Curious George meets Bob the Builder (261)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 27 August 2023

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this episode Robin Merttens moderates a panel discussion organised by Optalitix and hosted at Lloyd’s. Joining him were Dani Katz, Optalitix; Alison Quinlivan, Google; Ruta Mikiskaite, Swiss Re and Chris Mullan, Eigen Technologies. The discussion touched on how the future of insurance is being changed by new technology and data sources and how the industry needs to respond. Tune in and hear from a panel leading the clamour for change and understand how Curious George and Bob the Builder can help… Talking points include: 04:39 Real-time risk management is crucial. 06:45 Legacy technology hinders insurance innovation. 10:53 Embrace AI for insurance improvement. 15:06 Underwriters need time and tools. 22:38 Behavioural change needed for real-time risk management. 26:46 Technology enhances underwriters' jobs. 28:13 Technology should help humans thrive. If you like what you are hearing, please leave us a review on whichever platform you use or contact Robin Merttens and Matthew Grant on LinkedIn. Sign up to the InsTech newsletter for a fresh view on the world every Wednesday morning. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us [email protected] Continuing Professional Development InsTech is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech podcast, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Identify the significance of real-time risk management in the insurance industry Describe how legacy technology can act as a hindrance to insurance innovation Explain how artificial intelligence (AI) can be leveraged to enhance various aspects of the insurance sector If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 261 page of the InsTech website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	You know, I think a lot of it is do we have the right people embracing change and challenge?
0:06.0	The lovely thing about Google is we're full of innovators.
0:09.1	It's just a culture where people are always thinking of new things to do.
0:12.7	And I think in order to really embrace this change in the way that insurance works,
0:16.9	we kind of need a cross between curious George and Bob the Builder.
0:20.5	And we really don't have that in the insurance industry.
0:23.2	Instead, we've got insurance people sitting over here,
0:25.5	and we've got tech people sitting over here,
0:27.3	and they're talking different languages,
0:29.6	and they can't see that actually this is a way to go. Hello, Matthew Grant here.
0:43.2	Okay, it's still August, so we're loud some fun stuff.
0:45.8	Now, you're going to find out what Bob the Builder and Curious George are all about in a moment.
0:50.4	But that was Alison Quinlavin.
0:51.5	You just heard one of our great guests on this podcast which was reported live at Lloyds
0:56.3	and put together thanks to Optitics.
0:59.3	The topic of the discussion was, is real-time pricing and risk management achievable?
1:04.7	But when Robin Merton is in the chair and you've got a panel of this quality, you know
1:08.7	it's not going to stay on script.
1:10.3	But hang in there, though, because there's some excellent observation and advice in here for you.
1:14.7	Now, we're using some genitivaya ourselves to help with extracting content from the podcast,
1:19.4	so I asked you what Alison meant by Bob and George, and this is what it told me.
1:23.9	The relevance of Curious George and Bob the Builder is mentioned in relation to the need for a cultural shift in the insurance industry.
	...

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