An Agenda Built Around Four Core Pillars Of

Commercial Insurance Innovation

Adapt to Changing Customer Needs: Support Clients to Achieve Resilience in an Evolving Risk Landscape

How can insurers support customers to achieve business resilience and continuity amidst changes to our climate, society, economy and industries?

  • Assess the global risk landscape for businesses in 2020 onwards, and evaluate trends in the world of commerce that are impacting insurance e.g. globally distributed business models, new workplace technologies such as autonomous vehicles, industrial robotics, and sensor-based monitoring, and growing markets such as renewable energy and precision medicine 

  • Explore the new and evolving risks that are rising up the executive agenda e.g. supply chain, cyber, climate, technology, and reputation, and develop a roadmap for supporting customers to identify, quantify, and mitigate those risks to achieve business resilience and continuity

  • Overcome price sensitivity and improve retention with new risk prevention services such as real-time monitoring, scenario planning, stress testing and simulations to drive higher levels of sophistication in risk management, and establish stronger, more elastic, and longer-lasting customer relationships by helping customers to better predict, rapidly contain, and reduce the overall impact of risk events

  • Re–segment customers to develop more targeted, tailored, and personalised propositions, drive product innovation to meet requirements to cover intangible assets and/or temporary risks, and incorporate customer feedback and data to highlight areas of product development that will benefit the market

Transform Inefficient Operations: Leverage Technology to Improve Efficiency, Agility and Performance

Can insurers finally solve the unsustainable expense ratios with intelligent automation?

  • Drive intelligent automation across the legacy estate to reduce costs and improve performance, and focus in on tried and tested areas for productivity gains e.g. e-trading, automated rating and underwriting, and digital self-service capabilities in claims and client services

  • Leverage robotics to eliminate the repetitive and tedious tasks of manual data entry, sourcing, and cleaning across multiple systems, spreadsheets and silos, and transform workflows to free up staff to focus on complex, customer-facing and revenue generating tasks

  • Introduce agility and flexibility to your existing mainframe with APIs, and sidestep costly legacy modernisation and integration by wrapping new capabilities around existing legacy structure to enable plug and play connectivity with third parties

  • Move away from manual sifting and sampling, and discover how text analytics powered by machine learning is enabling the extraction of relevant and actionable insights from unstructured text, eg, reports, contracts, policy documents, and invoices

  • Execute advanced decision support systems to enable faster and more informed decisions, and lay the foundations for sophisticated cognitive systems that learn and adapt in real time

Tackle The Data Challenge For Commercial Lines: Access, Manage, and Extract Value from Multiple Data Sources

What practical steps will it take to enrich often complex and heterogeneous commercial risk data and truly exploit its business value?

  • Access relevant external data sources to supplement and enrich heterogeneous commercial risk data, and drive underwriting profitability through more accurate modelling, improved risk selection and pricing, and better access to the most attractive risk pools

  • Identify valuable sources of untapped internal historical legacy data, and explore the new analytical tools available to begin mining and extracting value

  • Explore best practice for data curation from the point of ingestion, ensure your data curation strategy lays the foundation for automation, and tackle the implementation of next generation infrastructure, platforms and tools to source, harmonise, and drive real business insights from multiple data sources

  • Leverage blockchain to increase the flow of information between broker, insurer, reinsurer and regulator, and tackle the provenance and integrity of data across a complex value chain

Respond to the Evolving Distribution Landscape: Capitalise on the Rise of MGAs, Insurtechs and a Connected Commercial Insurance Ecosystem 

Will trends towards self-service and digital channels push into more complex risk areas?

  • Debate the extent to which commoditisation in the lower end of the market will push into more complex risk areas, and consider the optimum client service model and role of specialist advisors as less complex and more transactional business goes direct 

  • Adapt your distribution strategy to respond to changes in customer purchasing behaviour, and explore the potential of new digital channels for distributing more standardised commercial products that lend themselves to automated rating and simplified question sets

  • Build a strategy for engaging with ebrokers, aggregators, insurtechs and MGAs to access niche and profitable markets, and consider what it takes to onboard and integrate new partners to deliver more innovative products and better levels of service