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Ecosystems and Partnerships in Practice | 2024: An Insurance Odyssey

The video discusses the evolution and importance of ecosystem partnerships in the insurance industry. Experts Martin Olley, Farooq Sheikh, and Grant Dewar explore the benefits of collaboration between insurers, brokers, and tech providers. They emphasize customer-centric strategies and the role of technology in streamlining operations. The discussion concludes with insights into the future of insurance ecosystems and their impact on risk assessment and data management. Panel Speakers: - Farooq Sheikh , Global Head of Banking, Insurance and Healthcare - Unqork - Grant Dewar, Client Services Director - Aon - Martin Olley, Head of North America - AdvantageGo - Robin Merttens , Chairman - InsTech After our sell-out half-day event in New York on the 14 March, we were back at Google but in a bigger space at their shiny new venue in St. John’s Terminal, NYC. Despite the increased investments in technology over the past years, expense ratios and underwriting profits have remained at the same levels as they were a decade or two ago. Insurance has changed, but only incrementally – more evolution than revolution. The industry is still a long way from realizing the full potential that technology can bring. A world that is highly automated, providing a broader range of highly customized products, priced and delivered better. But how do we get to that endgame – evolution, revolution or a bit of both? You joined us in New York on June 4th – 2024: An Insurance Odyssey – the voyage from evolution to revolution. In collaboration with Google Cloud, Aon, AdvantageGo, Unqork, and Indico Data, we explored the following: -The potential benefits from re-imagining broker/carrier data exchange. -Enterprise-ready AI capabilities matched to the industry’s needs. -How technology and data ecosystems can streamline risk assessment and pricing. -How the technology of today can deliver the underwriting world of tomorrow. ----------- 00:00 Introduction to the Panel 00:34 Understanding Ecosystems in Insurance 02:40 Building and Managing Ecosystem Partnerships 04:49 Aon's Ecosystem Strategy 07:16 Future of Ecosystems in Insurance 16:11 Concluding Thoughts on Ecosystems