Insurtech a big concern: survey
The challenge of how to respond
to insurtech is one of the biggest
concerns of top executives in the
industry, according to a survey conducted
earlier this year by AdvantageGo, part of NIIT
Adrian Morgan, executive vice president
and head of AdvantageGo, said the findings
also revealed that most executives are
comfortable partnering with external firms
in order to ensure they have the right strategy
and expertise in this regard.
“We conducted an insurtech survey
earlier this year and some of the findings
were surprising,” Morgan said. “The number
one concern for C-suite industry executives
was the need to upgrade their company’s
“Most respondents said that in order to
do this, they are looking to partner with tech
firms to help them find the best products and
implementation strategy for their specific
needs, and that they are exposed to far greater
opportunities working with an expert than
“Almost half of the respondents (44
percent) said they were hiring staff to meet
the demands of insurtech developments.”
He said the biggest focus of executives
seemed to be around the area of big data
and analytics. This finding was backed up by
the findings of a roundtable discussion the
company hosted on Bermuda earlier this year.
“Our survey found the initiative most
companies were involved in (75 percent
of respondents) was the area of big data
and analytics. Our roundtable discussion
in Bermuda earlier this year brought out
some very interesting observations on data,
including the assertion that brokers had the
best opportunity to capitalise on the huge
amounts of data they have access to, and that
it would be a mistake to disintermediate them
from the value chain,” Morgan said.
“Harnessing data and making sense of it is
where the future of re/insurance lies. Artificial
intelligence and machine learning will help
make this a reality. Risk mitigation models
that detect and prevent risk, and the ability
to provide dynamic pricing, will also be key
to the new products carriers are offering.” l
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