PodChats for FutureCIO: The why and how of becoming a data-driven insurance

While the roots of insurance can be trace back to 3,000 years, modern insurance is said to have its roots in the Great Fire of London in 1666.According to the OECD, insurance companies experienced a slowdown in gross premiums underwritten in 2020, with life insurance premiums declining by 2.2%. Non-life grew by 1.2% in 2020. In this PodChats for FutureCIO, we speak to Mr Andrew Yeoman, CEO and co-founder of Concirrus.1.       The insurance industry has been in business for hundreds of years. To continue for hundreds more, what needs to happen?2.       We’ve seen disruptions caused by insurtechs. Are current business models still relevant?3.       Insurers have a reputation for being slow in adopting new ideas. Do you see this behaviour changing in terms of how principals, brokers and agents operate?4.       Insurance is a relationship business, more so at the higher value products. At these levels, it’s often normal for agents to want to keep this relationship a secret. Should agents and brokers be more willing to share their customer data, and how will this benefit them moving forward?5.       What key trends do you see will continue to impact insurers both at how they plan, create products and execute their business models, and how they engage with their customers?