Trends aside, what’s the focus?
For 2022, the focus has shifted from capturing data, to producing valuable insights which can supplement product creation and underwriting.
Artificial Intelligence is a major player. It’s used by Insurers and solutions providers to analyse thousands more variables and data points than ever before, certainly more than traditional methods. This “bionic underwriter” seems to take the lead in the evolution of insurance data, which will enable improved underwriting and faster up-scaling of products.
There is always temptation to re-package products and offerings into something more digital, but InsurTechs will design a bespoke or dynamic suite of products specific to a target audience.
Embedded insurance
How can the above point be leveraged? By seamlessly integrating insurance products into the customer journey and by exploring partnerships that would complement your products. Let’s not forget to data share so that trend analysis can be maximised when unlocking full capabilities of the product.
Make sure your business is set up to get the maximum value from your data. Have you the right infrastructure and people to make this happen?
What does this mean for hard hitters? The big cheeses?
Taking on inspiration from the fluidity and dynamic nature of InsurTech organisations, the best way for Insurers, particularly the Lloyd’s market, to maximise their data potential is to move to a cloud-based solution.
This will provide a rapid, smoother, and more readily available reporting process providing on-demand trend analysis. This means that Insurers will provide themselves the opportunity to fully understand their customer or market and take their business to the next level, fuelling revenue and growth.
More on the Cloud
There are more and more leaders in the industry taking flight in adopting a Cloud-native solution. There is a plethora of third-party solutions available to help improve efficiencies and increase cost saving.
This trend will continue to gain momentum. Many industries are demonstrating the infinite benefits and possibilities available in using a smoother, on-demand AI central infrastructure for their operations. So, Insurance organisations will continue to look for solutions to help with their migration efforts to the Cloud.
Data Management
While InsurTechs continue to be leaders in innovative, tech based insurance products, what else are they doing to water-tight their process?
High standards of Data Management, from input to reporting, is integral for any business. While there won’t be new and exciting tech-based solutions for this area, we must not forget the basics when leveraging data to it’s full potential to maximise growth, revenue, and new business for Insurance businesses.
About our author:
Josh thrives on networking and building strong relationships with his clients. He heads up the BI, Data and Business Change function within Finitas.
Josh works exclusively with clients in the Lloyd's and General Insurance market by supplying market experts with a wide range of niche skillsets both in contract and permanent requirements.
If you’d like any help in your job search or would like to discuss your hiring needs, please get in touch with Josh today j.jennings@finitas.co.uk