OLDWICK, N.J.--(BUSINESS WIRE)--In this AMBestTV episode from the 2019 InsureTech Connect conference in Las Vegas, NV, attendees said technology and new competitors are remaking insurance operations, but core principles remain crucial to insurance success. Click on http://www.ambest.com/v.asp?v=itc1919 to view the entire program.
In this episode, insurance industry executives said that despite the rapid pace of technological change, the fundamentals remain the same.
“Taking a look today, in comparison with what we were doing 30 years ago, and you can see it is not dramatically different,” said Mark Purowitz, senior partner, Deloitte Consulting. “The pace of technology has changed a lot, but what we do and how we do it, is still fundamentally what we did 25-30 years ago.”
Caribou Honig, chairman and co-founder, InsureTech Connect, addressed the issue from the data and analytics perspective.
“There will still be companies fundamentally bearing risks, which means data, analytics and discipline underwriting are going to be crucial to the industry. How that happens will evolve, but the core of using the data and analytics will stay the same,” he said.
Bill Pieroni, chief executive officer, Acord, said he believes that, “The underlining business processes, the organizational structure, technology, data, software and infrastructure may change. However, selling a product, getting investor returns, managing loss cost and dealing with counterparties, will not.”
Other people that appear in this episode:
- Mitchell Wasserman, chief product officer, Insurity; and
- Dan Keough, chairman and chief executive officer, Holmes Murphy & Associates.
For full video coverage of the 2019 InsureTech Connect conference, including exclusive executive interviews, visit http://www.ambest.tv/itc19.
Other continuing AMBestTV conference coverage includes:
- From the NAMIC Conference: Buoyed by Improved Results, Mutual Insurers Prepare for the Next Round of Competition: Attendees at the annual conference of the National Association of Mutual Insurance Companies (NAMIC) said the challenge for mutuals is to leverage new technology, develop new products and services and focus on their agents and insureds: http://www.ambest.com/v.asp?v=namic1919. Related NAMIC coverage at http://www.ambest.tv/namic19.
- From the WSIA Annual Marketplace: Thriving Wholesale and Specialty Sectors Draw Insurers to Annual Event: Attendees to the Wholesale and Specialty Insurance Association’s (WSIA) Annual Marketplace said the surplus lines sector supports its growth by focusing on new risks and coverages: http://www.ambest.com/v.asp?v=wsia1919. Related WSIA coverage at http://www.ambest.tv/wsia19.
AMBestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View AMBestTV episodes at http://www.ambest.tv.
AM Best is a global credit rating agency and information provider with an exclusive focus on the insurance industry. Visit www.ambest.com for more information.
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