AMWINS acquiring more data ( both first party and third party )
Building more advanced capabilities to analyse data to form deeper insights on risk selection , pricing , and portfolio building .
DID YOU KNOW ...
INSURANCE INNOVATION ENABLERS
Technology : The technology available today can enable businesses in ways almost unthinkable 10 or 20 years ago . Effective and empathetic application of technology can transform the most painful retail agent experience into one that is pleasant , or at least more acceptable – this is insurance after all !
Data : Accessing and using more data can reduce the amount of data we need to collect from our retail agents , reducing painful keystrokes , but data can also enable better risk quantification so our retail agents can offer their insureds the most competitive price possible .
People : Constantly challenging the status quo of insurance process and ensuring the retail agent ’ s experience is being prioritised , is very important . To achieve this , we need to ensure we are always hiring and retaining the best people .
Great customer experiences Technology is essential to the role , enabling underwriters to perform more effectively , with greater accuracy . In fact , “ The combination of more cost-effective data storage and processing technology with advances in machine learning and deep learning techniques is opening new areas of development which were not available a number of years ago ,” he says .
Parsons points out that the application of such developments is wide-ranging , from enabling real-time use of Natural Language Processing ( NLP ) to determine business industry classification , image recognition to determine the shape and standard of a property ’ s roof and building sophisticated predictive models to uncover new risk quantification insights .
Well-applied technology solutions , he says , can potentially enhance and enable every aspect of the insurance industry .
Amwins future strategies Currently , making any kind of prediction on where the insurance industry might be in a decade is fraught with complications . This is down to the destabilising times we are living in , as well as the difficulties in accurately assessing technology adoption in the marketplace .
However , it is reasonable to expect current trends to continue . Effective implementation of technology by innovators and early adopters will slowly force technology laggards to catch up or exit , says Parsons .
186 November 2021