INSURERS
“ There ’ s a surge in startups using generative AI to automate across the entire policy lifecycle , from risk assessment to claims and portfolio management ”
RAJEEV GUPTA CO-FOUNDER AND CPO , COWBELL
their businesses by addressing the shortcomings of traditional market players , especially in personal and SME commercial risk sectors .”
Parker Crockford , Chief Revenue Officer at insurtech Qover , envisions significant growth and innovation in the future of insurtech , driven by strategic collaborations and advanced technology adoption .
Crockford remarks : “ The insurance market is actively embracing innovation , with traditional players forming strategic alliances with insurtech firms . This not only ensures their competitiveness but also cultivates a continuous innovation culture in an evolving market .”
He highlights that these partnerships often involve direct investments in insurtech startups , which bring cuttingedge solutions in areas like AI , user experience and data analytics to the traditional insurance framework .
Strategic imperatives for insurers and meeting consumer expectations Nelson Castellanos , Chief Partnerships Officer ( International ) at HDI Embedded , explains how insurers must adapt to meet shifting consumer expectations in the rapidly evolving insurtech landscape . Castellanos emphasises the importance of leveraging deep analytics and customer data .
“ Insurers need to deeply understand individual customer needs and deliver more personalised , transparent and responsive services . This involves using large datasets and AI to tailor insurance products precisely to customer risk
132 June 2024