March 2024 PIANC News

From the Executive's Desk...

The only constant is change…the Greek philosopher Heraclitus is credited for this quote we have all heard and possibly uttered a time or two.  Here is what is changing at PIA of NC… we are moving to a new Association Management System (GrowthZone).  We are hoping you find this change as exciting as we do.  You will be getting an email from us to log in and confirm your information.  As a PIA of NC member, you will have access to many things.

  • Update your profile
  • Access newsletters
  • Look at and register for classes and events
  • Add yourself to a committee
  • Keep track of classes you have taken through PIA and print certificates for these classes
  • If you are an administrator in your agency, please let us know so we can set you up to register your staff for classes and events and update your agency list (Principals, you have this access as well)
  • And so much more!

Here is another change that has been happening… AI is taking over in a lot of conversations and industries, our industry included.  This week alone I have been in several meetings with attendees discussing different AI tools.  I thought I would give it a try and see what came from my putting just a few words into a tool (I used Chatgpt.com).  Here is what I asked the tool … “Write a monthly article for a newsletter about artificial intelligence and changes in the insurance industry”  Below is the article that was written for me.  With AI, you have to fact-check and as far as I can tell this article is pretty factual about the trends and there is a lot to think about.  My question to you this month is how are you going to use AI (or are you praying it goes away??).  If you are interested in helping us write more about this topic for our newsletters, please email me at sheryl@piavadc.com

Title: The AI Revolution in Insurance: Transforming Risk Management

Dear Readers,

Welcome to our monthly exploration of the dynamic intersection between Artificial Intelligence (AI) and the insurance industry. As we embark on this journey, we witness a profound transformation reshaping the landscape of risk management. With each passing month, AI's role becomes increasingly pivotal, revolutionizing how insurers operate and how policyholders are served.

Unleashing Data's Potential:

At the heart of this revolution lies data – vast, complex, and brimming with insights. AI algorithms, fueled by this data, possess the capacity to analyze patterns, predict trends, and assess risks with unprecedented accuracy. Through machine learning and predictive analytics, insurers can now harness the power of data to refine underwriting processes, tailor coverage plans, and streamline claims management.

Enhancing Underwriting Precision:

Traditional underwriting methods often relied on historical data and generalized risk assessments. However, AI enables insurers to delve deeper into individual risk profiles, leveraging real-time data streams from diverse sources. By incorporating variables such as IoT sensor data, social media activity, and telematics from connected devices, AI-driven underwriting models offer a granular understanding of risk, leading to more precise pricing and personalized policies.

Empowering Claims Management:

In the realm of claims management, AI is revolutionizing efficiency and accuracy. Natural Language Processing (NLP) algorithms can sift through vast volumes of unstructured data, such as claim forms and medical reports, rapidly extracting relevant information and expediting claim processing. Additionally, image recognition technologies facilitate automated damage assessment in property insurance claims, reducing manual intervention and expediting settlements.

Fostering Customer Engagement:

Beyond operational enhancements, AI is reshaping the customer experience within the insurance industry. Virtual assistants and chatbots equipped with Natural Language Understanding (NLU) capabilities offer personalized assistance round the clock, addressing customer queries and guiding them through the policy purchasing process. Moreover, AI-powered recommendation engines analyze customer data to offer tailored coverage options, enhancing customer satisfaction and loyalty.

Navigating Ethical and Regulatory Challenges:

Amidst the transformative potential of AI, it is imperative to address ethical considerations and regulatory compliance. Insurers must prioritize transparency and fairness in AI-driven decision-making processes, guarding against algorithmic biases and ensuring accountability. Moreover, compliance with data protection regulations such as GDPR and CCPA remains paramount, underscoring the importance of robust data governance frameworks.

Looking Ahead:

As we reflect on the evolving landscape of AI in the insurance industry, it is evident that the journey has only just begun. With advancements in machine learning, deep learning, and AI ethics, insurers are poised to unlock new frontiers of innovation and efficiency. However, embracing this transformation requires a holistic approach, combining technological prowess with ethical integrity and regulatory adherence.

In the months to come, we will continue to explore the latest developments at the nexus of AI and insurance, unraveling the implications for stakeholders and society at large. Join us as we navigate this transformative journey, driven by innovation, insight, and a commitment to shaping a more resilient and inclusive insurance ecosystem.

