Underwriting depends on gathering the right data to make the right decisions. When claims are made the same is true to optimise indemnity costs.
Data are often hidden as unstructured and disparate sources seldom analysed resulting in bad decisions based on "judgement" and bias rather than fact.
Oxbow Partners highlight insurtechs tackling these issues including 360Globalnet.
Read the Oxbow Partners article below
Technology is not, of course, a new phenomenon in corporate and speciality insurance. It challenges the corporate ‘clock speed’ of most incumbents and will present opportunities to successful adopters to tilt industry profits in their direction. But identifying the correct response is challenging for incumbents and, as we argue in our Impact 25 paper, there is no single, correct course of action. Choices that need to be made broadly fit into three categories: Strategy: Should we focus on customer experience / proposition or efficiency? Technology: Do we build or partner or buy? If we partner, how do we create and protect differentiating IP? Execution: Should we innovate within the business or in dedicated teams? What structures and processes do we need? These questions – amongst others – need to be answered to ensure an effective corporate response.