In this AMBestTV episode, Chris Hampshire, vice president, Gallagher Bassett, said insurers have an opportunity to use new technology to reorganize stored information, increasing the effectiveness of their analytic efforts. Click on http://www.ambest.com/v.asp?v=hampshire419 to view the entire program.
Hampshire addressed the challenges insurtech is looking to solve.
“I think there are two big problems, the legacy data issue and the talent shortage,” said Hampshire. “The insurance companies have done a good job of amassing information about their clients and policyholders; however, a lot of the systems out there are old and antiquated. Insurtech devises systems and processes that will help the legacy insurers. Legacy brokers will be able to go through their information from a data analytics standpoint and transfer the information to their clients, as well as get information back from their clients. As for the talent shortage, there is going to be a 400,000 employee gap in terms of open positions in 2020, since 33% of the industry become eligible to retire. Insurtech has the potential to make the industry more attractive to new entrants and college students, as well as folks involved in other industries.”
Hampshire also said he expects more insurer-insurtech partnerships going forward, and that a lot of technology innovators already have begun to align with legacy insurers, brokers and reinsurers.
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