Insurers, brokers use digital tools to stay in step with clients
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LAS VEGAS – Technology is becoming a larger and more important part of the insurance industry as insurers and brokers use digital tools to streamline processes and stay in step with clients.
“A lot of our clients are in the sharing economy space and the future of mobility,” said Brandy Mayfield, Phoenix-based senior vice president and lead, digital economy, for Aon PLC, during a panel discussion on the emerging role of technology in commercial insurance at the annual Insuretech Connect conference.
Jay Rajendra, Bermuda-based chief strategy and innovation officer for Arch Capital Group Ltd., said the insurer now writes about $1 billion of business digitally each year. He added that he remembers coming to the conference some years ago and finding mainly a group of upstarts, whereas now the annual ITC conference “is part of the establishment.”
“What we try to do is help carriers shift from manual risk flows to digital risk flows,” said Zaheer Hooda, Atlanta-based head of North America for Cytora Ltd., eliminating many of the repetitive and time-consuming manual processes still employed in commercial insurance.
“There’s a lot of opportunity to use machine learning, artificial intelligence, analytics” and other tools “to improve the trading and underwriting of risk,” said David King, London-based CEO and co-founder of Artificial Labs Ltd.
Ms. Mayfield added that the increasing adoption of technology in commercial insurance can serve as a recruiting tool allowing brokers, insurers and others to bring fresh talent into the industry.
