Insurtech innovation can benefit captives
Insurers and brokers that want to make the best use of innovative new technology need to take a a careful look at what exactly is out there and if it can be leveraged to its full potential.
In a presentation at the Cayman Captive Forum Susan Hatten and Dan Keough, respectively the chief marketing officer and chairman/chief executive of Holmes Murphy, and chief operating officer and co-founder/co-chief executive of BrokerTech Ventures (BTV), pointed out that companies are looking for innovation in order to identify risks sooner and drive down costs faster
They pointed out that captive insurers can use technology to a competitive advantage by using innovative solutions that can increase connectivity of partners and provide a more efficient way of managing and processing data. They can also streamline their processes.
They also said that there is a great deal of co-operation already in the industry as companies look at the more innovative options and exchange information about greater efficiencies.
They stressed that companies need to identify exactly what they need from an accelerator, in terms of a company that has a technology or process that benefit it quickly and efficiently. The connections between clients and insurtech companies must also be carefully managed if they are to get the most out of any relationship.
According to Hatten and Keough BTV was established to bring together key players in the insurance market to evaluate the solutions that will improve the insurance landscape and invest in solutions that will ultimately benefit the industry.