In a field built upon numbers, data can be considered the cornerstone of success. In the InsurTech realm, this feeling is no different. But as modernisation and digitisation becomes ever more paramount in the business world, the transformative potential that harnessing accurate data has advanced tenfold.
With this clear shift, incumbents are now being forced to utilise data to a greater degree – as they look to fuel innovation, redefine their risk assessment processes, and improve customer engagement and operational efficiency.
So what impact will data have on the InsurTech space?
That was the question posed to a host of industry experts as part of the esteemed Professional InsurTech Certificate.
President of Global Risk Solutions at Liberty Mutual Insurance, Tracey Sharis, spoke enthusiastically on the transformative potential that data can have on the sector, claiming that underwriting, as well as a host of other areas, would see a dramatic improvement.
Sharis remarked, “The first obvious opportunity for us with regard to external data and as well as internal data impacting our overall results, comes really in the form of dynamic portfolio management. And I think we all understand that through tools like economic capital modelling, as well as theoretical risk capital modelling and other things like that we’ve we’ve been using data for years to improve our portfolio management at the corporate level.
“What’s more challenging is taking that level of portfolio management acuity and pulling it down to the desk level. So allowing your frontline underwriters to have access to that information in a way that would be effective to them and that they would understand for instance, in a former role, I was able to work with a large property portfolio to determine why you would select one capture of and risk versus another. So which one’s going to be a better ROI on your theoretical risk capital? So really, we’re able to take a concept that was historically really only the area that the greater corporate executives looked at and bring it down to the desk level.
“It helps us when it comes to, you know, reinsurance purchasing, new product development, new services, risk reduction on the risk management level, a whole myriad of other things in addition to underwriting decisions.”
To listen to the whole presentation, enrol in the Professional InsurTech Certificate.
About the Professional InsurTech Certificate:
The Professional InsurTech Certificate course offers a comprehensive and practical exploration of Insurance Technology (InsurTech) for professionals operating in the insurance industry. With a focus on practical applications, the course covers vital topics including the fundamentals of InsurTech, adoption strategies for insurance companies, regulatory perspectives, data analytics, customer engagement, claims processing, risk assessment, and emerging technologies like AI and ML tailored specifically for the insurance sector.
Distinguished by its holistic approach to the InsurTech landscape, this course integrates real-world case studies with insights from leading InsurTech innovators and senior leaders from insurance companies.
You can enrol here.
