How collaboration will drive change in insurance

How collaboration will drive change in insurance

As a modern insurance technology company, we were delighted to attend the ITC Dia Europe, in our hometown of Barcelona. Attending the conference further reinforced our view that insurance businesses and technology providers need to work together to drive change. Here are our team’s take aways from the last buzzing two days.

Tech entrepreneurs, investors and insurance industry incumbents convened at ITC Dia Europe in Barcelona last week to discuss digital transformation and the future of insurance.

The key point of conversation was collaboration. By working together insurance companies and technology experts can evolve products and services quicker, as well as delivering a vastly-improved client experience. Organisations that are creating new partnerships with technology providers are not only demonstrating innovation and creativity, but are also improving efficiency and profitability.

Matsuri: inari’s bordereaux platform 

The conference was an ideal opportunity to share the benefits of one of our most exciting products in a show and tell. We explained how MATSURI cleans data and saves precious time for insurers sending reports to their reinsurers, listing either assets covered, or the actual claims paid – known as bordereaux processing.

Within seconds, MATSURI can ingest thousands of rows of data, fix broken data to avoid insurers making mistakes, and ensure data conforms to a company’s reporting format and complies with regulations.

Matsuri turns bordereaux management from an error-prone manual process to an easy, straightforward and reliable workflow. The system enhances data, providing market practitioners with valuable detailed information so they can focus on what they do best.

The platform was showcased at the ITC Dia Europe conference as an important tool for companies undergoing digital transformation. A recent survey found 79% of insurance carriers are either currently implementing or planning to implement back-office automation solutions in the next two years, and 75% of insurance executives believe that back-office automation is a key driver to business growth.

Exchanging ideas with experts

Inari also took part in a round-table discussion about trends, customer experience and data at the conference. One of the main topics analysed was the complexity of digital change, how change is continuous, and the importance of collaboration between technology providers and insurance carriers.

Digital transformation is at the top of every business agenda as insurance carriers embrace technology faster than ever. But change is not purely driven by technology, it also involves getting people on board, and getting them to change behaviours. No easy task, it was agreed.

The change necessary for digital innovation is a continuous process – more of a journey than a one-off project. The panel agreed that staff should be trained in new processes and their skills updated continuously and consistently for best outcomes.

However, a concern was raised during the discussion: while insurers understand they can use tech and data to add value in their supply chain, getting access and insight from all the data has its challenges and limitations, partly because it is a two-step value approach. First, the business needs to know what they want and second, pass on that information to the technical team.

As a global insurance technology firm that works with global re/insurers, MGAs and Lloyd’s practitioners to perform better and faster, inari recognises the importance of working in partnership with carriers seeking digital transformation, a topic discussed by the round table.

Technology companies, it was agreed, can build successful partnerships with insurance companies on the journey towards digital transformation, which is happening at an unprecedented pace. Tech firms focus on the people – or users – and the technology to allow C-suite executives to focus on business and direction of change.

Collaboration, co-operation, and consensus

Overall, it was such a great and productive conference, having seen old friends, colleagues and partners, and returning with new contacts.

We were inspired by the conference’s thought-provoking themes including climate change; the power of generative AI to transform insurance, and the importance of responsible AI; health and insurance in football with a talk from the director of the Barça Innovation hub at Barça FC; and the next steps towards digital transformation.

We will now work on how can inari help the industry come up with solutions to these issues. What we do know is that change is almost impossible with industry-wide collaboration.

We will now work on how can inari help the industry come up with solutions to these issues. And return to ITC in Vegas at the end of October!