Technology should be embraced as a challenge by insurers argues expert

Published: December 19, 2017

Updated: July 24, 2018

Author: Luke Jones

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The insurance industry is often told it is under threat from advancing technology, such as autonomous vehicles. As innovations transform lives and potentially make us safer, insurers are constantly told the industry is under threat. However, what is companies decided to embrace technology as a challenge instead as an enemy?

One thing technology will do is help to sort the best brokers from the bad ones, putting pressure on brokers to deliver the best products and display the best value.

“With increasing costs, compliance restrictions and actuaries scrutinizing business plans, it is inevitable that the basis for remuneration and how that is apportioned will be reviewed, so the pressure is on brokers, in particular, to demonstrate that the role they are undertaking is key to the process, and not simply going through the motions of bygone years,” said Sarah Newman, director of Support Services at Endeavour Insurance Services.

“For example, at Endeavour Insurance Services we came to a firm conclusion that our role within claims must change fundamentally. We strive to be proactive rather than reactive, not least when dealing with claims, but in every area of our business.”

Newman was speaking to Insurance Business, highlighting the way technology will help brokers become more transparent and consistent. Endeavour has recently launched its Advantage claims management system, which provides to Lloyd’s coverholders in Canada and the USA. With the solution, brokers can track claims with transparency.

“By storing all data in one central location, and providing the capability to interface with market systems such as lineage and electronic claims file, as well as other parties’ internal systems, this offers the capability to deliver information both into and out of the market with no unnecessary delays,” Newman said.