{"id":934,"date":"2021-12-07T00:00:00","date_gmt":"2021-12-07T00:00:00","guid":{"rendered":"httpss:\/\/advantagego.local\/what-do-insurance-leaders-think-about-technology\/"},"modified":"2025-02-25T16:55:43","modified_gmt":"2025-02-25T16:55:43","slug":"what-do-insurance-leaders-think-about-technology","status":"publish","type":"post","link":"https:\/\/www.advantagego.com\/en-us\/content\/what-do-insurance-leaders-think-about-technology\/","title":{"rendered":"What do insurance leaders think about technology?"},"content":{"rendered":"\n

It\u2019s no surprise that technology is transforming the insurance value chain and enabling carriers to capture new opportunities and make better underwriting decisions<\/a>. However, what do industry leaders really think about innovative technologies, and how are they incorporating these advancements in their business?<\/p>\n\n\n\n

Well, we have some of the answers for you.<\/p>\n\n\n\n

Since January 2021, we have published a weekly blog summarising the main points discussed between Mark Geoghegan and industry captains on The Voice of Insurance podcast<\/a>. These podcasts have provided an invaluable insight into what today\u2019s insurance leaders are focused on, the challenges they face, their thoughts on the state of the market, and their views on technology.<\/p>\n\n\n\n

Looking back, we noticed specific recurring topics on innovative technology such as algorithmic underwriting, the impact of ever-growing data sets on the underwriting decision-making process, and what drives underwriting excellence and profitability<\/a>.<\/p>\n\n\n\n

As this year draws to a close, we have picked out some stand-out quotes from interviewees expressing their views on these topics. It was hard to choose which quotes to include as there were so many insightful and thought-provoking views, so you can access all individual podcast blogs via this page<\/a> if you want to find out more.<\/p>\n\n\n\n

Algorithmic Underwriting<\/h2>\n\n\n\n

\u201cUnderwriting is an algorithm,\u201d states John, \u201cWhen we talk about algorithmic underwriting, what we\u2019re thinking is, how much of that decision tree, how much of that quantification of risk can we do quickly and efficiently in a digitised manner versus that bit that is that as specialty underwriters we need still just take away and think about the nuances on. And the more that we can do in the digitised format, the more efficient we are, and frankly, the more accurate.\u201d – John Fowle, CEO, Chaucer.<\/p>\n\n\n\n

\u201cI have been an underwriter for my first 20 years in this industry, and I think I\u00b4ll always stay an underwriter. Therefore, I am actually convinced that there will always be the role of an underwriter needed. At the same time, of course, it\u00b4s clear that those in insurance and reinsurance – additional data sources, artificial intelligence, algorithms, they will incrementally lead to a certain automation of at least parts of the underwriting process. Generally, I would say we expect a higher degree of such automated, algorithmic underwriting as you call it in primary insurance rather than reinsurance.\u201d – Stefan Golling, Member of the Board of Management of Munich Re.<\/p>\n\n\n\n

\u201cI think it really is related to the commoditisation of business, so I think if there is a line of business that is very commoditised, it lends itself well to algorithmic underwriting as long as the wordings are standardised. That\u00b4s been an issue for the industry for many years; the wordings are not standardised\u2026 so relying on algorithmic underwriting when each wording has a little twist to it that you can\u00b4t pick it up in the algorithmic underwriting is very dangerous.\u201d – Jean-Paul Conoscente, CEO, SCOR Global P&C, the Property and Casualty (P&C) Business Unit of SCOR.<\/p>\n\n\n\n

\u201cYou need human intellect to programme algorithms and the best of both worlds\u2026 we are never going to replace our underwriters with an algorithm; we\u2019re very clear with that with all of our underwriters.\u201d – Matthew Wilson, Group CEO, Brit Insurance.<\/p>\n\n\n\n

Data & Analytics<\/h2>\n\n\n\n

\u201cAn insurance company needs to be a data company to understand its customers and get the best results.\u201d – William Spiegel, Executive Chairman of Randall & Quilter Investment Holdings Ltd.<\/p>\n\n\n\n

\u201cour alpha, if you like, is actually where human intervention is required but at the same time taking benefit of technological advancement and better use of data and data capture.\u201d – Stephen Catlin, Chairman and CEO, Convex.<\/p>\n\n\n\n

\u201cFirst of all, capture the data in a logical way, capture it properly and accurately. I use the principle of do it once and get it right. If your data is good and you can rely on that, then everything flows from that\u2026 and then you can use tech to automate all the process, all the returns should be automated, your finance team and reserving team and your underwriters should be spending time actually challenging the data and actually looking at the insights which are coming out from the information as opposed to turning the handle and trying to just do the same old thing again differently.\u201d – Ash Bathia, Chief Executive Officer, Probitas 1492.<\/p>\n\n\n\n

\u201cBut I think in the bigger ticket, that whole kind of capability of data analytics really hasn\u00b4t been applied anywhere near as much as it could be. We\u00b4re still rating risks in a way that is really quite basic if we\u00b4re being honest with ourselves.\u201d – Richard Watson, the co-founder and CEO of Inigo Insurance.<\/p>\n\n\n\n

Underwriting Performance<\/h2>\n\n\n\n

\u201cWe are very much focused on underwriting discipline, underwriting consistency\u2026 we try to link it as much as possible to a key focus to client and client needs and being attentive to the expectations and demands of our customers, so that blend of underwriting culture and client focus has been one of the keys to success over the years.\u201d – Jean-Jacques Henchoz, CEO, Hannover Re.<\/p>\n\n\n\n

\u201cI think strong underwriting companies will always see the way through good discipline, through proper underwriting procedures and practices.\u201d – Matthew Shaw, Chief Underwriting Officer, Tokio Marine Kiln.<\/p>\n\n\n\n

\u201cIf you want to make money, you better do it through your underwriting first and foremost. I think that\u2019s a bigger driver of the discipline that you\u2019re seeing in the market than any dearth of capacity.\u201d – Charles Mathias, Group CRO, Fidelis Insurance.
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It\u2019s no surprise that technology is transforming the insurance value chain and enabling carriers to capture new opportunities and make better underwriting decisions. However, what do industry leaders really think about innovative technologies, and how are they incorporating these advancements in their business? Well, we have some of the answers for you. Since January 2021, […]<\/p>\n","protected":false},"author":2,"featured_media":3324,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[7],"tags":[],"line-of-business":[],"class_list":["post-934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blogs"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/comments?post=934"}],"version-history":[{"count":0,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/934\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media\/3324"}],"wp:attachment":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media?parent=934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/categories?post=934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/tags?post=934"},{"taxonomy":"line-of-business","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/line-of-business?post=934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}