Only ten years ago insurance technology executives were elbowing their way to the table, attempting to steer investments toward technology, and figuring out ways to convince business counterparts the value of technology around the data collected. Fast forward.
AXIS Capital’s recent announcement about its restructuring to focus increasingly on technology and innovation – which in part will create a new “Global Underwriting and Analytics Unit” – is not new industry news, as XL and AIG began this trend by announcing similar appointments and restructuring a few years ago. Some would say AXIS is catching up. But what I find interesting is that the new normal in 2018 for insurance companies – most notably specialty/large commercial carriers that house many types of data driven by the varied lines of business that they support across numerous industries – includes an analytics unit typically led by an analytics officer. This new normal is new news.
And it makes sense. I’ve spoken to dozens of insurance CIOs recently in the specialty/large commercial space, and confirmed that they have either implemented or plan to pilot AI-driven analytics this year, specifically around new business submission and renewal business processes. This trend is also in line with VP of Research and Consulting Eric Weisburg’s summary of Novarica’s recent Commercial Lines Special Interest Group meeting, where AI and analytics were key talking points and of great interest.
It seems like insurance CIOs are more accepted at the table today when large insurance carriers are restructuring their organizations around technology and data. Now that’s news.
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