Ed embraces insurtech to put specialist products on line
Advances being made by insurtech will be fundamental to the industry going forward and is a key part of the strategy of broker Ed for this reason, Jonathan Prinn, group head of broking at Ed, told Baden-Baden Today.
Prinn stressed that, at its heart, the insurance industry is based around data—and anything that can streamline and enhance how this is collected and used will become critical.
“The foundation of our industry is based on the collection of data that helps with the understanding and mitigation of risk,” Prinn said. “Technology has the ability to create, capture and help move data in a more streamlined, automated and accurate way.
“At Ed, we believe that insurtech will be fundamental to the industry and it is a key part of our strategy. Our focus thus far has been twofold: collect the data at the start point and allow that to flow to carriers to reduce cost.
“It’s fundamental that intermediaries of the future help our industry to reduce cost.”
That said, he does not believe the revolution will be immediate; he suggests the distribution side of the business will be the first to benefit, followed by further innovation as the industry adapts to what is possible.
“At Ed we do not think that data/technology will immediately create innovation, but it does create new opportunities for distribution,” Prinn said.
“Innovative products have for too long been difficult to access. We have partnered with an insurtech company to put specialist products on line, enabling clients to access them directly. In doing so we can enable much greater volumes to flow through to carriers but we also are able to utilise the data to enhance the product itself.
“For example, in an analogue world, rejection reasons would typically be lost. Online these crucial bits of information can be captured efficiently and used to create a better product,” he concluded.
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