Disruption, big data and innovation are recurring themes for insurance companies trying to keep ahead of the competition today.
Carriers are under pressure to respond to stakeholders who are demanding improved customer experience and streamlined operational processes. At the same time, the need to offer more competitive pricing hasn’t gone away, despite an improving market.
It’s not surprising that, in such a demanding environment, insurers are looking to data analytics to differentiate themselves.
However, small- to medium-sized insurers risk being left behind by larger companies. They are not well situated to reap the benefits of data analytics because they may not have the necessary resources and breadth of data.
Recognizing the potential disadvantages facing such insurers, Gen Re has embarked on a journey to initiate collaborative opportunities with and among Property & Casualty carriers in North America. Our philosophy is based on the principle of collaborative intelligence.
“None of us is as smart as all of us.”
Our appeal to the insurance community is that there is a delicate balance between communicating/collaborating and competing. To that end, we are in the process of applying our data and expertise to develop group level industry insights based on diverse experience that can enhance our partners’ knowledge.
Within Gen Re, we have carefully adopted an extremist business objective-driven position when it comes to analytics. We will avail our partners of that advantage by sharing our experiences in internalizing such an approach. In addition we assume the role of a trusted advisor to our clients and offer our observations as a broader foundation for managing their analytics journey.
The bottom line is that today’s P&C business environment is complex and constantly changing. To stay competitive and thrive, all P&C carriers need to leverage insurance industry trends to strengthen, or even question, their accepted business hypotheses.
To learn more about how Gen Re’s data and analytics collaboration initiatives can work for you, don’t hesitate to reach out to your Gen Re underwriter or account executive. We think you will be surprised at what’s possible.
Mobile technology is revolutionizing the financial services sector in ways that are radically changing consumer expectations. Today’s life insurance buyers increasingly want simple, secure, self-service options. Insurers that can deliver such a choice will have a clear competitive advantage.
That’s why Gen Re is working to help our clients improve their customers’ experience by simplifying the life insurance buying process and allowing immediate policy commencement. We’ve developed a proprietary, dynamic online questionnaire that reduces the number of questions required to obtain life insurance coverage, without compromising underwriting integrity.
Because not all carriers are the same, we offer our clients the flexibility of implementing the solution in a variety of ways. This ranges from an online form to a mobile app, with or without an additional underwriting step that paves the way for collecting continuous lifestyle information – all depending on what makes sense for a client’s markets, products and processes.
Carriers can use this solution to:
Using this process, our clients can quickly respond to applications in a more engaging way, and collect, track and analyze data to ensure a better experience for their insureds.
Growing evidence indicates that maintaining regular communication with policyholders leads to better client retention. It’s particularly important in Life and Disability insurance where claims frequency is traditionally low. Flexible premiums based on continuous lifestyle measures – such as the daily number of steps – can help reposition insurers as life enablers.
This offering is currently available for our Life clients outside North America. To discover how we can put this technology to work for your international business, please contact us for more information or a demo.
Labor intensive, data centric and yet paper based, the insurance industry should be eager to adopt new technology that reduces frictional costs and simultaneously keeps up with changing consumer behavior.
Yet reimagining the back office to reduce complexity and modernize its underlying technology is widely perceived to be a long, difficult and expensive process. It’s perhaps why many insurers have yet to take even the first steps and adopt tools that could transform their businesses.
Robotic Process Automation (RPA) offers just such an opportunity.
In 2017 Gen Re started out on an RPA journey with the objective of tackling process inefficiencies and reducing the time and cost of administering our business.
We focused on the repetitive rule-based functions that require diligence and accuracy but not judgment, such as entering cash to the ledger from overnight bank runs and uploading detailed schedules of properties on Facultative Program business. Many others, spanning the full range of our underwriting, claims and accounting support functions, are in development.
Our experience has already shown that a modest upfront investment in an RPA solution can be quickly paid back. Our first software robot (bot) went live within a few months and new bots were deployed in the following weeks.
Our support costs have already started shrinking as we have been able to automate work that was previously outsourced to low-cost locations.
While a certain amount of hype has surrounded some forms of RPA, its potential to make a difference in the insurance world is real. Importantly, it’s already demonstrated that innovation doesn’t have to be overwhelming or expensive.
Can RPA help increase your process efficiency, reduce costs and improve customer experience? It’s worth a look.
NET PREMIUMS WRITTEN**
* Unaudited, amounts in millions of U.S. dollars
** Amounts per Berkshire Hathaway Annual Report, which excludes the impact of the intercompany loss portfolio and quota share retrocessional agreements.