Technology is helping the insurance industry navigate obstacles that have arisen during the COVID-19 pandemic, but the sector has generally been slow to adopt new technologies, says a panel of experts.
When companies adopt technology, everyone must prove their worth by offering measurable return costs, they said.
There were "lots of challenges" when the pandemic hit earlier this year, says Sean Ringsted, vice president, digital officer and chief risk officer for Chubb Ltd.
He spoke during a panel session included in the online presentation on Thursday Business Insurance 2020 Innovation Awards.
The obstacles encountered by the industry, however, "accelerated technical solutions", such as remote monitoring at construction sites and facilities, as travel was limited and prevented site inspections.
"It has really been a long time coming for the insurance industry," said Ringsted.
Axa XL was prepared to work entirely remotely when the outbreak occurred, says Justin Gress, Head of Strategic Operations, North American Insurance, for the division of Axa SA.
The insurer had recently migrated to Microsoft's law enforcement program Law before the pandemic restrictions hit, he said. "Good timing on our part."
Technology turned into a boom for Axa XL when the annual meeting of Risk & Insurance Management Society Inc. was forced to go far among pandemic constraints. The meeting is an important industry event that makes it possible for insurers and brokers to meet directly with several policyholders.
"Making a virtual RIMS this year was not something Axa XL or anyone planned to do," Gress said. However, the company was able to “hold many more meetings over time over a period of time than we could have conducted in person. Being able to meet customers was a very important thing. "
Despite the technological advances, more progress is needed," said Robert Petrie, CEO of Origami Risk LLC in Chicago.
"The insurance industry lags behind other industries in developing cross-industry technology standards to share information broadly," he said.
Data transfer is very expensive in the insurance industry and "costs a penny" in others, Petrie said.
not data digitally, he said. For example, some insurers only provide claims data in PDF format. "They have computers but export data as images of paper," Petrie said.
The sector has also been slow to embrace cloud storage, he said.
"Cloud computing has been here for the past 1
One problem with extensive use is cost.
"There are costs associated with these different technologies and data initiatives," Mr. Sa Gress. "There has to be a return on investment for any of these technologies," he said, which is one of the challenges.
Broker will invest more in technology, Stephanie Pronk, senior vice president at Aon PLC
"I think from the broker's side you will see a lot more investment in different types of technology," she said.
The panel was moderated by Jennifer E. Reno, Global Risk Manager at QVC Inc.