Feb 8, 2022
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
Artificial intelligence, autonomous vehicles, and data gathering are all intersecting on roadways around the world. Here today to help navigate these emerging risks is Mike Nelson, the founder and CEO of Quantiv Risk! Mike has 40 years of legal, automotive, and insurance experience and is currently evaluating hundreds of accidents involving Advanced Driver Assistance Systems (ADAS).
Put your pedal to the metal and strap in for this week’s episode all about the technological, legal, and risk-related developments in the areas of AI, autonomous vehicles, and automated driving!
Key Takeaways:
[:01] About the RIMS App.
[:22] About RIMScast.
[:34] About today’s episode with Mike Nelson.
[:44] Upcoming RIMS offerings.
[1:05] About the upcoming two-day virtual event: 2022 RIMS RiskTech Forum.
[1:38] More about today’s episode with Mike Nelson.
[2:15] Justin welcomes Mike to RIMScast!
[2:25] Mike Nelson shares about his career and his risk management history.
[3:08] Why AI is relevant to the insurance industry and the risk profession.
[4:48] Developments that have arisen in the area of automated driving and traffic/crash data.
[6:04] The first step to autonomous driving, ADAS, and what it means.
[7:00] The legislation that risk professionals should be aware of when it comes to automated driving.
[8:24] Mike shares his thoughts around the U.S. House panel that will be held on Feb. 3rd on self-driving vehicles.
[11:20] Upcoming RIMS webinars and the RIMS Buyers Guide.
[12:25] Megan Miller joins the podcast to share about the exciting events coming up for the Spencer Educational Foundation!
[15:08] Mike highlights the other information technologies (in addition to AI) that are making an impact on insurance.
[16:07] By the time autonomous vehicles are the norm, what does Mike forecast (in terms of auto insurance)?
[17:18] How Mike feels that AI will further enhance the future of the risk profession.
[19:19] Mike’s words of wisdom for the glocal risk management community.
[20:26] Justin thanks Mike Nelson for joining RIMScast and shares some additional links to look out for in the show notes.
Mentioned in this Episode:
RIMS Events, Education, and Services:
RIMS 2022 RISKWORLD | April 10‒13 in San Francisco! — Register now for advance rate pricing!
NEW FOR MEMBERS! RIMS Mobile App
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Sponsored RIMScast Episodes:
“Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
NEW RIMSCAST VIDEO: “Climate Change and Insurance: A Fireside Chat with Dev Bhutani and Deepak Madan” | Sponsored by Prudent Insurance Brokers Ltd.
Webinars:
Feb. 8, 2022 | RIMS Virtual Workshop Preview: “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Feb. 9, 2022 | “Recertification: Keep Your RIMS-CRMP Active” | Presented by RIMS
April 9th‒10th, 2022 | “Contractual Risk Transfer” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Insurance” | Presented by RIMS
April 9th‒10th, 2022 | “Fundamentals of Risk Management” | Presented by RIMS
April 9th‒10th, 2022 | “Managing Cognitive Bias Risk — Recognition & Avoidance Essentials” | Presented by RIMS
April 9th‒10th, 2022 | “RIMS-CRMP Prep” | Presented by RIMS
April 9th‒10th, 2022 | “Risk Appetite Management” | Presented by RIMS
April 9th‒10th, 2022 | “Applying and Integrating ERM” | Presented by RIMS
April 9th‒10th, 2022 | “Captives as an Alternate Risk Financing Technique” | Presented by RIMS
Virtual Workshops:
Attend the RIMS-CRMP-FED Exam Prep Virtual Workshop presented with George Mason University, February 15‒17, 2022 — Register Now!
More About AI, automated driving, and emerging technology on RIMScast and Risk Management Magazine:
RIMScast: “AI and Autonomous Vehicles with Stephen S. Wu”
Risk Management Magazine: “Robotic Process Automation for Risk and Compliance”
Risk Management Magazine: “Hacking Cars”
Risk Management Magazine: “Artificial Intelligence and Professional Liability”
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
RIMS Advisory Services — Ask a Peer
RIMS Coronavirus Information Center
RIMS Risk Leaders Series — New interview with RIMS 2021 Risk Manager of the Year Michael Harrington!
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS Treasurer Jennifer Santiago!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
Have a question or suggestion? Email: Content@rims.org.
Join the Conversation!
Follow @RIMSorg on Facebook, Twitter, and LinkedIn.
Follow up with Our Guest:
Tweetables (For Social Media Use):
“A lot of people refer to this concept of autonomous vehicles [but] we’re really not anywhere near an autonomous vehicle world. We’re in — what a lot of people would call — automated driving.” — Mike Nelson
“The first step on this road to [automated driving] is called ADAS … Advanced Driver Assistance Systems.” — Mike Nelson
“I think the biggest part of [AI enhancing the future of the risk profession] is [that] … it’s [currently] hard to quantify the factors [of specific] events … without the use of AI.” — Mike Nelson
“The one thing … risk managers really need to be careful with … is … artificial intelligence is prone to bias; … it can overstate what [a] pattern represents. You really have to be careful that what you think is a pattern … is not being … overly relied upon.” — Mike Nelson