June 23, 2020 – A new book written by insurance veteran and consultant, Bryan Falchuk, hits stores today. The book is called The Future of Insurance: From Disruption to Evolution and highlights real stories of innovation from seven insurance carriers: AXA XL, CNA, CSAA, EMPLOYERS, Ohio Mutual, State Compensation Insurance Fund and USAA. In a landscape where many insurers struggle with changing technology and customer expectations, regulatory constraints and competition from insurtechs, the book shares candid stories about how these carriers strategized, struggled and ultimately succeeded at bringing innovative new business ideas to life.
In one chapter, Falchuk tells the story about how AXA XL partnered with Athenium Analytics to create a new digital ecosystem that helps construction clients mitigate risk and improve operations. The Construction Ecosystem officially launched in June 2020 and represents years of combined work from the teams involved. The chapter discusses the origins of the project and how Gary Kaplan, the head of AXA XL’s construction division, helped build, iterate and ultimately launch the ecosystem. The story also highlights the long-term working relationship between Athenium Analytics and AXA XL that made it all possible. Below is one snippet from the chapter:
“In early 2017, one company came through to Kaplan via a connection at a large, global reinsurance broker. That solution, from Athenium Analytics, used extremely advanced tools to predict weather with specificity and detail most people had never seen before or thought possible. It was an offshoot of work done for the US intelligence community, so you can imagine the level of power in the data and the tool, and the rigorous demands Athenium had to live up to when developing it around things like information security and accuracy. What surprised the team at AXA XL was how easy it was to interact with and get insights from.”
The chapter goes on to discuss how Kaplan and the rest of his team used an innovative style of project management to transform the ecosystem from an idea to a finished product. The narrative also reinforces the idea that a 200+ year-old insurance carrier can use its resources and talent to drive innovation in the modern marketplace.
The book is now available online in paperback from Amazon and Barnes & Noble, as well as major digital formats like Kindle, Apple Books, Audible and Nook. To get your copy or learn more about the book, visit: http://future-of-insurance.com