Top 10 quotes from InsurTech Magazine in 2022
Christmas is a time of indulgence – and it’s time to indulge in some festive reflection now. We’ve taken a look back through all the fabulous issues of InsurTech Magazine that have been published this year, scouring all of our interviews and features for some tidy tidbits of insight and advice. Here’s our top 10 quotes to have appeared in InsurTech Magazine in 2022.
“Consumers understand the value of their data and believe its privacy should be protected, but this doesn’t mean they’re unwilling to share their information” – in November’s issue of InsurTech Magazine, Okta VP of Product Strategy EMEA Joe Diamond summarises the constant payoff that exists when consumers share their data. Within the bounds of any applicable data laws, insurance companies must make a compelling case for consumers to share their data. This usually means either convenience or price discounts.
“Established insurance companies aren’t confronting the fact that they need to become technology companies” – Leon Gauhman, Chief Product and Strategy Officer for Elsewhen, gives this frank assessment of the insurance industry’s progress towards digital transformation in our September issue of InsurTech Magazine. Rather than just bolt on additional technologies, insurers should now bring about cultural change to ensure they start thinking like a technology firm that happens to sell a bit of insurance on the side.
“The insurance industry will continue to be a target for those looking for a modern-day heist” – the insurance industry controls vast swathes of personal and transactional data, meaning it is bound to be a target for hackers and cybercriminals. In our May issue of InsurTech Magazine, Carmine del Guercio, Manager of Cyber Attack and Defence at Mazars, gave this insight into why insurance organisations are often targeted.
“There is always a balance to be achieved between automation and ensuring the human touch is not lost” – so says Jeffrey Skelton, MD Europe for LexisNexis Risk Solutions, in the July issue of InsurTech Magazine. This is particularly true of insurance claims, which are usually necessitated by a customer suffering a negative life experience such as bereavement or damage to their property. In these moments, a personal touch can be beneficial and will help an insurer stand out as compassionate; automation can still be utilised, of course, but must not take over entirely from good customer service.
“There is a clear opportunity for the consumer to benefit massively from and… it’s still in its infancy relative to other sectors” – Meeri Rebane, the CEO and Co-Founder of Berlin-based rental and property insurtech Inzmo told us what motivates her in insurtech in our March issue of the magazine. She discusses what life lessons she’s taken from growing a business like Inzmo – including how to be more patient!
“The main benefits of blockchain use in insurtech are to improve transparency, prevent fraud, and save time” – Paul Sherman, Chief Marketing Officer at Olive.com, told InsurTech Magazine in January why insurers should feel excited by blockchain. This is despite research this year that suggested a fifth of business leaders think blockchain is “all hype”. Blockchain can make the claims process quicker and cheaper, Sherman says.
“I am inspired by the sheer possibility of the insurance industry. I was recently at an event where the CEO of a large insurer stated that 90% of the world’s risk is uninsured” – the CEO of Concirrus, Andy Yeoman, told us what inspires him in the July issue of InsurTech Magazine. No matter your perspective on the insurance landscape, there will always be emerging risks; room for better coverage of existing risks; and new technologies that insurers can take advantage of.
“Unless cybersecurity and privacy issues are considered in detail as part of project planning, organisations tend to leave large holes in what should be secure systems” – Alan Calder, CEO of GRC International Group, reminded us of what’s at stake in our November issue of InsurTech Magazine. This is particularly pertinent, given the rapid pace of digital transformation taking place within the sector. While insurers clamour to migrate away from legacy systems, we can not afford to leave vulnerabilities that could be exploited.
“In 10-15 years’ time, I see the insurance industry as having almost fully automated, AI-assisted end-to-end processes” – Megan Bingham-Walker, Co-Founder and CEO of Anansi Technology, told us what to expect from the future of automation in our September issue of InsurTech Magazine. She said she is most excited by AI use cases that directly affect and benefit the policyholder.
“One of the biggest challenges I’ve encountered is bridging the gap between business and technology” – Kajal Vakas, Senior Manager of Claims at LexisNexis Risk Solutions, talked for many of us when she told us about the size of the challenge in digital transformation in the November issue of InsurTech Magazine. Business knowledge and technical knowledge rarely co-exist neatly, leading to solutions that don’t fully address the original business need.