Benedikt Sander

Value-add risk insights and decision support at your fingertips. Data straight to analytics. The future is here. If you want to know more, I will be at RIMS next week. #WTW #Riskanalytics

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Healthcare fraud, waste, and abuse are escalating issues that significantly inflate costs for insurers, consumers, and governments alike. RGA’s Dr. Steve Woh explains how claims professionals can develop strategies to effectively identify and mitigate all three. https://lnkd.in/gMRWxz7n

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This was a great application of analytics, as Bob quickly linked the findings from the claims analysis and the risk transfer piece on another coverage and optimized resources accordingly.

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🤝 #AI MEETS #DeceptiveTradePracticeLaws Interesting crossover happening with state-by-state policy to keep developers, suppliers and users of AI, Accountable Massachusetts Attorney General's Office, Andrea Joy Campbell "As AI usage becomes more common, this advisory serves as an important notice that our state’s #consumerprotection, anti-discrimination, and #dataprivacy laws apply to AI, just as they would within any other applicable context, and my office intends to enforce these laws accordingly.” https://lnkd.in/gBWprfKn

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It has been a privilege to partner with Stephen Sills, Steven Feltner, Jeff Saunders, and the exceptional team at Bowhead Specialty as they redefine the standards for growth, broker servicing, and underwriting excellence. Bowhead's leadership has quickly executed on what many in the industry are now realizing: separating the wheat from the chaff when it comes to AI is critical. There is an incredible amount of noise but often little of substance. AI is a powerful tool only when it is tied to empowering underwriters to deliver on the true business KPIs that matter: premium growth and profitability. This requires a set of complete capabilities and a platform that can demonstrably move the needle in days, not years. Multi-year projects, endless POCs, a 5-year AI roadmap, no-code build-ups, or cobbling together inadequate point solutions do not solve the challenges that insurance leaders are facing. Kalepa's AI Copilot does. I'm grateful to Bowhead's team for their partnership and thrilled to continue to support them after a tremendous IPO last week. Congratulations on the remarkable achievement! #underwriting #insurance #ai

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Our TC wind, storm surge and inland flood models are based on global sea surface temperature (SST). Climate variability included are a warm Atlantic SST as well as La Nina, both conditions that increase many risk measures in the US this year.

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Rising Auto insurance rates are gaining attention with economists. Most recent BLS data below - Auto insurance is up 22% over the previous 12 months versus overall inflation rate of 3.5%. Since Jan 2020, auto insurance is up 46% against overall CPI of 22%. There are many reasons contributing to the rise in auto insurance rates, and those of us in the industry understand the causes and have risen to the challenges of the market cycle - but increased attention from economists will only increase regulatory pressure as consumers voice frustration. Our partners are leaning into messaging and having open and honest discussions with distribution partners and regulators. The recent CPI report and Economist attention is just another reason for CEOs to stay focused on key metrics in short and long term - and position your company for future market cycles.

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Lots of insights here at Insurtech Hartford! Bob Frady nailed it once again in his latest round table: 🔹On the siloed nature of insurance: "Getting claims and underwriting together is like playing 23-and-me: Yes, you guys really are are related!"🧬 🔹About predict and prevent: "I mean, the best claim is the one that never happens at all ... right?"🔮 We couldn't agree more - let's work together as an industry and get claims under control. We can do this! #ihs2024 #customerengagement #claims #underwriting

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📣📣 RxDC reports are due by June 1 The CMS deadline is fast approaching and plans must be prepared to submit the required information. From the latest edition of Directions, take time to review these requirements to ensure timely submission ➡️ https://lnkd.in/gzxpcr9z #ComplianceConsulting #ComplianceDirections #EmployeeBenefits #OrganizationalWellbeing #RxDC

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To ignore developments like Generative AI and predictive analytics risks being left behind. The future of claims hinges on how the industry leverages today's technology to automate and streamline the claims process while prioritizing empathy for policyholders who are suffering devastating losses. I shared more about this perspective with Business Insurance recently. bit.ly/3RgnyRz #CrawfordRestores

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AI is clearly being taken seriously at a broader level. 7 states adopt #AI rules for insurers to follow https://ow.ly/ignh30sBvBE

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There are numerous efforts underway attempting to compel the insurance industry to reflect parcel- and community-level wildfire mitigation actions in underwriting and pricing. Unfortunately, these efforts generally fail to recognize that some of the most crucial data needed to achieve this end state is "unobtainium" ==> too expensive, inconsistently maintained, and/or not aggregatable. How can the insurance industry take the lead on addressing the gap between the data we have and the data we need? How do we increase transparency for property-owners and communities, and drive effective action to reduce the risk of conflagration in the wildland-urban interface? On Tuesday April 23rd, I will be joined by Ian Giammanco, PhD from Insurance Institute for Business & Home Safety - IBHS, Ryan Vigus from CSAA Insurance Exchange, and Frank Frievalt from California Polytechnic State University-San Luis Obispo WUI Fire Institute as we discuss the "WUI Data Commons" concept. The WUI Data Commons will serve as a critical building block for increasing wildfire resilience for both insurers and communities through data consistency and transparency. #wildfire #climateresilience #insurance To attend this free webinar, register at the link below: https://lnkd.in/gFAsjAki

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Healthcare fraud, waste, and abuse are escalating issues that significantly inflate costs for insurers, consumers, and governments alike. RGA’s Dr. Steve Woh explains how claims professionals can develop strategies to effectively identify and mitigate all three. https://lnkd.in/eGJcGU8Q

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This article from CLARA Analytics explains how AI can reduce medical costs for Workers' Comp claims. https://lnkd.in/dPbUrKr7 #insurtech #insuranceagent #insurancebrokers #generativeai

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Our 2024 Auto Insurance Trends Report is now available! Discover the top five auto insurance trends impacting the current market. Get valuable insights about claim severity, driving violations and auto policy shopping rates. Don’t miss new insights on electric vehicle shopping and claim activity. https://splr.io/6048Y2BZa

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Join us for an enlightening session where we delve into the evolving role of pharmacy actuaries. Discover how past and present concerns are shaping the future of pharmacy forecasting and what this means for upcoming pipeline events. View the 2024 SOA Health Meeting agenda here: https://optumin.co/trs63n #SOA #Optum #healthcare #payer #pharmacyactuaries 

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New Tshirt idea: "HEALTH ACTUARIES do it with diseases." So Health Actuaries, now that I have your attention, this article by Greg Fann is a must read. And the conversation is a must have. We've lost sight of what risk adjustment is. In this article, Greg brings us back to the fundamentals. Rating risks appropriately: In a world where any rating variables are fair game, the company that best uses all of them wins. Risk adjustment: Bridges the gap created when carriers are not allowed to use certain variables. Fundamental premise: The rates should dictate the rules of risk adjustment. But in today's rate review world, the risk adjustment is often dictating the rates. Can we figure out a solution? Are there any working groups that are addressing it? If there are, my bad, exams (ha, ha) have been blocking my view. https://lnkd.in/gF_pmGca

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To become an underwriting trailblazer, P&C insurers must adopt AI. In an interview with @ReinsuranceNews, my colleague @Adam Denninger shared how AI adoption in underwriting will be incremental, serving as a valuable tool for outperforming mainstream carriers. https://lnkd.in/dRtAHGjX

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