Chicago is known as the Second City to many; but for me, it is my home away from home, and where I spent many of the most formative years of my insurance career. So I happily accepted an invitation to host the panel at the InsurTech Chicago’s “Prevent & Protect” event on May 14.

This gathering of top professionals from both legacy insurance and insurtech fields underscored Chicago’s pivotal role in the industry’s past, present, and future.

It felt like a full circle moment to be back in the 1871space in Merchandise Mart—the setting for many pivotal deals and launches in the insurtech arena. So much incubation, ideation, and transformation of our industry took shape in that space. Many of our long-time former colleagues in the room enjoyed the nostalgia while networking before the content portion of the evening.

The concepts of predict, protect, and prevent are particularly front of mind for me day-to-day at Neuron. We have learned that the creation of digital marketplaces connects risks to capital, allowing for the aggregation of data that yields insights and real time monitoring. Whether rightsiding a portfolio or making adjustments to underwriting and pricing strategy, data empowers insurers to combat the dreaded whiplash moves of capital exiting markets, coverage deserts, and protection gaps.

Our panel discussion brought together a wealth of experience and practical knowledge as well as insight into some emerging and niche product offerings. I was thrilled to spend my time on stage alongside new and old friends:

• Rose Hall, PE SVP, Head of Innovation for Americas at AXA XL, who is renowned for her pioneering work in integrating tech solutions to predict and prevent risks.
• Trent Landes, Director of Operations at Fidelity Life, who has over 20 years of experience enhancing operational excellence and ethical practices in life insurance.
• John Songin , President and Chief Underwriter at Worldlink Specialty, who brought his expertise in aviation underwriting as a licensed pilot.

Here are some of the highlight moments from the panel:

1. I asked Rose, in the context of AI being overly-buzzes about, what does predict, prevent, and protect really mean as we focus more on the insurance buyer? “I think there’s an overemphasis on insurance but likewise there’s an overemphasis when you say innovation and people think ‘data’,” she responded. “Data is definitely part of how we’re innovating, however, innovation is a mindset.” She also explained how at AXA XL they are focused on approaching the client differently through business model innovation. “How do we create services that don’t just surround our solutions but are tied to them. A lot of insurance companies and brokers sell their services. We [AXA XL] don’t sell out services, we tie them to our policies.” Through this approach, her team derives loyalty and retention and offers the client more data-based risk management servicing.
2. John Songin reinforced something that much of the room nodded along to: “30 years from now, there will still be underwriters writing complex risk,” he predicted, but the tools and technologies they use will evolve. John’s insights on the integration of AI in aviation underwriting and specifically the use of drones for risk management in industries like agribusiness are examples of a rapidly-evolving landscape.
3. Rose and John had a dialogue around the learning curve and talent gaps in our generational insurance workforce. John pointed out that “A generation that grew up with native use of technology is going to grow up and drive and advance the way our business goes in the future. But we also still have a cohort of [legacy] individuals that we need to harness their expertise so we ensure our business perpetuates itself forward.” To this, Rose pointed out, “There’s a humility here, to all of this, to the generational learning curve” for both those nearing retirement who need to acknowledge they still have things to learn, and for “the cutting-edge who simply don’t understand why we have to have brokers.”
4. Trent Landes discussed the ongoing challenges of maintaining ethics and integrity in the industry, especially concerning claims and legal practices, and how evolving case law impacts these areas. He also highlighted how difficult the legislative, legal, and regulatory environments have become as insurers try to get new products filed or bring new standards to bear. This got a lot of agreement from our audience.

Before the panel, Drew Youpel, CRIS, STSC of Foresight Risk and Insurance Servicesspoke about the preventive tech his company uses in the monoline workers compensation space to reduce claims frequency by up to 17%, driving down ex-mods for hard-to-place risks. We also heard from Sabine VanderLinden in a TED Talk focused on how we manage emerging risks using tactics like health monitoring, behavioral underwriting, fraud prevention, and more. “When humans fail, big data can support actions,” she shared.

As President of InsurTech Hartford , Stacey Brown, MBA is no stranger to building engaged communities across the country, and with the help of Nilay Doshi , founder of InsurTech Chicago, and Brett McKenzie of CoVerse Communications as emcee, the event they assembled was a testament to the city’s enduring influence in insurtech innovation.

InsurTech Chicago demonstrated the dynamic and collaborative spirit of our community, ensuring that we remain at the forefront of the global insurtech landscape. As we look to the future, let’s continue to embrace innovation and work together to shape the next chapter of our industry.

If you’re passionate about driving innovation in insurance and want to be part of a forward-thinking community, join us at the next InsurTech Chicago event. Let’s continue to push boundaries and redefine the future of our industry together.