What's Driving Social Inflation? - Insurance Journal Research

Overview

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Strategy Sessions – A Lunch Hour Look at Critical Topics with Industry Movers and Shakers

Episode 12 Strategy Sessions: What’s Driving Social Inflation?

Hosted by:

Elizabeth Blosfield

Deputy Editor,
Carrier Management

Special Guest:

Heather H. Wilson

Chief Executive Officer,
CLARA Analytics

While inflation has been a big topic in the news, what about social inflation and its impact for the insurance industry?

Heather Wilson, CEO of Clara Analytics, joins this month’s Strategy Sessions webinar to discuss how this is creating challenges for insurers. She says that while social inflation can drive costs higher, those costs are indirect and may not receive as much attention among the general public.

Heather sees four main drivers of social inflation: a higher-stakes litigation environment, societal shifts, medical cost inflation, and newly emerging risks. She’ll discuss all of these and more, as well as what she sees as the best solutions to benefit claimants, policyholders and insurers alike.

Here’s what you’ll learn:

the factors that are contributing to social inflation
how the COVID-19 pandemic is adding fuel to the social inflation fire
what a coordinated response to social inflation could look like
the challenges this is creating for insurers and policyholders
where the current climate might be headed in the future

Our Guest this Month – Heather H. Wilson, Chief Executive Officer of CLARA Analytics, has more than a decade of executive experience in data, analytics and artificial intelligence, including as Global Head of Innovation and Advanced Technology at Kaiser Permanente and Chief Data Officer of AIG. She currently sits on Equifax’s board of directors. While at AIG, she was named the Insurance Woman of the Year by the Insurance Technology Association for her data innovation work. Wilson has been a steady supporter of diversity. She launched the Kaiser Permanente Women in Technology group, focused on mentorship and retention for women in math, technology and science, and at AIG, she launched Global Women in Technology and served as Executive Sponsor of Girls Who Code.