As carriers and brokers embark on technology transformations, one of the key considerations is to review the existing process, and look at how it can be optimised and how you can apply technology to make that process even better, says Justin Davies, Head of EMEA at re/insurance service provider, Xceedance.
Davies notes that from an Xceedance point of view, when they are looking at technology they try to make sure that the underlying process is optimised before starting any transformation.
“If you are just deploying technology to a broken process, it’s still a broken process, it might be a bit quicker or different, but it’s not as effective as it could be.”
Moreover, as Machine Learning and AI technology make an impact within the industry and more companies are incorporating the technology into their business, Davies highlights that we are still yet to see anything really disruptive.
“I think it’s starting to happen, it’s been going relatively slow. I don’t think we’ve really seen anything significant compared to what will happen in the future.”
Adding to this, Isabelle Clausner – VP, client executive for Southern Europe, Xceedance, says: “The technology is pretty much there and the technology is evolving and it’s going to look probably very different in the next five to ten years. I think one of the challenges is what data do we apply this technology to? So, it’s not just about the technology being available, but it goes back to the data which is at the centre of our industry.”
At the same time, Clausner addresses that the increase of AI and Machine Learning is creating new questions and new considerations around the responsible use of data and what do with it. “Ethical considerations that didn’t exist five years ago will continue to shape up what the industry will look like.”
Additionally, Davies highlights the Xceedance Risk Data Platform which uses AI and machine learning to perform data cleansing, geocoding, augmentation, and standardisation of output.
However, as technology continues to evolve and change within the industry, it remains clear that a variety of different carriers and brokers need to start addressing various technology pain points.
Davies added: “What you’ve got to think about, is that technology is moving so fast that whatever you replace it with will probably be outdated in another five or ten years.
“So instead, what a lot of companies are doing is basically looking at retaining that sort of core data aspect – the legacy data layer – and migrating it to platforms that can talk to any application layer.
“That application layer can then be modernised as and when needed whilst still retaining access to the core data which is critical to the running of the business.”