November 03, 2022

Mark McLaughlin: What are Risk Experiences?

52 minutes

In this episode of Scouting for Growth, Sabine VdL interviews Mark McLaughlin, a respected figure in IBM and its insurance division, to discuss the future of customer experience within a fast-evolving world. Today he is leading AI, hybrid cloud, and risk innovation engagements with insurance CxOs worldwide for IBM.

KEY TAKEAWAYS

You must improve how you engage with your customers, whether through distribution channels (e.g., brokers or affinity partnerships) or directly. Your customers are demanding digital frictionless engagements and experiences. They are seeking transparency and optimal convenience in how they access insurance products and services. They also want transparency into how their data is being used. In the end, this is the way you earn customer trust.

When data, intelligence, automation, and insights are combined, they augment decision-making among stakeholders but also require changes in skills, processes, technology, and culture. Think about the “reconfiguration” of the internal fabric of the enterprise to deliver the required personalized experiences.

InsurTechs are doing well. Over $47 billion has been invested in InsurTechs. Over 30 have become unicorns, and more are expected to become unicorns in the years to come.

Today, to realize such a vision and upgrade legacy systems and global delivery presence, IBM works with the top 100 carriers worldwide, bringing capabilities such as blockchain, Internet of Things, artificial intelligence, and cloud for flexibility and innovation, as well as industry expertise to deliver unique capabilities able to yield differentiated experiences.

BEST MOMENT

‘To elevate customer experiences and achieve customer-centricity and unlock new growth opportunities, insurers must identify innovative opportunities internally and through external partnerships to reinvent the core of their business.’

‘We are in the days of “Risk experiences”.’

‘If insurers think about repackaging old format analog processes into digitised options, they are going to fail. Customers are asking for more. They want products and services aligned with their needs.’

‘We know that insurers are better placed at focusing on “risk” (e.g., algorithmic underwriting) while InsurTechs are great at building unique customer experiences (e.g., Lemonade, Hippo, etc.).’

ABOUT THE GUEST

Mark McLaughlin is leading AI, hybrid cloud, and risk innovation engagements with insurance CxOs worldwide for IBM. Mark’s teams analyse trends in insurance and technology, develop strategies for insurers, and build IBM insurance solutions to meet insurer needs. He also shares IBM’s point-of-view on insurance with business leaders, regulators, and conference audiences worldwide.

Mark is a 25-year veteran of the insurance industry. He has previously led business units in insurance distribution and analytics, technology infrastructure, CRM, and insurance business process. Mark has personally led implementations in strategy, program management, analytics, data warehousing, expert systems, commercial claims, and underwriting for multiple top 20 US insurers.

ABOUT THE HOST

Sabine VanderLinden is a corporate strategist turned entrepreneur and the CEO of Alchemy Crew Ventures. She leads venture-client labs that help Fortune 500 companies adopt and scale cutting-edge technologies from global tech ventures. A builder of accelerators, investor, and co-editor of the bestseller The INSURTECH Book, Sabine is known for asking the uncomfortable questions—about AI governance, risk, and trust. On Scouting for Growth, she decodes how real growth happens—where capital, collaboration, and courage meet.

If this episode sparked your thinking, follow Sabine VanderLinden on LinkedIn, Twitter, and Instagram for more insights.

And if you’re interested in sponsoring the podcast, reach out to the team at [email protected]

...more

View all episodes

By Sabine VanderLinden

1212 ratings