Commercial Lines Innovation Europe Conference Recap
Keep reading to see our top 5 moments from the recent Commercial Lines Innovation Europe conference and action items for all members of the commercial insurance industry!
We recently attended the Commercial Lines Innovation Europe conference in London, bringing together operators across the insurance industry to discuss ways to reimagine commercial insurance for the era of data, technology and innovation.
The agenda was jam packed with insightful and thought-provoking panels, keynotes, and debates. Keep reading to see our top 5 moments from the conference and action items for all members of the commercial insurance industry!
#1 Accelerating digital and data strategies for commercial lines
We loved this fireside chat with Mandy Hunt, RSA Chief Underwriting Officer, moderated by Hélène Stanway, SENSE Consortium President. They discussed the key ways we can accelerate digital and data strategies for commercial lines.
Mandy highlighted the ever-increasing importance of data in insurance and technologies helping insurers harness the data needed for efficient underwriting. To achieve maximum results, Mandy noted that data-literacy programs are a great way to help all stakeholders understand the importance of modernising the data strategy, ultimately increasing technology adoption and speed in innovation.
#2 Improving underwriting performance with advanced data and analytics capabilities
This panel session featuring Richard Brown, SVP Head of UK, Jon Holtan, Fremtind Forsikring EVP Product, and Tom Chamberlain, hx VP of Customer, moderated by Tony Tarquini, 5189 Limited Insurance Industry Advisor was highly insightful.
The focus was on ways to move the industry forward and improve underwriting performance with advanced data and analytics capabilities.
They concluded that insurers who have been using the same legacy tools for years need to engage with, and learn from, modern Insurtechs and embrace artificial intelligence and machine learning technologies to save time on manual processes and optimise various areas of the workflow. To succeed, insurers must ensure collaboration between the underwriters, actuaries, and project teams so everyone is data-driven, and the technology adoption is propelled company-wide. We couldn’t agree more!
#3 The rise of the bionic underwriter: Tech and tools that accelerate growth and help underwriters do what they love
Greg Fleming, Everest International Chief Information Officer and Ben Huckel, Send CEO, took the audience on a learning journey when they discussed the rise of the bionic underwriter.
Greg defined the bionic underwriter as data-first and data-driven. He explained that to support underwriters, insurers must collect lots of data. This is important because as risks change, insurance must also be flexible and adapt to the changes quickly. Insurers must prioritise giving analysts better data so they can, in turn, provide better data to underwriters.
For the shift from legacy to modern systems, the speakers identified the need to deprecate features gradually and adapt to new technologies instead of a mindset of tearing everything down and recreating. Ben highlighted the importance of identifying the parts of the underwriter workflow that make the most difference or provide the highest benefits for the company and focusing on optimising those first.
#4 Next stage automation: Enabling connectivity across the commercial lines ecosystem to reimagine business processes
We also enjoyed an engaging panel debate featuring James Wright, Beazley Digital Head of Technology, Jakub Sajkowski, PZU Managing Director, and Gijsbert Cox, Appian Industry Lead, moderated by David Clamp, The Camelot Network founder.
The insurance industry is plagued with dozens of manual processes, and there is a need for smarter, people-driven automation to improve efficiency and deliver better outcomes.
The speakers highlighted the essence of next-stage automation as enabling insurers to stay ahead of the competition and improve profitability margins.
When asked how to best prepare for next-level automation, they shared the following tips:
- Establish automation goals beforehand
- Develop a plan to convince customers, brokers, and partners to adopt the new technology
- Frame the conversation around pain points instead of buzzwords
- Break down automation plans into smaller, measurable chunks
- Adopt a mindset of taking risks and being open to failure!
- Identify what to build vs buy. Look into the partner ecosystem for best-fitting solutions
- Communicate transparently and have a shared objective with other business areas to improve adoption
- Ensure all stakeholders (especially underwriters and c-suite executives!) are involved in the process
The panel concluded with the reminder that automation should not be seen as a threat - it does not obliterate teams but instead empowers and supports them – something we firmly believe here at hx.
#5 Enabling the ideal insurance pricing workflow with speed, intelligence, and confidence
Finally, we loved the moment when our very own Robert Williams, hx Head of Customer Engagement and Modelling took to the stage to show how hx enables the ideal insurance pricing workflow with speed, intelligence, and confidence.
Did you know that actuaries spend only 20% of their time doing actuarial pricing work and underwriters spend up to 5 hours gathering data for every risk they need to price? Or that many executives do not have access to real-time data and analytics to make data-driven portfolio steering decisions?
Rob demonstrated how our next-generation pricing tool, hx Renew optimises the workflow for actuaries, underwriters, and executives, leveraging data ingestion, triage, and enrichment to enable fast model creation, automated reporting and a myriad of other benefits.
It was a memorable two days of networking, learning, and value-packed conversations. Now more than ever, it is clear that the insurance industry needs to prioritise technology for innovation in various areas, including data, products, and customers.
At hx, we're enabling high-growth insurers to unlock access to data, refine underwriting processes, and enable automation at scale. Our customers have generated real business value across multiple business lines and have enabled their teams with technology for a better work experience.
Get in touch to learn more about how hx Renew enables data-driven decision-making and loss ratio benefits of up to 2% here.
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