14 November 2017 Insurance

Top three insurtech trends to look out for: Crawford

The risk and insurance industry is on “the cusp of significant technological change”, and there are three broad trends to watch out for in the insurtech space.

Roberto McQuattie, regional head of Latin America at Crawford & Company, outlined the trends in this “rapidly expanding” space.

First is the use of drone technology. According to McQuattie, the technology is being used to great effect by colleagues handling claims after hurricanes Harvey, Irma and Maria.

“Drones are being used in both pre- and post-loss scenarios and provide efficient and accurate handling of claims,” he added.

Second are developments such as artificial intelligence and machine learning. McQuattie noted one application of machine learning is to “put structure around unstructured data to gain knowledge and insights that are not readily available today”.

He added that the richness of information within claims adjusters’ notes alone is “a treasure trove of insight waiting to be harnessed”.

Last, but not least, is the convergence of mobile technologies and the ‘gig’ economy.

“Nearly everyone is aware of Uber and Airbnb. We believe similar development in the insurance industry could be equally powerful and interesting,” McQuattie stated.

There is “tremendous potential to dynamically utilise” mobile technology and enable crowd-sourced models to evaluate and underwrite risk, he said.

Crawford has thrown itself into insurtech—it acquired WeGoLook, in a move that McQuattie called the “most compelling example in the industry”.

He added: “WeGoLook is proving invaluable in carrying out initial site inspections after catastrophe damage and we want to expand the reach of WeGoLook around the world.”

Commercial demand for new forms of insurance coverage, such as cybersecurity and business interruption, is growing as markets develop in the region, explained McQuattie.

“Like people in other parts of the world, consumers in Latin America will push for new services that fit with their lifestyle. To respond, insurers and their suppliers will need to simplify and adapt products for millennials, and sharpen their focus and delivery via technological solutions.”

Crawford is also looking towards the future in terms of its people. The regional head explained that Crawford currently has “world-class talent” but that it wants “to invest in the development and training of the next generation of local talent”.

Next on the agenda for the company, which has had a solid base in the region for 30 years, is cementing its ability to respond to natural catastrophes and building on the “tremendous growth opportunities in Latin America while coping with the volatility of political and economic uncertainty”.

McQuattie concluded: “Our biggest external challenges are to balance our growth with existing market conditions, such as balancing the needs and regulations of the local insurance market with the needs and expectations of the wider insurance community who have an important role and interests in the success of the region.”

Don't miss the latest industry news - Sign up to our free email newsletters

More storeis from the FIDES Day Two Newsletter

Reinsurers must step in to close protection gap: Lloyd’s

Guy Carp: where will rates, capacity and T&Cs land?

Blockchain will be a catalyst for innovation

How governments can leverage reinsurers’ expertise on public healthcare schemes

Cyber solutions are evolving

Insurers worry on pricing and excess capacity

Chile more than doubles written premium in 10 years

A period of rapid growth in LatAm

Industry ‘needs to reinvent the wheel’

A different dynamic for renewals

Relationships are key in LatAm

Global players face regional competition in LatAm

Ed: new name; stronger game?

The impact of Mexico’s recent quakes

Hand in hand with an evolving landscape

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk