"Understanding the human component oftechnology and what it's doing to us will absolutely help youdevelop better strategies," says Skiba. (Credit:Shutterstock)

The full scope of COVID-19′s impact across the world may notever be fully determined, but its effect on in-person gatheringshas been pronounced from the very beginning. This has been anespecially challenging time for industries, like insurance, thathad conferences and other events planned.

But in times of crisis, the insurance industry finds a way toadapt. This is certainly the case with America's ClaimsExecutive (ACE) Virtual Leadership Forum & Expo, whichwas redesigned as a virtual event. Whether in-person orvirtual, the ACE Leadership Forum & Expo is designed to coverthe most critical issues facing claims and insurance executives,from emerging risks and the evolving workforce to enriching thecustomer experience.

The virtual event, which runs from July 13-15, kicked offyesterday with a keynote, fireside chats, networking time and more.The Day 1 keynote was delivered by Dr. Michael Skiba, vice president,international fraud strategies at INFORM.

Day 1 takeaways

Skiba talked about his vacation to Romania, where he visitedDracula Castle. However, Dracula, or Vlad III, had neveractually been to Dracula Castle. After doing a little research,Skiba found the real castle that Vlad lived in. At some point, agatekeeper there told him, "You don't have to outrun the bear, allyou have to do is just outrun the other hikers." After deciding notto go on the hike, Skiba thought how what the gatekeeper said couldbe applied on a professional basis.

Technology's trajectory in the insurance industry and the worldaround us is stark. In 2020, there are 50 billion connecteddevices, up from 15 billion in 2018. Skiba says that humans arestill a major driving force behind the technology, so insurancecompanies need to be agile to meet the demand.

One reason the insurance industry needs to be agile is that manyof today's jobs will not be around a few years from now. Astechnology and the amount of data available expands, the market will look drastically different than itdoes now. COVID-19, alone, is forcing companies and industriesto reevaluate how work is done, so the ability to be agile as timegoes on is critical.

Just as companies focus on integrating technology and understandits current trajectory, Skiba says it's important they alsoknow the human component in regards to what motivates usand drives us to succeed.

There are three main theories about whatdrives behavior: psychological, which centers aroundmental factors that drive behavior; biological, which focuses oninborn or genetic factors; and sociological, which relates to howsociety drives actual behavior. Skiba notes that understandingbehavior can illustrate what pushes someone to commit insurance fraudas much as motivation and a desire to succeed.

Near the end of his keynote, Skiba said technology is doing onemain thing: detaching us from connection points (either internal orexternal behavior drivers). He says without these connections,negative behavior ensues. To this end, organizations should developcommunities to combat technology's negative effects.

"Understanding the human component of technology and what it'sdoing to us will absolutely help you develop better strategies,"says Skiba.

In conclusion, companies that focus on agility and adapt tothese external factors will understand that they do not need tooutrun that volatile bear environmentbut instead outrun their friends (non-agile organizations).Organizations that outrun their friend always survive.

"Take this technology piece… the psychology piece, put themtogether, and you're gonna develop fantastic strategies," saysSkiba.

There's still time to participate and learn at the ACELeadership Forum & Expo. For more information and to register,click here.

Related:

• The new normal for claims
• Insurance Speak: Claims disrupted
• Insurance events & conferences: Summer2020