The first week of October is a busy time for insurance industry executives in the United States and Europe with both Insure Tech Connect 2017 and Intelligent InsurTECH Europe 2017 happening. Looking at the agendas of both conferences, it’s evident that the insurance technology industry has reached a critical moment. However, with so many solutions being showcased at these events, how do attendees avoid becoming overwhelmed and gather the right information to drive their organizations forward to a data-driven future.
Fortunately, Matthew Grant, Executive Director at Abernite, and a presenter at Intelligent InsurTECH Europe 2017, shared his thoughts on how to spot a winning solution amidst all the hype and hyperbole on the show floor. In his recent article on LinkedIn, Grant identified eight things to separate “fact from aspiration.”
Of the eight important questions Grant prompts attendees to consider, two stood out to our editorial team as the essential factors. Does the solution address revenue generation, cost savings or regulation (number 3) and does the solution offer data-driven output, i.e. are there analytics to learn from and apply. Without these two elements insurtech simply becomes a solution in search of a problem.
In Grant’s words: “The most compelling products enable companies to increase their revenue…The best products are a critical part of the business work flow…Regulators and rating agencies now require companies to provide detailed data based evidence of sound management and compliance. Track down the A M Best Supplemental Rating Questionnaire (SRQ) or Lloyd’s Realistic Distaster [sic] Scenarios (RDS) to get an understanding of how much data is required to get approval for writing property catastrophe insurance.”
It’s problems like these that speakers like Sharon Ashton, SVP of Commercial and Automobile at Chubb commercial insurance, Mariel Devesa, Head of Corporate Development at Farmers Insurance, and Sastry Durvasula, Chief Digital Officer and Chief Data and Analytics Officer at Marsh will be talking about in the panel sessions as well.
Want to learn more about the other 6 factors Grant considers to be essential hallmarks of a successful insurtech solution? You can find his article here. Headed to Insure Tech Connect 2017 or Intelligent InsurTECH Europe 2017 you can share your favorite talks and insights with us via Twitter using the event hashtags #itc2017 and #IITECH17. And don’t forget to check back here for more coverage of the events this week on Insurance Tech Insider.
