NEWS & EVENTS

At last week’s Instech event, our CEO Frank Perkins took part in a discussion panel ‘Insurance End-of-term Report – What Needs Improvement?’ with Anna Pennock from Beazley, Matt Tarnawsky from DOCOsoft, and moderator Ruth Polyblank from Concirrus.

Here, we have summarized Frank’s insights shared with the InsTech audience on the dynamics of insurtech/insurer collaboration, the progress of AI innovation, and how the industry can retain top talent.

• The insurtech/insurer dynamic
  Frank recommended that, for younger insurtechs, their business plan should allow for the sometimes slower-moving nature of working with insurers and suggested a focus on solving one specific problem exceptionally well rather than trying to tackle multiple challenges simultaneously. Turning to insurers, he noted that they will achieve better outcomes with insurtechs, particularly the smaller ones, by providing direct and timely feedback and making prompt decisions on budgets, project scope, and viability.
• AI is progressing but beware the hype
  The progress of AI in the insurance industry this year has been mixed, according to Frank. He began by sharing his frustrations about superficial claims of AI adoption, such as simply throwing a wrap over ChatGPT, rather that offering genuine AI innovations. He continued on a more positive note by highlighting examples of successfully implemented AI solutions, one of which is the development of AI models to optimize contract reviews for brokers, which offers significant efficiency gains in terms of labour-intensiveness. Frank also pointed to climate-focused solutions, such as AI applications being used in Latin America that combine real-world observations, satellite data, and predictive analytics to provide early warnings for droughts and fires.
• Retaining Talent
  According to Frank, talent retention hinges on maintaining a dynamic and engaging work environment. While the insurance market offers fascinating challenges, its slow pace can demotivate employees. To counter this, he recommended creating environments that encourage innovation, allow for rapid testing, and embrace failure as a learning tool. Frank also spoke about how inari has built a team of individuals with expertise in both technology and underwriting, including experienced professionals with 20 to 30 years in the industry, which has enriched inari’s working environment with a blend of deep expertise and fresh perspective.

Please contact us to find out more about how inari combines deep insurance industry experience and modern technology to provide innovative solutions, including MGA, Reinsurance, and Bordereaux platforms, for all (re)insurance risks.