AAIS President and CEO Ed Kelly speaks with WRIN.tv about technology challenges and opportunities posed by “disruptors.”

While ‘retaining talent’ and ‘competition’ are among the major issues facing all insurers, Mr. Kelly sees technology as the biggest challenge. He says cyber risk is on everyone’s mind, particularly CEOs. Unfortunately, much of the focus for insurers revolves around legacy systems, and should be more about making technology a competitive advantage.

In the underwriting process, Mr. Kelly says the value derived from technology lies in insurers’ ability to bring together data that supports decision-making and customer service. Ultimately, he believes “ease of doing business is more important than competitive rates.”

Mr. Kelly sees opportunities for insurers in potential “disruptors.” In many industries disruptors tend to be technologies that drive cost or the affect ease of doing business. He suggests future investments by primary carriers, distributors or reinsurers, be in technology that address those issues. He also sees opportunities in emerging risk, like transportation networks in the auto insurance industry, and drone liability in homeowners programs.

As an advisory company, AAIS is focused on meeting the needs of its members companies, supporting contract certainty, operational efficiency, and the ease of doing business.

For more of WRIN.tv’s coverage of the annual NAMIC Convention, visit our On Demand Library.

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