All Aboard for Modernisation: Next Stop Underwriting - Paper - Page 27
This influence will increase in line with the growth
in big data. There are tens of thousands of terabytes
of data flowing through every channel of the UK
insurance market, and that volume is increasing every
day. What is the best way of managing that volume?
AI, of course.
However, AI is not carrying the modernisation burden
on its own. Wearables, sensors and trackers, once
a fringe feature of the market, are now mainstream,
particularly in personal lines. Cloud computing is
rapidly being adopted to enable greater storage and
access to data, while the data itself is being used for
machine learning and automation.
The prospect of bringing such tools into a business
is exciting, but without proper planning and a
clearly de昀椀ned role for each piece of technology,
it will ultimately fail, as so many transformation
programmes have. The connections a business
creates across its estate are the pathways to
modernisation.
Connecting data, people and technology across the
whole business in real time is the key deliverable
of a successful modernisation programme, and it
is through this approach that genuine and lasting
transformation can occur.
The 昀椀t between the people and the tech they are using
is as important as the 昀椀t between the tech and the
business. Employees have to understand why it is
being introduced, what problem it is going to solve or
what opportunity it presents, so they can buy into it
and maximise the bene昀椀ts.
“Technology has had a huge
impact on how the insurance
industry operates. ensuring
underwriters are able to be
connected to and access
easily varied and important
data attributes, the ability to
connect di昀昀erent solutions and
amalgamate multiple data sources
into one view for the underwriter
is vital. As is the interpretation of
the data. Technology as always is
the supporting act in underwriting
modernization. Only a proper
review of underwriting and
wider business processes can
con昀椀rm the e昀昀ectiveness of the
technology.”
Matt Carter
Altus Consulting
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