Technology Hubs and Data clubs

Speakers:

1. Martin Olley – Head of North America, AdvantageGo

2. Jeffrey M. Cohen – Senior Vice President, Zywave

3. Robin Merttens – Chairman, InsTech

Summary: The “Technology Hubs and Data Clubs” session took place at Google’s stunning new venue in St. John’s Terminal, NYC. Despite pouring money into technology over the years, the insurance industry’s expense ratios and underwriting profits haven’t budged, making it clear that both small tweaks and major overhauls are needed.

Martin Olley kicked things off by talking about AdvantageGo’s modular platform, which combines a policy administration system, exposure management tools, and a workbench. He highlighted how crucial integration is, not just within their own products but also with those of their partners. This seamless integration speeds up implementation and makes everything work together smoothly. For those not yet in their ecosystem, AdvantageGo even builds the necessary integrations and adds them to their library.

Jeffrey M. Cohen from Zywave shared their strategy for data aggregation. He described Zywave as a “data supermarket,” offering hundreds of data sources, including unique low-frequency, high-severity loss event data. He stressed the importance of partnering with other tech providers to offer complete solutions without having to build everything from scratch themselves. This collaboration allows Zywave to extend their reach and connect their services to a wider network.

Martin then touched on the demand for flexible workbenches that cater to different business needs. AdvantageGo offers pre-built templates and workflows that can be quickly set up and customized using their no-code console. This helps insurers make well-informed decisions faster.

Jeffrey elaborated on how Zywave’s vast cyber data sets, which include various cyber incidents, can integrate with AdvantageGo’s platform to boost cyber underwriting. This helps underwriters quickly assess risks and compare them to historical data, which improves pricing and risk management.

Martin also talked about how AdvantageGo’s tools, like their email integration tool, can handle submissions and identify those that fit the insurer’s criteria, helping companies grow quickly without needing to hire more people.

The session wrapped up with a discussion on the future of ecosystems. The speakers emphasized the importance of seamless integration and collaboration, even among competitors, to drive efficiency and innovation in the insurance industry. They highlighted the potential benefits of re-imagining broker/carrier data exchange, leveraging AI tailored to industry needs, and using today’s technology to build the underwriting world of tomorrow.