Rohit Verma, Global COO of Crawford & Company, believes data will continue to be a big asset to insurers, and the companies that can mine data effectively will see the biggest benefit. While advanced technology is necessary to leverage data, companies need to develop the mindset to incorporate insights in day-to-day work.

Mr. Verma also sees “lack of talent” as a major disruptor to the insurance industry. He does not believe that technology will make underwriters and claims professionals redundant. He believes “…Losses are a very emotional events…(and) you need people around you and not just machines.”

As an industry that is deeply rooted in tradition and highly regulated, it challenges insurers to respond to change. Those who cannot, will struggle. He believes “clear leaders” will emerge from the challenges that face the industry.  Companies that can address data and people issues, and harness their long traditions and culture, will be most successful.

Mr. Verma sees five drivers creating advantages for Crawford, including expense drivers and scale, repatriation of capital and claims operation development, retention of risk and claims management, run-off services, and global scale of claims expertise. Crawford is making a significant investment in people and technology to retain and attract talent.

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