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Future of Insurance INDEPENDENT PUBLICATION BY raconteur.net #0410 12 / 10 / 2016 FUTURE OF INSURANCE TIME TO BLOW AWAY TRACK DRIVERS TO IMPROVING IMAGE NOW MACHINES CAN 04 CUT POLICY COSTS 10 AND SERVICE 12 DETECT FRAUD 03 THE DUST AND COBWEBS Will consumers buy products Technology and new platforms Machines learning from data can Insurers are at last shedding their staid image and embracing change based on the internet of things? improve customer experience transform insurance processes Enhancing Customer Experiences Discover the Future of Insurance - visit: www.thisisnumero.com Part of the Callcredit Information Group 0161 475 0300 @thisisnumero In partnership with RACONTEUR 12 / 10 / 2016 raconteur.net FUTURE OF INSURANCE 03 FUTURE OF INSURANCE Songquan Deng / Shutterstock / Deng Songquan DISTRIBUTED IN ASSOCIATION PARTNER DISTRIBUTION PARTNER RACONTEUR PUBLISHING MANAGER HEAD OF PRODUCTION Blowing away the Exposure Manager, the first solution Misha Jessel-Kenyon Natalia Rosek PRODUCTION EDITOR DIGITAL CONTENT MANAGER on the RMS(one) platform, delivering Benjamin Chiou Lorna North dust and cobwebs MANAGING EDITOR DESIGN accurate, actionable exposure analytics Peter Archer Samuele Motta Grant Chapman The insurance industry is at last shedding its staid image to your risk manager. Kellie Jerrard to move with the times and embrace technology to offer clients a superior service CONTRIBUTORS DAN BARNES CLARE GASCOIGNE OVERVIEW to these and in new areas, such as time. Today’s squeeze is of a differ- happened years ago, in the indus- Award-winning Formerly on the staff of ANTHONY HILTON cyber attack or loss of reputation. ent order of magnitude. Rates have try’s defence the technology was business journalist, the Financial Times, she is he specialises in financial now a freelance journalist Devising policies which meet cli- been in decline now for at least not there. Unlike banking, where technology, trading specialising in City and ents’ needs has required a funda- ten years. transactions can be standardised and capital markets. financial features. nsurance companies have mental rethink. At the same time – and this is and therefore lend themselves to long cultivated the image of Even without this client pres- what perhaps has made the funda- computerisation, insurance pol- being solid, well-established sure, the industry would have had mental difference – the insurance icies are tailored to individual ANTHONY HILTON ROB LANGSTON and dependable, that they to respond to a hostile external market has become more integrat- needs. Only in motor insurance, Author, journalist and Editor of MENA Fund I broadcaster, he is a former Manager, the monthly are islands of stability in a world environment. The past decade has ed with the other capital markets. where there is scope for standard- City editor of The Times title for the Middle East which is anything but. They have been an unprecedented period of This has brought a wave of new isation, has technology become and managing director of and North Africa asset to. The essence of their business is downward pressure on rates. The risk transfer products designed to the norm. The Evening Standard. management industry. they help their customers manage low interest rate environment has appeal to pension funds and other But more will follow because for and share risks. Such customers caused a collapse in investment patient capital, which has noticed the first time technology is reach- True Accumulation Monitoring Hazard-Based Insights Proactive Risk Response MARK TAYLOR DAVEY WINDER have to believe the organisation income; there is additional com- insurance offers higher returns ing levels of sophistication where Utilize RMS hazard intelligence News editor of Award-winning will still be around when the time petition from new than other finan- it can be applied much more wide- Flexible reporting zones with Respond to real-world events PaymentsCompliance, journalist and author, he comes to pay out on claims. capital entering cial markets. This ly, and this is what is happening, the most trusted Exposed Limit for informed assessment on promptly and confidently, he has written for The specialises in information The image has served the indus- the industry from in turn has led the both among traditional players Guardian, covering security, contributing to try well for 300 years, but more re- outside. And on belief that the cy- and in fintech firms’ intent on calculation in the industry. where to grow the business and improving customer service while financial services, Infosecurity magazine. cently its downsides have also be- top of everything cle will always be industry disruption. On the pro- regulation and compliance. come more apparent. Sometimes, else, post-2008 For the first time the same again be- cess side major projects are under areas to avoid. avoiding surprises. to the modern eye, insurance has there has been technology is cause, even in bad way to deliver connectivity with HELEN YATES seemed too wedded to tradition. a tidal wave of