Digital Transformation - June 17 2020
Craig Bedell is Sole Proprietor at Bedell Consulting, and a prolific speaker, mentor, writer, and teacher focused on the intersection of insurance, business and technology. Craig Bedell has over 30 years of P&C insurance business experience, mostly on the underwriting, sales, marketing and field management side. Eight of those years were spent as a commercial lines broker and risk manager. Prior to founding his own insurance solutions consultancy, Craig served as a Global Insurance Industry Executive at IBM. We connected with Craig to ask a few questions about digital transformation in P&C insurance, Insurtech partnerships, and how COVID-19 and other key trends are impacting commercial insurance today.
Craig, your focus is on optimizing people, processes and technology in insurance and risk management. If you had to give the industry a report card, how well do insurers manage and price risk today?
Overall the insurance industry does an excellent job pricing risk. It has to in order to survive. That’s not to say that there aren’t challenges especially with coverages for new and emerging risks as well as the occasional dramatic shift in historically predictable risks.
Currently some of the newer risks in the commercial and specialty space include cyber security, identity risk, and areas of liability associated with AI and bias. Obviously COVID-19 has opened up a can of worms relative to business interruption and workers’ compensation covers and thus pricing.