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Insurance Covered
The future of insurance (With Simon Burtwell)
Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.
For this episode we are joined by Simon Burtwell, Head of Insurance at EY and we will be exploring the recently released EY report 'The future of Insurance'.
Simon explains that the findings of the report show that the insurance industry is on the precipice of critical transformation and the time has come for one of the oldest industries on earth to reinvent itself. He explains one reason for this the huge shift that has taken place in the asset bases of large commercial businesses, moving from around 30% intangible assets to around 80%. As a result, the insurance industry needs to adapt giving less weight to physical assets and more on the intangibles.
He also explains the insurance industry needs to adapt to meet the changing needs of clients. In the current insurance market, the focus is almost entirely on the claims proposition rather than building bespoke relationships with clients. Simon goes on to explain with the vast amount of data now available insurers could begin to look at ways to reduce their client's loss exposures on an individual level. A shift towards a service based industry and away from a claims focused industry, using data analytics to drive reduced risk and better day to day outcomes for businesses.
Simon explains using the mass data available to micro-adjust policies could be a way to revolutionise the industry giving the example of the marine industry. With the implementation on blockchain technology ships can be monitored constantly, frequency of use, performance and GPS information on route and destinations is all readily available in real time. With this kind of information available insurers can look to provide insurance on a 'per ship, per voyage' basis with dynamic pricing depending on the expected risk of the specific ship and specific journey.
Simon concludes that the key to the insurance revolution is the increased connectivity between insurer and end client. Moving away from a static offering to one that can make use of the big data that is available and create strategic partnerships with clients, working with them to reduce risk of loss.
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