The Insurance domain is led by UK/European names like Lloyds, Aviva, Swiss RE that brought risk protection concepts to the world. Lloyds building is as popular as the Imperial War Museum in London for education on insurance.
With this little backdrop, let me take you to the time the Raj era beckoned us to explore the UK insurance market. Team Intense participated in the INSURTECH INSIGHTS 2023 on March 1st and 2nd at O2 London. Overall, this event was very productive for us in terms of learning, connecting to global ISV/product companies and carriers/broking firms. And, why not, “the UK, insurtech is quickly emerging as a jewel of the fintech crown,” according to PwC.
One look at the heavy documentation needs of procuring a UK visa, is enough to put you off. But I was keen on this event participation and persisted. I traveled and arrived at the sparse Stansted airport on a fine cold Sunday morning. The famous London tube and excellent network of trains taking us across the city, to create new partnerships. GBR and London metro themselves are now in the throes of digitization, modernization.
Before the event I had the good fortune of meeting Dr. Zubin Sethna at St. Regents University and Dinyar Cooper, a distinguished insurance domain consultant. Mr. Dinyar explained the UK/EU context of broking firms led business domain. The paper-based format preferred by both brokers and underwriters sitting in a league of boxes on three floors of Lloyds building. This gave us enough space to re-position the CCM product for the needs of different users in the insurance segment.
Brella app and the organizers had made enough arrangements to explore the mosaic of insurance domain. We signed up for Google tech show, Lloyds walk through, AI/ML in underwriting event and other events before the main marquee show. The Google Insurtech and insurance networking event gave us good connections to partners, brokers.
We focused on networking tables and meetings. Joined by my colleagues Uday Paturi, and Timothy Gunasekar, team Intense was raring to go. With both of them based in Reading UK, we were armed with information and knew insurance carriers are focusing their efforts on building alliances with InsurTechs as they explore emerging technologies.
Team Intense participated in one main keynote session by ex-CEO of Lloyds. She spoke about the bias and challenges in the legendary institution. It spruced our appetite to adapt more. The networking tables with pre-designated table numbers, 20 min slots on the Brella app, guided us through many speed-dating type of ISV partner collabs. The energy post the pandemic was completely high voltage, with all participants geared up to accelerate digital transformation.
We were carrying simple gifts from the philatelic bureau of India. Special edition stamps issued by India Post in honor of Mahatma Gandhi, Indian soldiers who fought under British flag, various wildlife themes of India. The souvenir was presented to each partner, after the discussion. We topped off the day with some amazing Korean barbeque food at Paddington, courtesy Uday!
Detailed Interactions with speakers.
We met up with CXOs from SWISS RE, Munich Re, EIS group, Turaco insurance, Flock, Axa, Tata AIA, Open legacy and IDC. Speakers shared their insights on the EU/UK/GDPR norms and the various challenges in new product design.
New themes we learnt about: Fleet insurance with AI assisted tools, telematics for vehicle insurance calculated per driven mile, pet insurance, property insurance backed by satellite imagery, voice assisted validation of claims integrity and underwriting automation.
Speakers came from a wide mix of re-insurance, insurtech startups, carriers, broking firms, and researchers focused on insurance. After spending few mins after their stage speech, we absorbed the nuances of policy administration, underwriting, claims processing, API based marketplaces etc. The demo booths of key ISV/product companies were impressive with solution displays.
The organizers whipped up some delish Indian rice dish in the lunch, a gastronomical delight. The mix of networking, learning, and experiencing new solutions was much needed for us. The bonding continued over craft beers, wine tasting in a mock vineyard in the evening.
A memorable experience, filled with immense learnings, it was time to head back to the Greenwich tube station, opposite the imposing Canary Wharf skyline, dotted with huge banking brands/ skyscrapers.
What a week it was! And, it’s becoming clear that technology is driving the course of the insurance industry, faster and faster. ⚙️
By embracing our cutting edge technology, insurance companies can increase profitability, optimize savings, and stay at the forefront of innovation.0