Aviva CEO Mark Wilson pointing finger at analogue rivals? Another innovator Legal and General also providing a quote after just 5 questions using AI and external data sources to price and quote.
One of the most interesting parts of the interview around insurers always having been "data meisters". So they must maintain this leadership and not let today's digital giants overtake them in the insurance field.
Some, like Lemonade's CEO Daniel Schreiber claim that "Insurers are loosing the Analytics Plot" But that need not be the case.
First retrieve and analyse all your internal data structured and unstructured- most insurers access less than 20%!
Second access and join external data. So a simple post (zip) code is the key to masses of data on property, values, sale dates, residents, flood and other risks which help to make a quote
Data and CONTEXT are keys to competitive advantage and as Mark Wilson says a quadruple win:-
- Increase premiums
- Reduced operating costs
- Reduced indemnity costs
- Increased customer satisfaction
The insurance industry is “generally in the stone age,” and partnerships with technology companies are the way forward, according to Aviva Plc’s chief executive officer. His company, the U.K.’s second-largest insurer, is working with Tesla on how to insure driverless vehicles, Mark Wilson said in an interview Monday with Francine Lacqua on Bloomberg Surveillance. Aviva is also looking into artificial intelligence and big data, he said. “The new future is partnerships,” Wilson said. “You need those skill sets, you need to blend them together.”