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Member, Beacon International Group, Ltd.
Vincent Vandendael, chief commercial officer at Lloyd's of London, said that the insurance industry needs to embrace new technologies and business models or face the risk of sliding into irrelevance, Zawya reported citing Reuters. Mr. Vandendael said that digital technologies offer better data which help insurers price risks more accurately and improve risk mitigation. Eric Andersen, chief executive of U.K.-based reinsurance broker Aon Benfield Group Ltd., said that alternative capital players are backing brokers and insurers to use smarter data to write more of their own policies, with potentially less business being passed back to reinsurers.