William Hawkins: Director of Research - Europe, KBW: How insurers think: the equity analyst‘s view (147)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 18 July 2021

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

While insurtech, start-up funding and data and technology developments are important to all of us, we also need to understand how the major insurers make money, what their needs are from technology and how they address the challenge of change. William Hawkins, Director of Research for Europe at investment bank KBW, joins Matthew to share insights from his team's research into the mainstream world of insurance. With incumbent insurers spending an annual IT budget of $200 billion how much is earmarked for innovation, and how should a technology company attract insurers as clients?Talking points include: The basics of how insurers make money Why incumbent insurers struggle to innovate What senior executives think about insurtech MGAs and new distribution models Which emerging technologies could become the norm If you like what you're hearing, please leave us a review on whichever platform you use, or contact Matthew Grant on LinkedIn. Sign up to the InsTech London newsletter for a fresh view on the world every Wednesday morning. Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to any InsTech London podcast or reading the accompanying transcript, you can claim up to 0.5 hours towards the CII member CPD scheme. The Learning Objectives for this podcast are: Realise what is holding some incumbents back from innovating Understand what the linear adaptation model is and how to break free of it Discern some technologies that are receiving investment in the insurance industry If your organisation is a member of InsTech London and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 147 page of the InsTech London 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	On average, about 70% of the profits of an insurance company are administration expenses.
0:07.3	So if they took their admin expenses to zero tomorrow, their profits would be 70% higher.
0:12.6	So this is quite a cost-intensive industry. Hello to all our regular listeners, and if you found us for the first time, welcome.
0:29.2	Matthew Grant here, partner at Insteak London.
0:31.9	Now, if you're wondering why I sound so upbeat, well, I had my first proper business lunch today,
0:37.4	face-to-face with our good friend,
0:39.0	Ed Gaze from the Lloyd's Lab in a restaurant, round the corner from Lloyd's itself.
0:43.2	I managed to catch Ed as he caught up his breath between wrapping up Lloyd's Lab,
0:47.0	cohort 6 and pruning down a long list of applicants for cohort 7.
0:50.9	On the subject of reality, a slightly different focus for today's podcast with my discussion
0:55.0	with William Hawkins. William is an equity analyst for KBW, the investment bank, and I've known
1:00.2	William for many years and I've really enjoyed talking to him about what is going on in the
1:04.1	mainstream world of insurance. Now, innovation, insuretech, data, MGAs and such are very important
1:10.0	to all of us, but as Williams remind us, the scale of what is happening in these areas and the spending is dwarfed by what is happening in the large global insurers.
1:18.6	Also referred to, of course, as the incumbents and very important clients for anybody involved in InsureTech or any kind of data and technology.
1:26.6	Now, if you're wondering about how insurers make money, why they struggle with innovation,
1:31.3	what the senior executives think about in SureTech, and a whole lot more, then this one is definitely for you.
1:37.3	Whether you're working in a startup and want to understand how to talk to your prospective clients,
1:41.3	working in technology company, or maybe even you yourself,
1:48.5	are employed by one of these major insurers. I know you're going to get some great insights from William. Finally, Instet London is back in the flesh. We're celebrating with our fourth summer
1:53.8	party soon and then back running evening events in London in the Steel Yard on the 14th of September
1:59.4	and the 11th of October. And I'll be popping
	...

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