The golden ticket to success in the insurtech space might be a focus on data, based on the insurance industry’s needs and insurance clients’ demands. Take it from one executive, who spoke with Insurance Business at InsureTech Connect (ITC) in Las Vegas and revealed where he’s seeing technology companies bring the most value to insurance.
“In insurance, data is fundamental to what we do in terms of assessing risk and pricing, and there’s been an awful lot that’s gone on with regards to data, particularly as it applies to commercial insurance,” said Sean Ringsted (pictured), executive vice president, chief digital officer, and chief risk officer for Chubb Group, pointing to the small business segment that has been traditionally underserved by insurance. “You have a growing number of small businesses and if you think about an entrepreneur or a start-up, they don’t have much time, cash flow is important, and they want to be able to buy that policy and get it wrapped up quickly. That is really driving a lot of the innovations and advancements around the use of data.”
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.