Q&A with Glenn Humphrey, Vice President of the American Insurance Office
In this insightful interview, we sat down with Glenn Humphrey, Vice President and Commercial Risk Advisor at the Insurance Office of America, to discuss the impact of technology and AI on the insurance industry. With a career spanning over 20 years, Glenn has extensive knowledge and experience, especially when it comes to leveraging technology to improve customer service and operational efficiency. In this conversation, we delve into the evolving landscape of the insurance industry and how AI is poised to transform risk management and customer interactions.
Journey in the Insurance Industry
Courtney Boone: Can you talk about your journey in the insurance industry and how technology has impacted your role at Insurance Office of America?
Glenn Humphrey: Yes. I joined the insurance industry in 2016 after working in various technology-driven industries for 20 years, including software and federal government projects. When I made the move to insurance, I noticed significant inefficiencies in processes that could be improved with technology and innovative solutions. This realization shaped my approach to enhancing services and operations with technological advancements.
How AI is evolving customer service
Courtney Boone: How has your approach to client service evolved with the use of AI and other emerging technologies?
Glenn Humphrey: AI and collaboration tools have revolutionized our approach to client service. The pandemic has accelerated the adoption of these technologies, making collaboration with colleagues and clients more seamless, regardless of location. AI, in particular, helps us provide more accurate and timely insurance solutions, improving both accuracy and client satisfaction.
Transforming risk management
Courtney Boone: How do you think AI will change the way you manage risk and create strategic resilience for your clients?
Glenn Humphrey: AI is still evolving in the insurance industry. While current benchmark models offer historical data analysis, AI has the potential to create more accurate, forward-looking risk models. Leveraging AI can help you better predict your clients’ risk profiles, develop more informed strategies, and increase resilience.
Custom risk management solutions
Courtney Boone: How do you leverage technology to customize risk management solutions for different clients?
Glenn Humphrey: AI allows us to customize information and resources specific to each client’s industry. For example, a client in the construction industry has a different risk profile than a client who owns a sports arena. AI helps us customize resources and solutions, making them more relevant and valuable for each client.
The impact of technology on claims processing
Courtney Boone: Can you give us a specific example of where technology helped make a big difference for a client during a claim?
Glenn Humphrey: While the integration of AI into the claims process is still in its development stages, other technologies such as virtual video conferencing have significantly improved communication and efficiency, which has resulted in faster claims processing and improved outcomes, demonstrating the positive impact of technology on the claims process.
Hot AI Trends in Insurance
Courtney Boone: What are the most exciting emerging trends in AI and technology for the insurance industry right now?
Glenn Humphrey: AI is a buzzword in the insurance industry. Companies are exploring ways to use AI to improve the efficiency of underwriting, policy verification, and review processes. AI simplifies these tasks, shortens timelines, and maintains high quality output, making it an exciting trend to watch.
Advice for implementing AI in the insurance industry
Courtney Boone: What advice would you give to insurance companies looking to adopt AI and other technologies to enhance their operations?
Glenn Humphrey: Involve different levels of the organization in the adoption process. Consider input from operations, production, and finance teams to understand how the technology will impact different roles and ensure overall client service and product delivery is enhanced.
Keeping up with technological advances
Courtney Boone: How do you stay abreast of the latest technological advancements and trends in the insurance industry?
Glenn Humphrey: Every two years, I take a ton of continuing education credits focused on not only insurance but also related technologies. For example, staying up to date on advances in cybersecurity helps me better understand and mitigate risk for my clients.
Overcoming Technology Adoption Challenges
Courtney Boone: What challenges do you see in the industry when it comes to adopting new technologies, and how can companies overcome them?
Glenn Humphrey: One of the biggest challenges is knowledge transfer from retiring baby boomers to the younger generations. Implementing technology such as virtual meetings can increase collaboration and knowledge transfer across the generational gap.
Technology-driven risk management strategies
Courtney Boone: Can you give us an example of how technology has enabled you to develop more effective risk management strategies for different industries?
Glenn Humphrey: In the trucking and warehousing industries, technologies such as sensors allow risks to be monitored and controlled in real time. These innovations improve safety, security and overall risk management, benefiting both insurers and customers.
Transforming insurance operations with Nisum’s GenAI solution
This fascinating discussion with Glenn Humphrey highlights the transformative potential of technology and AI in the insurance industry. AI continues to evolve, offering unprecedented opportunities to improve efficiency, accuracy and customer satisfaction.
If your insurance company is looking to leverage AI to enhance your operations and customer experience, contact Nisum for a free proof of concept of our GenAI solution. Let’s innovate together and lead the future of insurance.
This article originally appeared on Nisum.com and has been republished with permission from the author..
Disclosure: This article mentions clients of Espacio’s portfolio companies..
