Insurance CIO challenges and opportunities
Email 1- from the CEO
“I would like us to accelerate our plans for legacy modernisation, as the market seems to have picked up momentum here and we need to at least keep pace – ideally keep ahead. The benefits are clear in terms of more efficient operations, a more compelling experience for our clients and a lower expense ratio.
One specific area I would like explored as part of this is how we can lower our acquisition costs.
We typically lose 40% of the premium through acquisition costs and I believe we can do better by using technology to go more direct to market and automate some of the underwriting process.”
Email 2 – from the CRO:
“Reading about the major data breaches that have hit the press recently, it looks like the company supply chain has been the weak leak and original breach point. As far as I am aware, we have limited insight and control on the risk in our supply chain and I want to urgently explore how we can firm this up. As you know any such breach would have serious reputational impact as well as potential fines under GDPR.
On this point, we also seem to be getting an increase in Subject Access Requests. To date, these have been handled with a great deal of manual intervention. I have heard that technology can assist with regard to handling SARs – can you take a look at what is possible please.”
Email 3 – from the CFO:
“At a recent meeting with our actuarial team, it became clear to me that they spend quite an amount of time unproductively on manual work-arounds and low-level processes. The core tool they use has been built up over time based on Excel and Access but has got to the point of being unwieldy and inefficient. We need to modernise the tool so would like to explore a solution with you.
It also became clear from wider talks with my team that at key times of the year for reporting, the system slows massively – I assume just due to the spike in demand and our systems struggle to cope. It has got to the point where the slow process is impacting business, so we need to look at a way of coping with these reporting demand peaks.”
Email 4 – from the Head of Claims
“The claims experience for our clients is in need of improvement – based on client feedback and also to give us a competitive edge. My ideal scenario would be to add artificial intelligence into areas such as FNOL, initial checks and potentially through to approval and payment for less complex, low value claims.
I would also like to explore how we could tighten up on claims leakage, as this has a significant cost impact to the organisation, e.g. reducing human error in claims assessments, improving fraud detection, checking on any sanctions prior to pay-out, etc.”
Feel free to contact me if you would like to find out more.