reaching levels times, new capital the thousands of agents and cli- Freelance journalist, Its desire for continuity and sta- regulatory change. is coming in. ents the industry has around the she was formerly editor bility has brought a reluctance to Of course, insur- of sophistication Meanwhile, the globe. Within firms progress in of Global Reinsurance embrace change. Faith in the old ance has always where it can be hit to insurance areas such as big data and block- and managing editor of ways meant it failed to respond to been cyclical and applied much company profita- chain is transforming risk assess- Strategic Risk. customers who were growing im- this was both a more widely bility inherent in ment and selection, collection patient with the resultant costs strength and a rock-bottom rates and verification of information, and inefficiencies. weakness. Pe- and low invest- and pricing. But it has now been forced to riods of relative ment income has The big question still unresolved Although this publication is funded through advertising and For a clearer view of your exposure, contact us at [email protected] adapt. The world has changed prosperity would bring in more been disguised by running down is what role will the individual sponsorship, all editorial is without bias and sponsored features are clearly labelled. For an upcoming schedule, partnership in- hugely in the last 30 years and the competition and push down rates. reserves, perhaps to dangerous have in this? How much of insur- quiries or feedback, please call +44 (0)20 8616 7400 or e-mail value of a modern global business Reserves would be run down, then levels. Indeed, only last month ance will become tech-driven? [email protected] lies much less in physical assets when disasters finally hit, the huge the Prudential Regulation Au- Can the industry still add value Raconteur is a leading publisher of special-interest content that can be insured against flood, sums which had to be found to pay thority felt obliged to warn that it through advice and personal rela- and research. Its publications and articles cover a wide range fire and theft. claims would act as a trigger for felt some in the industry might be tionships, and if so how will it be of topics, including business, finance, sustainability, health- Today the worth of a business is rate hikes. going too far given that reserves rewarded? Will there still be a role care, lifestyle and technology. Raconteur special reports are much more intangible and much Unfortunately, even in tough have fallen now every year for for people delivering quality ad- published exclusively in The Times and The Sunday Times as well harder to value; it lies in the knowl- times this acted as a brake on 15 years. vice or is the future entirely about as online at raconteur.net edge of the workforce, the quality radical change because there was In this environment it is inevita- price? Read on. www.rms.com The information contained in this publication has been ob- tained from sources the Proprietors believe to be correct. of the supply chain, the unique- always a belief that things would ble that the industry would look for ness of the intellectual property, turn up again before too long, as ways to cut costs and to embrace © 2016 Copyright, Risk Management Solutions, Inc. However, no legal liability can be accepted for any errors. No Share this article online via part of this publication may be reproduced without the prior the strength of customer relation- they usually did. But that is anoth- new ways of working, and while Raconteur.net consent of the Publisher. © Raconteur Media ships. The risks come in threats er reason why it is different this critics argue this should have BUSINESS CULTURE FINANCE HEALTHCARE LIFESTYLE SUSTAINABILITY TECHNOLOGY INFOGRAPHICS raconteur.net/future-of-insurance RACONTEUR 12 / 10 / 2016 raconteur.net FUTURE OF INSURANCE 03 FUTURE OF INSURANCE Songquan Deng / Shutterstock / Deng Songquan DISTRIBUTED IN ASSOCIATION PARTNER DISTRIBUTION PARTNER RACONTEUR PUBLISHING MANAGER HEAD OF PRODUCTION Blowing away the Exposure Manager, the first solution Misha Jessel-Kenyon Natalia Rosek PRODUCTION EDITOR DIGITAL CONTENT MANAGER on the RMS(one) platform, delivering Benjamin Chiou Lorna North dust and cobwebs MANAGING EDITOR DESIGN accurate, actionable exposure analytics Peter Archer Samuele Motta Grant Chapman The insurance industry is at last shedding its staid image to your risk manager. Kellie Jerrard to move with the times and embrace technology to offer clients a superior service CONTRIBUTORS DAN BARNES CLARE GASCOIGNE OVERVIEW to these and in new areas, such as time. Today’s squeeze is of a differ- happened years ago, in the indus- Award-winning Formerly on the staff of ANTHONY HILTON cyber attack or loss of reputation. ent order of magnitude. Rates have try’s defence the technology was business journalist, the Financial Times, she is he specialises in financial now a freelance journalist Devising policies which meet cli- been in decline now for at least not there.
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