TIM HOOD
INSURERS
CPO of Cowbell , says : “ There ’ s a surge in startups using generative AI ( Gen AI ) to automate across the entire policy lifecycle , from risk assessment to claims and portfolio management .”
This collective movement towards technology is shaping a future where insurance operations are not just efficient but also profoundly aligned with the needs of a digitally evolving customer base . Reacting to a need for innovation Insurers are responding to the urgent need for innovation by integrating cutting-edge technologies such as AI and machine learning to remain competitive and cater to the evolving expectations of tech-savvy consumers .
Manoj Pant , Senior Director and EMEA Insurance Industry Principal at Pegasystems emphasises the proactive steps insurers are taking : “ The insurance market is increasingly looking to onboard new insurtech capabilities that improve customer experience and engagement , and enhance the accuracy and speed of decision-making in risk assessments and claims .”
Moreover , CTOs play a strategic role in innovation labs for insurance companies , which are pivotal in fostering and testing new ideas , particularly those involving Gen AI which can significantly boost both front and back-office productivity .
He says : “ Insurers are not just buying innovation ; they are actively creating AI-powered application environments that leverage their deep domain knowledge to spin up automated processes and analytics .”
TIM HOOD
TITLE : VP FOR EMEA AND APAC COMPANY : HYLAND
Tim Hood has transitioned seamlessly from sales to leadership and strategy and plays a key role in numerous acquisitions and
strategic restructuring . He finds great satisfaction in overseeing business growth and celebrating the success of his team and clients .
This approach is not merely about adopting new technologies but is integral to transforming business processes to be more customercentric , ensuring insurers can keep pace with digital challengers and shifting market dynamics .
Vijay Mahendrakar , Head of Insurance Business Solutions in Europe at Mphasis , explains how the insurance market is adapting to technological change : “ The risk landscape has dramatically shifted , necessitating that C-suite executives recognise innovation as essential for improving customer outcomes and achieving business growth .”
126 June 2024