March 2024 Member 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 VA & DC… 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 in a few days to log in and confirm your information. As a PIA of VA & DC 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)
Sheryl Chasse, CPIA
Association Executive
March Member Spotlight: Robby Grandy, Members Assurance P&C
How did you get into the insurance business?
Years ago, I was living on the Outer Banks of NC, in between jobs, and an old neighbor, Charlie Easton, who had been a successful Allstate agent for many years, had an opportunity with a bank to start a new insurance agency division and asked if I was interested. My first response was “no, I have no desire to push paper” as that was my assumption of the insurance industry at the time. Charlie, whom I had great respect for as a professional, insisted that I at least meet with him and the executive at the bank. I agreed and after meeting with them to discuss the role, I realized there was a great opportunity. After accepting the opportunity and beginning my career, I was pleasantly surprised with the satisfaction I had in helping people navigate their insurance contracts and offering solutions. I’m truly grateful to have been dragged into the business of insurance as through it I have found great satisfaction while growing professionally and helping a great many people and businesses along the way.
How has your career benefited from being a member?
Through membership in the PIA, I have met a great many professionals, insurance company representatives and peers in the industry, through which I have gained new friends and expanded my knowledge base of the workings of the industry in rapid fashion. Through working with the PIA board of directors and with various committees, I now know with certainty that I can make a difference to positively impact the insurance industry in striving for improvement that benefit agents, our industry, and our local communities.
What would be the theme song of your life right now?
My theme song at the moment is somewhere in between the Scorpions’ “Rock You Like A Hurricane” and Zac Brown’s “Where the Boat Leaves From,” representing the dramatic market conditions in the insurance industry at the moment while maintaining hopes of a relaxing road ahead.
Who/What Inspires You?
People that use their platforms, whatever that may be, to positively impact those around them and society at large. In business, I am inspired by success stories of those who through foresight and earnest efforts make tremendous strides in their respective industries.
What do you love the most about your job?
I love working with people from various backgrounds and personalities, helping them in ways that they did not expect.
What are you reading or listening to?
Recently, I’ve been reading Insurance Journals and similar publications to keep a pulse on the ever-changing market conditions we are experiencing. Aside from that, I enjoy listening to various podcasts from The Insurance Guys to the Joe Rogan Experience.
Robby Grandy, Members Assurance P&C
March Legislative Minute, Dave Comey
Our Association has been following several bills in this year’s General Assembly, and the status of each follow:
HB531 & SB520 – Repetitive Motion- Workers Compensation- this bill was continued in both House and Senate. Held over until next year.
HB974- Presumption of certain injuries as work related. - An amended version was passed by the House. It resides in the Senate Commerce and Labor Committee.
HB1047- Auto Inspections 12month to 24months- continued in the House until 2025
HB1220- Personal Property in Homeowners policies from 50% to 25% option- defeated.
HB990- Salary History Inquiry Prohibited- Passed House (51Y,47N) – Senate amended by striking ‘civil penalty’ and replacing with “cause of action”. Passed Senate (21Y,18N), went back to House for Adoption and Passed (50Y,46N) on to the Governor for signature. There are six items that Employers must adhere to. HR Departments everywhere need to read.
SB256- Bad Faith bill regarding UM and Underinsured M- passed Senate (25Y,15N)- House Amended by removing $3,500 limitations, and passed (65Y,33N,1A). Will go back to Senate for Adoption.
Respectfully Submitted By,
David Comey, CIC
Chairman, PIA VA&DC Legislative Committee
David Comey, CIC
Chairman, PIA VA&DC Legislative Committee
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.
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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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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.
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."
