Char­lie Hanna

Di­rec­tor of In­sur­ance So­lu­tions

Digital Insurance - - POLICY ADMINISTRATION - CON­TACT IN­FOR­MA­TION Di­rec­tor of In­sur­ance So­lu­tions email: [email protected]­land.com

How can in­sur­ers take ad­van­tage of an­a­lyt­ics and busi­ness in­tel­li­gence to gain a com­pet­i­tive ad­van­tage?

In­sur­ers have cap­tured, con­verted and cre­ated dig­i­tal con­tent for over a cen­tury, but there are still vast amounts of paper in the in­dus­try. We have a chance to re­duce that de­pen­dency and lever­age much more of the dig­i­tal con­tent gen­er­ated dur­ing tra­di­tional busi­ness op­er­a­tions. Add to that new data sources spring­ing up ev­ery­where as the world be­comes more dig­i­tally con­nected. Emerg­ing tech­nolo­gies, such as the In­ter­net of Things, drones, au­ton­o­mous ve­hi­cles, wear­ables, and many more are creat­ing huge amounts of both struc­tured and un­struc­tured data. The abil­ity to cap­ture and man­age all this in­for­ma­tion and in­cor­po­rate it into the claims and un­der­writ­ing process will be­come even more es­sen­tial.

What are the driv­ers be­hind PAS re­place­ments? How do the in­te­grated func­tions and an­a­lyt­ics-friendly fea­tures of these sys­tems help in­sur­ers op­er­ate more ef­fi­ciently?

Legacy in­sur­ance plat­forms are siloed from one an­other and the out­side world, im­ped­ing the launch of new prod­ucts, in­hibit­ing col­lab­o­ra­tion among lines of busi­ness and hin­der­ing de­liv­ery of the user ex­pe­ri­ences that to­day’s cus­tomers, agents and em­ploy­ees ex­pect. That can sig­nal trou­ble in an in­dus­try that has leapt from “slow and steady wins the race” to “the fast and the fu­ri­ous” when it comes to tech­nol­ogy adop­tion. More and more es­tab­lished in­sur­ers are watch­ing in­surtech star­tups re­write the rules for risk assess­ment, pol­icy cre­ation and cus­tomer en­gage­ment. Com­pa­nies that get it right stand to do more than just keep up with chang­ing mar­kets, but get ahead. Ac­cen­ture says 35 per­cent of in­sur­ers that au­to­mated sys­tems and pro­cesses re­ported cost re­duc­tions of more than 15 per­cent.

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