By Roger Duffield, President
Over the years we have heard many questions and even snickers regarding the name of our organization, in2vate®. In fact, I may have been one of them when I was a client and first heard the name change. After I became president, I finally learned the reason behind it: innovation by working 2gether (together). This collaborative style is something that was commonplace in my prior work life as the director of claims and risk services for a risk-pooling trust.
Working together is in in2vate’s DNA. Around 2015, in2vate, in collaboration with one of our clients, built a risk assessment tool which we call Enterprise Risk Technology. It was designed to address the needs of loss control, underwriting, and the general insurance industry. It allows us to benchmark clients and their risk, automate recommendations, aggregate data, and even to simplify follow-up. This technology has been continually improving based on client feedback since then.
Last month we coordinated a web conference with a group of industry leaders to strategize the next phase of our Enterprise Risk Technology. Together, we determined how the technology can be better used as the catalyst for driving down risk, claims, and overall loss ratios. We had a robust group that included Nationwide Insurance, West Bend, Gallagher Bassett, Sedgwick, PRISM, Christian Brothers Services, Michigan Catholic Conference, Educational & Institutional Insurance Administrators, Park District Risk Management Agency, and the Alliance of Schools Cooperative Insurance Programs.
The group discussed how 1) using personalized technology could streamline operations and 2) using claims and training data — paired with risk and exposure data — would be the next natural evolution. What was great about this conversation was that all data points can be captured with in2vate’s existing online technology. Each participating company was able to contribute from their own perspective and it inspired a true collaborative effort. By using these data points and adding Machine Learning and Artificial Intelligence (from our new partner, iLe), we began to understand better how small events can trigger engagement with our policyholders and members.
We all left the meeting energized with a clearer direction of how to evolve technology that is well-suited for the property casualty marketplace. One of my favorite comments after the meeting is that they “wished there was more time to interact.” What a great compliment to those who participated! We thank all companies who contributed to this “in2vation.”
If your organization has a special risk management or claim reduction initiative that requires collection and data aggregation, training, follow-up, automation or any combination of that grouping, reach out to one of our client managers and your initiative may be closer to being accomplished than you thought. At in2vate we will collaborate with you and provide personalized technology solutions to your unique organization. Email Roger Duffield for more information on how we can help you!