Technology is changing the way insurance and underwriters can and will do business. Intelligent Insurer went to the Swiss Re Institute’s recent ‘Shaping modern underwriting’ event to hear about key trends and find out what the future of the industry could look like.
1. Technology is ‘on the bus’
It might be on its way or "on the bus" but technology hasn’t fully arrived in the insurance sector yet, said Jacqueline McNamee, founder and CEO C-Quence Insurance.
“Awareness is building just by having forums to discuss it. There’s a variety of attitudes out there. Some people thoroughly embrace it, some people are resisting it and some people dismiss it. But it’s coming because the opportunity has been quantified. There’s a real appetite for change out there, whether it’s in the distribution chain or partners or from customers.”
McNamee added: “Change has to move, and it has to move at pace because other industries are transforming around us.”
2. Laggards in tech? It’s not personal lines
Compared to other industries, insurance is at the start of the journey in its wider use of technology in underwriting, said Hayley Robinson, chief underwriting officer at Zurich Insurance. “Some parts are further forward. For example technology driven underwriting has been in personal lines for 20 years. You can get a quote online now without asking a single question.
Swiss Re, Technology, Underwriting, Insurance, Reinsurance, Digital ecosystems, Data analytics, Legacy, Global