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Maudslay said that the industry currently deals with customers who want
exclusively online, zero touch connections, and those who still favour a
manual approach. As such, for the “foreseeable future,” they should pursue
a “hybrid arrangement” which allows customers to choose their interactions
and how they connect with an insurer.
“To get around this, what we are experiencing is insurers are building
satellite systems outside their legacy systems that cope with digital, mobile
and the internet,” Maudslay said.
Thirdly, big data and analytics are a challenge for the industry as they will
help shape the future of businesses, their interactions with clients and the
products that they offer.
Maudslay said that firms are “struggling to know what to do with big data”
as the industry looks to “derive some value” from the information in its
possession.
“It is no use big data coming in if you have nothing to do with it or if you
can’t extract relevant information from it,” he explained, “I think a lot of work
is going into data science to see what you can do in actually using it.”
Cyber security remains a growing concern for the industry, Maudslay said,
as businesses are now beginning to invest in solutions and outsource
security to professionals.
“Insurers are paranoid about security, data laws and breaches and so on,
and they are really beginning to invest money in security,” Maudslay said.
Blockchain and insurtech, meanwhile, are the final challenge facing the
industry on the technology front, Maudslay said, as the industry gets to
grips with new technology. He added that the sector should be grappling
with these varied issues now rather than leaving them as problems for the
future.
“Insurers are beginning to understand that a great deal of their data is not
commercially sensitive and certain bits can be shared without jeopardising
their business, clients or security,” Maudslay continued.