Real-time data set to become reinsurance 'game changer'

Real-time data set to become reinsurance ‘game changer’

13 December 2021

The ability to use real-time data to analyse risk could become a game-changer for the reinsurance industry, SiriusPoint President International Reinsurance Monica Cramer Manhem has told an Aon Fireside Chat.

Ms Cramer Manhem says a new dynamic would be created through the technology-improved management of submissions and exposures data and policy information.

“It’s the ability to use real-time data and to analyse risk which is going to be super, super important, and our industry needs to move quickly here because we need to have that ability,” she told the Aon Virtual Reinsurance Renewal Season event.

“When you have the ability to bring in data and information and work it in real-time, it’s going to be a game changer.”

Zurich APAC CEO Tulsi Naidu says technology and data will become “the spine” of businesses.

“This is probably the biggest topic for any CEO,” she said. “Are we thinking hard enough about the direction of technology; are we thinking hard enough about the velocity of change?”

Ms Naidu says the “real understanding and appreciation” of insurance that has started to occur in parts of Asia over the past couple of years is partly due to an increasing number of technology solutions.

The event also discussed the importance of communication in the context of COVID-19 and customer dissatisfaction around policy wordings and coverage, and the need to focus more on the product details and claims process.

Ms Cramer Manhem says cover and expectations should be clear to the customer, the insurer and ultimately to the reinsurer.

“We bring tremendous value and support to society and our customers and I don’t think we’re necessarily the best at communicating it…what’s covered, what isn’t covered, what is the expectation, what is the intent and purpose of a contract or an agreement,” she said.

The discussion was hosted by Aon Reinsurance Solutions CEO Andy Marcell.