Press Release - JULY 03, 2019

AM BestTV: Insurtech Can Help Insurers Re-Purpose Legacy Data


CONTACTS:
 Lee McDonald
Group Vice President, Publication and News Services
+1 908 439 2200, ext. 5561
lee.mcdonald@ambest.com


FOR IMMEDIATE RELEASE

OLDWICK - JULY 03, 2019
In this AMBestTV episode, Chris Hampshire, vice president, Gallagher Bassett, said insurers have an opportunity to use new technology to reorganize stored information, increasing the effectiveness of their analytic efforts. Click on http://www.ambest.com/v.asp?v=hampshire419 to view the entire program.

Hampshire addressed the challenges insurtech is looking to solve.

“I think there are two big problems, the legacy data issue and the talent shortage,” said Hampshire. “The insurance companies have done a good job of amassing information about their clients and policyholders; however, a lot of the systems out there are old and antiquated. Insurtech devises systems and processes that will help the legacy insurers. Legacy brokers will be able to go through their information from a data analytics standpoint and transfer the information to their clients, as well as get information back from their clients. As for the talent shortage, there is going to be a 400,000 employee gap in terms of open positions in 2020, since 33% of the industry become eligible to retire. Insurtech has the potential to make the industry more attractive to new entrants and college students, as well as folks involved in other industries.”

Hampshire also said he expects more insurer-insurtech partnerships going forward, and that a lot of technology innovators already have begun to align with legacy insurers, brokers and reinsurers.

Recent AMBestTV episodes:


  • Stable Outlook for Evolving Italian Life Sector, Says AM Best Associate Director: Michael Dunckley, associate director, AM Best, said Italian life insurers are responding to changing market conditions with a greater emphasis on linked hybrid products: http://www.ambest.com/v.asp?v=italylife419 .

  • Insurers Race to Stay Ahead of the Insurtech Wave: Attendees to Willis Towers Watson’s insurtech conference said new technology services and competitors are driving the entire industry to focus more intently on how to harness new technologies, analytics and customer strategies: http://www.ambest.com/v.asp?v=nyinsurtech519 .

  • Growth in Colombia’s Insurance Market Supports Stable Outlook, Says AM Best Associate Director: Eli Sanchez, associate director, AM Best, said Colombia’s national economy continues to grow, which is creating positive growth conditions for the country’s life and non-life sectors: http://www.ambest.com/v.asp?v=colombia_english619 .

  • Product Penetration Aids Stable Outlook for French Life Insurance Market, Says AM Best Senior Financial Analyst: Pierre Tournier, senior financial analyst, AM Best, said about 40% of French household savings are invested in insurance offerings: http://www.ambest.com/v.asp?v=frenchlife_english519 .

AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html . View AM BestTV episodes at http://www.ambest.tv .

AM Best is a global rating agency and information provider with a unique focus on the insurance industry.