The Insurance Technology Congress took place on 22nd and 23rd September this week.
An interesting conference which had for main purpose to share with the London Market current insurance innovation and future disruption coming to the market.
Still, it was clear that 80% of insurers' tech budget was dedicated to "run the business" type initiatives, such as legacy renovation and process digitalisation projects.
Interesting sessions addressing the competitive positioning of the London Market as well as the current Talent Gap also took place.
The impact of innovative concepts, customer propositions and new business models leveraging Wearables, the Internet of Things and Cyber Threat Prevention, were also discussed.
It was also clear that the market recognised that Advanced Analytical techniques such as Artificial Intelligence-based processing would impact various parts of the insurance operating models, sooner than later.
Here are some explanations why...
Machine Learning, and in particular Deep Learning are expected to become game changers in the claims space because of their ability to sieve through massive amounts of data quickly, accurately and consistently. These algorithms will help accelerate claims assessment and identify claims leakages never seen before. They will speed pattern recognition and claims processing, thereby reducing costs while improving the customer engagement. They will also facilitate the detection of new sources of claims fraud and help organisations design really relevant remedial and preventative actions.