Insurtech is a trending media topic right now, but how does it look from the brokerage perspective? How are real-world businesses implementing technology, data and analytics to grow and compete?
How are they handling the technology side of acquisitions? How have they fared building their own systems? And how balancing the need to improve data while helping clients deal with emerging risks?
In November, Matthew Grant of Instech sat down with a panel of insurance professionals from Hyperion, Aon Inpoint and The Clear Group to find answers. This timely webinar generated thought-provoking insights that any brokerage should be thinking about as our industry moves steadily toward a data-driven future.
According to the panellists, data quality and consistent standards remain major challenges for insurance businesses. Getting value from data means getting uniformity around nomenclature so data can be accurately analysed and understood. You must standardize data, call each client by one consistent name, and follow the basics of data integrity to make it all work. “We all have to understand what ‘premium’ means, and then use that same terminology everywhere,” said one panellist.
Data chaos is seen as a real impediment to meeting customer needs, and brokers are looking for more organized ways to handle their data. Culture is clearly another key issue. Insurance is a relationship-driven industry—especially in specialty broking—and when brokers have a good grip on their own portfolios, they don’t immediately see the value of aggregation to a centralized, end-to-end system.
Change takes effort
The panellists offered advice and observations about how to spark transformation in a traditionally change-resistant business:
- Deliver value: leaders looking at putting data analytics and data systems in place should be asking what they can give the business, brokers and clients that will be useful and valuable in exchange for committing to and participating in change.
- Educate and demonstrate: once brokers see the patterns, predictions and insights that come to light when you look across the entire business portfolio and have information at your fingertips, they are much more likely to get on board.
- Let peers lead: colleagues have credibility, and if you have a leader who can evangelize the value of participation to peers, it’s likely to be far more effective than any effort by your IT team. “…Our network of peers talking to peers and learning from peers is what is working is to get people to use the same system,” remarked one panellist.
- Leverage the tech generation: younger brokers and team members who have grown up with technology can be a source of great ideas and tend to be less risk- and change-averse; they can often be the ideal liaison between brokers and IT
If you would like to hear the Webinar, please click to download: