InsTech - insurance & innovation
00:28:15 · Richard Gunn
[00:28:15] S2: Sure. So I think one thing we're already seeing from a market perspective or from a... To kind of set the scene or the context is there's certainly pockets of the market which are softening, and then there's unequal, particularly globally. And so what we're seeing is a movement from growth through to profitability. We run an annual survey that runs data pricing and underwriting. And historically, when we would survey underwriters, they would often kind of reflect that number... One of their number one pain points related to kind of access to data would be around, you know, rekeying or speed. And one of the top ones that came out this time was actually real time portfolio view, which clearly shows the shift of mindset towards thinking about profitability and, you know, where they're deploying the capital rather than how quickly can they deploy their capital. So I think that's one thing that I expect us to do a lot more. It's less emphasis on speed. Speed is important, but it's very quickly become table stakes. Like, how can you solve for ingestion leveraging Gen AI so that you're not wasting time on busy work, and actually around how do you use that additional time and how do use some of the tools out there to try and drive profitability in it. A key area we've been focusing on, unsurprisingly, is the pricing and underwriting platform, some of our portfolio intelligence capabilities look to tackle that directly. I expect you to hear a lot more from us around how are our underwriting actuarial and ingestion agents helping clients achieve profitability in a volatile market and certainly softening market versus how can you just write as much risk as quickly, which has maybe been a bit more of a focus for the last couple of years.
00:29:45 · Matthew Grant
[00:29:45] S1: Yeah, I mean, my previous life, you used to refer to it marginal impact pricing and our ability to understand what an additional piece of business you write had impacts your whole portfolio. I mean, it's been hard to do it until now when the tools are out there. That makes complete sense. It is a really good point. I mean, efficiency only takes you so far and you start to get sort of reducing benefits and then need to look for something new. And then finally, Richard, I find it really helpful to get my listening or reading fix from people I'm talking to. So do you have any recommendations for a podcast or a book or both of you feel particularly inspired to do so?
00:30:21 · Richard Gunn
[00:30:21] S2: Well, I don't know about you, but I kind of flip flop between reading business books and then looking at my work stats and realizing I'm having, like, one hour of good sleep each night because I'm just lying there in bed thinking about work and strategy and then reading books that help me fall asleep and go to sleep or, like, distract me from the day to day. So on the book side, I'd gone through a a recent flip back towards reading the books I used to read when I was traveling, when I was kinda 18 to 21. So most recently reread Papillon, which definitely distracted me from the world of insurance technology and helped me sleep. On the podcast side, one thing we're seeing is, like, vendors love to talk about building a partnership, but, actually, it's more important than ever when carriers are looking for software providers to pick the right partner who's going to help them learn and help them navigate the evolving landscape landscape of AI and just kind of technology more broadly because it's it's changing so so quickly. And so a podcast that I just do every single day is the... Think it's called the daily AI brief or the AI daily brief, one of those two. It just helps me give that quick sound bite about what's the latest and greatest in all news related to AI, just to make sure that I'm on the forefront of that. Then obviously, it's on me to do a bit more research about how that applies to of HX and insurance.
00:31:34 · Matthew Grant, Richard Gunn, Zoya
[00:31:34] S1: So congratulations having a young family moving to The US, building a business, and still having time to read. I think you definitely get an award for that. But on that point, Richard, I'll let you go, get back to your job. Hope you've got a warm coat for a cold winter in New York, because when it's cold, boy, it is cold. [00:31:50] S2: Great. Well, thank you for having me as always. Hopefully, we'll have good reason to have more of these conversations over the next eight years. And, yeah, thank you, everyone. [00:32:04] S0: Well, if you've made it this far, then I'm pretty sure you found that as interesting as I did. The InsTech podcast comes out every Sunday morning where we spotlight the latest news, leading voices, and freshest updates across insurance that you need to know about. If you would like to take part in these conversations, head to www.instech.co to find out how you can join our network and be a part of the insurance intelligence for the curious.