Reinsurance leaders see real-time data tools as ‘game changers’

During a recent roundtable that was part of the fireside discussions of the Aon Virtual Reinsurance Renewal Season, industry executives identified real-time data management as a ‘game changer’ for reinsurance.

The session was moderated by Andy Marcell, CEO of Aon’s Reinsurance Solutions, and included as panelists Monica Cramér Manhem, President, International Reinsurance at SiriusPoint, and Tulsi Naidu, CEO, APAC at Insurer Zurich.

Executives agreed that the use of technology was paramount to the future success of the re / insurance industry.

Naidu said the “real understanding and appreciation” of insurance that had started to occur in parts of Asia over the past two years was in part due to a growing number of technological solutions.

“One of the biggest opportunities for insurers is how we can use technology and data to bring insurance to life for our clients – whether that’s improving the customer experience, creating more engaging propositions. , using information to prevent seizures or exploring new perspectives. models, ”she added.

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Naidu said technology and data will become the “backbone” of businesses.

“This is probably the most important topic for any CEO. Are we thinking enough about the direction of technology? Do we think hard enough about the speed of change? She commented.

Speaking about the role of technology in the reinsurance industry, Cramér Manhem also remarked: “It’s the ability to use real-time data and analyze risk that is going to be super, super important, and our industry. must act quickly here, because we must have this capacity.

“When you have the ability to bring in data and information and work on it in real time, that’s going to be a game-changer. “

Cramér Manhem noted that if submission data, policy information and exposure data could be managed in real time, it would create “a dynamic that we have never seen before.”

Responding to recent COVID-19 challenges and elements of customer dissatisfaction with wording and policy coverage, Naidu said communication is paramount and industry needs to focus more on product details and process. of complaint.

“We tend to focus on the concept of premium, and we just don’t spend enough time thinking and talking about the experience of this claim and the value of that claim,” she said. .

Cramér Manhem agreed, “We provide tremendous value and support to the company and our customers and I don’t think we’re necessarily the best at communicating it… what’s covered, what’s not, what what are the expectations, what is the intention and purpose of a contract or agreement, [so] that it is clear to both the client and the insurer, and ultimately the reinsurer, what they are covering for and what the expectations are for the future.

Cramér Manhem said that in recent years the industry has struggled to deliver “significant returns” in real estate business to shareholders, and needed to “remedy, re-price and repair” in order to be a ” sustainable and viable proposition for our customers ”.

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