Check out this video: Turning AI into Opportunity - a panel of 3 industry leaders (youtube.com)

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Sheryl Chasse, CPIA, Association Executive

 

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Save the Date Aug. 21 22 2024 NC
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Don't be scared of E&O – Respect It!

 

by Curtis M. Pearsall, CPCU, AIAF, CPIA President – Pearsall Associates, Inc.

Consultant to the Utica National E&O Program

 

If one were to ask 100 agency staff members that just came out of an errors and omissions (E&O) class, how many do you think would comment how scary the world of E&O is? How many agency owners would now be tempted to put a “For Sale” sign on the front lawn of their agency? The answer to both questions would probably reveal how scary they find E&O. This is truly unfortunate. While E&O can, at times, be somewhat intimidating to agency staff, embracing it and understanding how the agency can truly minimize its E&O claims potential are key to addressing that fear.

{click to read the full article}

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Floodplain Education

The National Flood Insurance Program (NFIP) is a Federal program, established by Congress in 1968, that allows property owners to purchase federally-backed flood insurance within communities that participate in the program.  In return for this insurance protection, participating communities implement floodplain measures to reduce flood risks to the new development.  Through this program, Federal Emergency Management Agency (FEMA) and participating communities are able to reduce future flood losses.

See additional information at the links below.

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PIANC Membership

PIA is your resource to help your agency grow and prosper.  We provide quality education, effective advocacy to protect your agency and our industry, networking and leadership opportunities, as well as insurance coverages for your agency.

PIANC offers four types of membership:

  1. Agency Main
  2. Agency Branch
  3. Additional Voting
  4. Retired
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Postings are free for PIA members.

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2024 Course Schedules

Select the graphic or button to learn more and register.

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From PIA National

Cyber Security Insurance

PIA Partners with Propeller

PIA is proud to partner with Propeller to offer a fully automated, instant issue surety bond solution.

 

By offering a white-labeled surety bond platform backed by "A" rated carriers, Propeller makes it easy to search for, purchase, and distribute bonds while earning a competitive commission and growing your surety revenue through a lead generation-based model.

 

Agency Perks:

  • 30% Commission on all bonds, new and renewal: Contract, Commercial and Fidelity.
  • Performance Plus Program offering up to $1MM in credit-based underwriting for Contract Bonds.
  • Book Roll Bonus Program providing agents a large bonus in addition to the 30% commission on bond purchases for rolled books of business.
  • A library of 7,000 bonds available with dozens more being added each month.
  • Free access to technology, surety markets, and surety experts allowing your agency to become a great bonding resource overnight.
  • An MGA licensed in all 50 states.
PIA Propeller

PIA Partners with Ascend

From billing to premium financing to distribution of commissions and carrier payables -- PIA and Ascend have you covered! 

 

Free to Use - No Subscription Fees:  let your customers decide how they want to pay - Credit/Debit Card, ACH, Wire

 

One-Click Premium Financing:  automatically built into the checkout experience without any extra back and forth.

Instant Commissions:  receive your commissions in 24 hours.

Simplify Carrier Payables:  minimize time spent figuring out commissions and carrier payments.

Full Transparency:  get notified when clients pay and markets are funded.

PIA Ascend

Introducing Winning@Customer Retention

Demonstrating the value of working with an agency is key. That’s where Winning@Customer Retention comes in. It's a new program from the PIA Partnership designed to help agencies improve customer service and retention. We’ve pulled together resources to help track client retention rates, segment, and communicate with customers.

The program puts spotlight on technology and solutions that play a big part in improving customer communications, referrals, and enabling agencies to select the right solutions and be proactive. Winning@Customer Retention includes a mix of online materials and tools and in-person and virtual sessions and events.

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In the event of cyber business interruption, insurance covers loss and costs in excess of normal operating expenses required to maintain the business and restore operations.

PIA National is happy to introduce the PIA 401(k) Program. It is a turn-key, low-cost solution for agency owners and their employees and performs over 90% of administrative tasks by becoming your retirement department support team.

The PIA 401(k) Plan provides what employees want and what independent agents need to deliver it, in an efficient and cost-effective way.

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In an increasingly virtual world, it’s critical that you know how to build relationships online. That’s why PIA National has launched its latest member benefit, The Agent Experience.

"We’ve built this tool to expand your views about building relationships in a virtual world—and to provide access to resources that will help."

”Here men from the planet Earth first set foot upon the Moon. July 1969 AD. We came in peace for all mankind."

Neil Armstrong