AM BestTV at InsureTech Connect: Insurance Fundamentals Take Center Stage

2019 OCT 09 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- In this AMBestTV episode from the 2019 InsureTech Connect conference in Las Vegas, NV, attendees said technology and new competitors are remaking insurance operations, but core principles remain crucial to insurance success. Click on http://www.ambest.com/v.asp?v=itc1919 to view the entire program.

In this episode, insurance industry executives said that despite the rapid pace of technological change, the fundamentals remain the same.

“Taking a look today, in comparison with what we were doing 30 years ago, and you can see it is not dramatically different,” said Mark Purowitz, senior partner, Deloitte Consulting. “The pace of technology has changed a lot, but what we do and how we do it, is still fundamentally what we did 25-30 years ago.”

Caribou Honig, chairman and co-founder, InsureTech Connect, addressed the issue from the data and analytics perspective.

“There will still be companies fundamentally bearing risks, which means data, analytics and discipline underwriting are going to be crucial to the industry. How that happens will evolve, but the core of using the data and analytics will stay the same,” he said.

Bill Pieroni, chief executive officer, Acord, said he believes that, “The underlining business processes, the organizational structure, technology, data, software and infrastructure may change. However, selling a product, getting investor returns, managing loss cost and dealing with counterparties, will not.”

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