Scouting for Growth
00:19:37 · Sabine VanderLinden
[00:19:37] S0: Yeah. No. I think this is fascinating because I'm hearing that, you know, as we spend... I mean, I spent a lot of time talking about artificial intelligence, you know, over the past few months, but you actually made a very important point that we are moving the skill set of using those capability to the business audience, the underwriter, the actuaries. Right? We still need our IT, but actually we are shrinking those teams, eliminating redundancy in processing, and then seeing the ability to deliver on very specific business outcome by enabling that business user. And I think it is very important to understand that. Right? Everybody can work together. But at the end of the day, the decision makers able to make the money already the risk for the business are empowered to actually use those tools.
00:20:21 · Richard Gunn
[00:20:21] S1: Yeah. No. Absolutely. So I guess to come back to a question, like, what's some of the Like, Aviva were able to, like, cut the time that it took them to build a new model by about 75%. So that's, like, critical if they wanna bring a new line of business to market. Like, the quicker they can get that out there, the better. Kind of already mentioned the kind of cadence at which they're able to release them. But importantly as well, like on the Aviva side, they were able to get the kind of new policy creation, like cut down from like an hour to like five or ten minutes. So again, what that resolves to is, like, doesn't mean that you need less underwriters or less actuaries. It means that the time they have, they're spending on higher value activities. And that might either be like an actual like risk assessment or it might actually be more on the entrepreneurial side. It's like, okay, I theoretically have more time. I could either do more of what I was doing and therefore be more productive and more valuable, or I can start to experiment around like what other data could I bring in? What other insight could I bring in at point of pricing that's gonna enable me to make a better decision? So kinda like really enabling... Like, different clients will take that in different directions, and also, like, macro trends will drive whether or not they're, like, just looking to optimize their expense ratio or whether they're looking for, like, loss ratio gains. But, like, the software shouldn't be dictating that.
00:21:30 · Sabine VanderLinden
[00:21:30] S0: Yeah. You know, earlier you mentioned, you know, when we are talking about big data, you actually talked about external data sources. So I would love for you to actually help us understand how do we work with Hx Renew when we think about integration and connectivity. You know, I assume you have built an ecosystem of partners to actually get access to external data sources while working internally with the underwriters, the actuaries, the pricing team to leverage the internal data. Can you tell us more how you actually leverage your tools and techniques to actually get for sure, improve the process and drive this efficiency, but also mentioned competitive advantage, drive that competitive advantage through data and partnership.
00:22:12 · Richard Gunn
[00:22:12] S1: Yeah. I think you summarized that better than I could, probably. So I think one thing that's kind of fundamental to our platform is we enable our clients to be able to build those integrations themselves if they wish and if they want, and that is critical. Again, like, it goes back to, like, reducing or getting rid of any dependency you might have on on the software provider. Nonetheless, like, we have the luxury of being able to scan across both the broader market, but also our 35 to 40 or so clients and see like which integrations, whether that's with like systems providers, whether that's policy admin systems, data ingestion tools, so on and so forth, or whether that's with like third party data providers and see like which integrations are our clients doing time and time again. And therefore, we should look to kinda, like, proactively help them and accelerate that. So you're right. We have a ecosystem called HxConnect. We have, like, a whole host of integrations there from systems all the way through to data. And then, actually, what's really important is, like, how we then build a relationship and partner with our clients so they know which ones to use. And, like, someone shared me an interesting article. It was related to the impact of AI in enterprise, but it could be the impact of technology and enterprise. And it kind of resolved it to the fact that, like, 10% would be the underlying technology or either kind of LLMs and and for Gen AI. 20% would be the applications that you build on top of it, and, like, 70 would be the change management. That's how, like, it would broadly resolve to the impact that you might have in the enterprise space. And I think that's super powerful. Like, we built a really flexible platform which clients can self serve. That means they can use it brilliantly. They can also use it poorly. Right? And so, like, it's incumbent on us, and this has been a key learning for us over the last, like, six or seven years as a company is actually, like, the onboarding, the customer success teams, the best practices that we share, the user groups, HxLive, they're all really, really important component parts of setting our clients up to succeed. Otherwise, you can kind of...
00:24:01 · Richard Gunn
It'll resolve to another dot net tool, which is gonna be used all across the business, but no one's quite clear, like, you know, the value that it's bringing. And that's, like, incumbent on us actually to, like, work with our clients to kinda help them understand, like, which data they can be bringing in, you know, help them measure and... Like, the value that the data they're bringing in, which is hard, by the way, like, really, really hard. But, like, encourage them to put in framework so that they can, like, continuously evaluate what they do want to be putting in the hands of their actuaries and underwriters and what they don't.
00:24:33 · Sabine VanderLinden, Richard Gunn
[00:24:33] S0: I mean, that... You you have to admit that that's super cool, but also it's critical because, you know, when you look at my team, we test generative AI tools all the time. You know, the one we can test. And one thing which I realise, there's so many tools, you know, when we analysed over 600, 700 companies last year, and now probably the number is doubled. But what is critical is actually when you interact with those companies is, are they going to onboard you? Are they going to show you how to use a capability? Are they going to show you orchestrate as an orchestrator, how they work well with others? And some actually already integrated with others. I think this is because they got to understand really the business problem across specific areas of the business model and the value chain. So you and providing those best practices and enabling your clients always to become the best at what they do by doing this little consulting, what you call consulting, but what you are already doing is onboarding and providing the best practices so that, you know, your goal is to actually enable them to succeed rather than being consultant. Right? I assume. And so therefore, they can actually spread the good word across the enterprise and make sure... Your goal is to make sure that everybody is using it as best as possible to drive those business decision and the value for the business. Yeah. [00:25:49] S1: Absolutely.