections that we have continue to perform as intended?
Patricia Harman (
I was amazed at the role that AI is playing in some aspects of the healthcare industry, just when I go for my own checkups and they're like, okay, well next time we have this new technology and it uses AI, and I'm just like, okay. It's really amazing to me. We've covered a lot over the last half an hour or so. Is there anything I haven't asked you that you think our audience should know about the integration of any type of technology into the field of risk management? Anything that you're seeing, something that it's like, I never would've thought about this five years ago, but now I'm seeing this on a regular basis, anything like that?
Jeff Batiste (
No, I would say this, Patti. I would just say back to where this is my opinion, where I think this is going is leveraging these technologies to provide more personalized insurance coverage for consumers. I think there's going to be a greater demand from consumers to understand what they're paying for, but also to know that they're paying based upon their experience. So I think that's going to be something that we want to make sure that the carriers are paying close attention to and how can they enable that within their own organizations.
Patricia Harman (
I would totally agree with that. George or Justin, anything that you want to add, something that you want to make sure folks know?
George Hosfield (
Yeah. One thing that triggered with me as Jeff was talking just now is that the technology doesn't just make things faster and easier. It is also unlocking the ability to know more from the insurance standpoint. In a lot of cases over time, certain processes have been kind of slimmed down in underwriting for cost purposes really because it took a person to do them. And so a lot of carriers in the homeowner space, for example, no longer see inside the house, or they maybe no longer really understand that consumer the way they should. Now they've got new tools they can allow them to do those same things they used to do, but to do 'em in a cost effective way. And so it is not just about a race to see who can do it faster with the least people. It's really opening up an opportunity to have a much more robust and comprehensive understanding of the risks that they're insuring.
Patricia Harman (
I totally agree. Justin, anything you want to add?
Justin Baker (
I think the last thing is just to reiterate, especially when it comes to AI, which is there's plenty of low hanging fruit use cases that are easy to get started with. So no matter what your risk appetite is as a carrier, there are ways to leverage the value now and again to start that learning curve so that when the tools advance and we're looking back in five years and saying, how could I ever live without this, just like we do with our phones now, that you'll be ready for it as a carrier to advance those more complicated use cases.
Patricia Harman (
I agree. Jeff, did you want to say something? No, I was going to say, as someone who covers the technology industry, I will tell you I am astounded at how quickly technology is evolving. When I interview people, I would say, oh, what do you expect to see in the next three to five years? And now it's like, what do you expect to see in the next six to 12 months? Because that's how quickly technology is evolving and the adoption and re-skilling and learning new skills and just learning how to adapt to it in a number of different ways is just absolutely astounding to me. And the one thing that I will say is that the insurance industry for many years has had this reputation of being very slow to adopt new technologies. I will say that since the pandemic hit, the speed at which they have adjusted and that they have adopted new technologies and started to figure out how to implement it across all of their ecosystems within their companies and then across their different lines of insurance has really been very impressive to me.
(
And I think that kind of changes that perception that carriers are very slow to react. I think now they are cautious because they are underwriting the risk for everybody else. So as every other industry adapts technology at lightning speeds, carriers are still the ones ultimately who will be paying those claims or dealing with those lawsuits or whatever it is. And so they just want to make sure that they have as much data and that they are covering these risks adequately and pricing them realistically, so to speak. So thank you all so much for sharing your insights on how technology is changing in so many different aspects of risk management. I want to thank our audience for joining us today and we hope that you'll be able to join us next month when we discuss how climate change is affecting coverage and some weather related risks to watch. Thank you so much and enjoy the rest of your afternoon. Bye.
