Note to self: embrace new technology in 2018
Having the desire and skillset to embrace new technology and use it to transform business was a popular theme that emerged when Intelligent Insurer asked re/insurance executives for their New Year’s resolutions in our year-end questionnaire.
Kelly Lyles, chief executive, client & country management, insurance, XL Catlin, said she wanted to ensure she remained focused on the future, whether that includes new product innovations or simply ensuring existing products are keeping pace with clients’ needs.
“Technological change and innovation are progressing incredibly fast these days and the landscape is full of exciting developments. In 2018, I expect that artificial intelligence (AI) will play an increasingly prominent role in understanding and gaining insights into our clients’ business and risks,” Lyles said.
“AI of course is poised to disrupt a wide assortment of industries. The opportunity with our industry is twofold: first to gain deeper insights into risk, and second to deploy technologies that improve our own operational efficiencies.
“That’s why in 2017 we started working with Cytora, a UK-based insurtech startup that uses AI and open source data to improve the way insurers quantify, select and price risk.”
Luzi Hitz, CEO, PERILS AG, noted that his resolution is to help the firm’s clients better use the available data. “We need to make sure that all users of PERILS data understand how they are produced and how they can be used to measure risk better.
“Our value proposition as a post-event data collector is as strong as ever. After HIM, it might be even stronger. I am therefore very optimistic that if we can continue to breach the data gap that was the driving force behind establishing PERILS, we will continue to achieve the levels of success we have to date,” Hitz said.
Meanwhile, David Gittings, chief executive of the Lloyd’s Market Association, has more fundamental reforms in mind for Lloyd’s.
“Our key resolution is to improve the Lloyd’s customer experience by seeing through claims modernisation initiatives. Lloyd’s claims performance has set the bar higher for our competitors around the world but we always see room for improvement,” Gittings said.
“We have several steps in train to achieve this. We have embarked on a claims transformation process which will materially improve the customer experience while delivering significant benefits to the London market through the implementation of streamlined processes and new efficiencies.
“Key principles driving this development are faster settlement, improved access, process efficiencies and operational excellence.”
Artur Niemczewski, chief executive, Pro, added: “The big challenge for 2018 is to find ways for the London Market to retain its competitiveness in the current environment. Part of the answer is not just to cut costs blindly, but to evaluate every component in the business process to try to improve the efficiency and cost-effectiveness of the chain, by using specialists like Pro.”
This is just a snapshot of what executives told us in our Christmas questionnaire. For the full comments from all 16 executives who took part in our survey, please click here.
