Monte Carlo Digital Forum: Reinsurance's uneasy relationship with technology
The recognition that technology has the potential to deliver significant benefits in the underwriting process has never been questioned.
However, the industry’s past is littered with failed initiatives, which began with good intentions but floundered on the inability to gather the market’s collective will for implementation.
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The Covid-19 pandemic has delivered a fundamental change in the way the industry has been forced to operate and with it has become the requirement to better use the available technology.
Remote working has demanded the greater use of technology and a move to the electronic placement and binding of risk. As businesses and insurers across the world look to a phased return to the office, the genie cannot be returned to the bottle.
Technology will play an increasing role in the way the industry operates. The ambitious future blueprint for Lloyd’s is predicated on a greatly enhanced use of technology and virtual platforms.
Work to be done
However, there is still work to be done. Acord’s 2020 Insurance Digital Maturity Study of the world’s top 130 insurance carriers found the rapidly evolving insurance ecosystem, paired with financial uncertainty amid a global pandemic, have led to a need for insurers to modernise that is more urgent than ever.
Despite the need for change, the study found fewer than 30% have truly digitised the value chain, while 13% are not leveraging digital technologies within their existing business processes. Further, more than half of the insurers in the study are still exploring how digitisation can be applied against their business model.
“The insurance industry is at a critical inflection point,” Acord chief executive, Bill Pieroni, says. “However, there is no other industry better equipped to quickly identify, understand and mitigate risk. As the industry increasingly understands failing to digitise is a known risk and the benefits are material, insurers will place increasing value on its importance.”
This innovative solutions session explores the technology capabilities insurance organisations will need to successfully pivot and operate in the new normal as they step into the post-Covid-19 future.
The increased uptake of technology to transact business in this transformed environment means underwriters are now deluged with submissions. Technology progress in this new world needs to be mapped out intelligently so underwriters have the right capabilities to keep up and make the best use of these advances.
In this innovative solutions session, AdvantageGo will explore the key technologies leading underwriters are using today within their “Underwriting First” transformation, with a particular focus on:
How underwriting excellence drives transformational performance;
Key capabilities that help you to manage risk presentations; and
How an intelligent worktray can reduce costly errors.
Do not miss the opportunity to gain a greater understanding of how technology is shaping and will shape the way the market operates both now and in the future. Click here to register for free.