Brian Duperreault as CEO of Hamilton Re defies those who believe that innovation is the domain of the under 35's. His Hamilton group of companies have come out clearly and stated that data is of critical importance and that it needs to be used immediately, not considered, thought about and pondered over. It is there to be used informing the underwriting process.
The issue becomes, how do you get your data in a timely manner? On D&F business the data can be downloaded immediately and compared, contrasted and analysis conducted. With delegated underwriting the market has to wait for three or four months before data arrives when it is more a matter of history, rather than current, and as useful only as such.
This situation can be changed by utilising a new tool developed in the London market that has the ability to speed up the transmission of data from delegated underwriting platforms and delivering pre-authorised and bound risk information to the carriers at the time of binding. Charles Taylor InsureTech, will shortly be bringing this to market so watch this space for direct data access and the ability to be able to use predictive analytics on your delegated underwriting book!
“The world has changed and there are data services available that were unheard of five years ago. Harnessing data in an intelligent way will be the real differentiator that will make the difference in this industry,”