Leslie Chacko Managing Director of Digital, Technology and Innovation at Marsh & McLennan Solutions
Lars Skari Co-Founder of AltumAi
Workers’ compensation is the largest premium segment in the U.S. commercial insurance market. Workers’ compensation, mandated by law in 49 U.S. states to provide employer reimbursements for injuries occurring in the course of employment, represents one of the largest nondiscretionary expenses for labor-centric firms.
Yet these premiums are dwarfed by the overall cost of occupational injuries and illnesses, estimated at $250 billion in 2012 by a UC Davis researcher. This figure far exceeds the direct and indirect costs of cancer, diabetes or strokes.
The heralded 4th industrial revolution is upon us, with artificial intelligence, Internet-of-Things (IoT), automation and platforms promising to upend business models and processes across industries. In partnership with Altumai, an InsurTech at the intersection of risk, artificial intelligence and IoT with its Risk-Avoidance-as-a-Service platform, we look at implications across commercial insurance in four parts.
Vehicle telematics and insurance is at the forefront of the P&C innovation agenda. All the major auto insurers have apps that can monitor and understand driving behavior. Insurers and start-ups, such as Root and MetroMile, are busy redefining the old car insurance product with solutions that charge drivers based on distance and driving behavior. Yet, usage-based insurance has still not changed the staid world of auto insurance in a meaningful way. After many years, less than 2% of cars are connected to an insurer. We must look beyond the US borders towards Italy to find wide spread adoption, where close to 20% of cars are connected to coverage providers.
Simon Prowse, Lars Skari
Much is written about choosing the right personal wearable device for health and fitness. Increasingly, wearables are becoming integral to the ‘connected worker’. Here, we’re going to look at the factors and features you should consider when looking into which device is right for your IIoT connected worker solution.
JLT Specialty USA Partners with Altumai to Develop Insurtech Worker Compensation Solutions for Food/Ag Industry
LOS ANGELES, June 12, 2017 (GLOBE NEWSWIRE) -- JLT Specialty USA, a U.S. subsidiary of Jardine Lloyd Thompson Group plc. (LSE:JLT), one of the world’s leading specialty-focused providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services, is partnering with Altumai, a pioneer in IoT driven, advanced analytics enabled solution development, deployment and commercialization to develop solutions to reduce worker injuries in the food/agriculture industry.
Insurance is undergoing monumental change. We are entering a world where the availability of data to predict, mitigate, transfer and manage risk has never been greater and the fundamental rules of risk are being rewritten. Altumai understands these market factors and assists organizations in realizing their vision and the future of insurance.