Artificial Intelligence (AI), machine learning, the Internet of Things (IoT), blockchain, robotics, quantum computing — the terminology of technology is staggering enough, let alone understanding what it is and how to use it. Although some of the advances in technology are more noise than anything useful, much of these developments can be quite valuable for the workers' compensation industry — especially in claims management and risk control.

Fortunately, there are experts with a good understanding of InsurTech and how we can make it meaningful for our companies and our injured workers. Three of them helped us break down the latest technological developments and provided insights into how they can benefit the workers' compensation system during a recent Out Front Ideas webinar:

• Guy Fraker, Chief Innovation Officer for Insurance Thought Leadership
• Jason Landrum, Global Chief Information Officer for Sedgwick Claims Management Services, Inc.
• Peter Miller, CPCU, President and CEO of The Institutes/Risk and Insurance Knowledge Group.

What is InsurTech?

Simply put, InsurTech is using technology to improve efficiencies and provide a better customer experience in the insurance industry. Many startup companies have entered this space in the last few years, although the majority are not as helpful as they may first appear. Companies come out with new apps or, as our speakers said, shiny new toys that drive user experience and seem really cool, but do not add value. One speaker said many companies offer solutions to problems that do not exist.