Open source platforms will drive insurtech forward: BMS
Broker BMS is looking to collaborate with its suppliers and insurers to ensure it maximises the potential of insurtech solutions, and it has set up a new unit dedicated to achieving this, Adam Stafford, the chief operating officer of BMS Group, told Baden-Baden Today.
He said the broker believes technology is set to revolutionise the industry and it has taken appropriate steps to ensure it stays abreast of changes—including setting up a new strategic initiative.
In March, the broker launched BMS Innovation Labs, to focus on how to deliver the “best possible outcomes for clients using all available tools, including new technology and business approaches that can add value to and enhance BMS’s offering”.
The company said the initiative is employee-led, providing a forum for individuals from across the business to contribute to the development of innovative and disruptive approaches and technologies.
Stafford explained that the lab brings individuals together from across BMS to help drive change and innovation across the company and the wider industry.
“The objective is to harness new technology and generate ideas that deliver improved outcomes to clients and employees,” he said.
“What’s changing with the advent of insurtech is the accessibility of the emerging technology and open source platforms as well as the agility of the new startups working in the industry. We’re now able to develop transformational tools relatively cheaply and quickly.
“Undoubtedly the industry is on the cusp of some significant changes—artificial intelligence, the internet of things and big data will impact every aspect of the industry, from underwriting and claims to operations and finance,” he said.
“At BMS we are using our Innovation Lab to collaborate with insurers and suppliers, ensuring we continue to give our clients the most innovative and effective solutions possible.”
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