FIVE MINUTES WITH ...
“ One of the biggest challenges I ’ ve encountered is bridging the gap between business and technology ”
I ’ ve looked up to many people as mentors throughout my career . Starting from Brandon Nuttall , Partner in Insurance Technology at EY , who never gave me the answer but enabled me to think critically . John Miles , Head of Motor Claims at esure , whose calm approach ( even at times of crisis ) was a comfort and provided me much needed guidance to navigate through challenging situations .
More recently , Martyn Mathews , Senior Director of Commercial and Personal Lines at LexisNexis Risk Solutions , who ’ s an invaluable sounding board and always willing to talk through any ideas I propose , even the wackiest !
Q . WHAT ’ S THE BIGGEST CHALLENGE YOU ’ VE ENCOUNTERED TO DATE IN THE INSURTECH INDUSTRY ?
» One of the biggest challenges I ’ ve encountered is bridging the gap between business and technology . From my experience , technologists lack business knowledge and business professionals lack technology knowledge . This can lead to solutions that don ’ t fully address the problem faced by the business or lack of funding / engagement from business leaders in leveraging technology solutions , ultimately creating misconceptions on both ends .
However , there is a huge advantage and benefit for claims businesses to leverage data and technology to improve outcomes for both themselves and their customers .
Claims fraud continues to be a very real problem for the insurance industry . As First Notification of Loss ( FNOL ) becomes more streamlined and automated to ease the burden on the customer and reduce claims handling time , insurance providers need to ensure the door to fraudsters is not left ajar .
Seamless data integration at FNOL can help tackle this problem , filling in important gaps in knowledge for the claims handler while helping to expedite genuine claims . For example , FNOL-focused data enrichment could be on the person to confirm their identity , past claims history , their policy history including cancellations or gaps in cover . It could also build a more detailed picture of the asset such as the home or the vehicle .
Another macroeconomic challenge currently affecting the insurance sector is the ongoing supply chain issues in the motor industry , which mean that insurers face continual challenges sourcing replacement vehicles . We need to think holistically about solving this issue . Rather than the traditional courtesy car , the industry needs to look more broadly at the question ‘ how do I support my customer ’ s mobility ?’. It starts with fully understanding the needs and preferences of the customer and their location using data , to then offer appropriate options .
22 November 2022