RMS Managing Director Jason Futers said he sees development as a positive one, even as he is cautious about adopting new technologies. insurance company tv Monte Carlo time rendezvous.
His comments suggest that several years of record-breaking insurtech investments may have helped shake the industry’s legacy technology’s lagging reputation.
“The relationship is definitely very healthy. Vigilance has been there, but even vigilance was healthy,” he said. insurance company T.Ⅴ.
“Today, there are so many examples that have built credibility in the industry, and that brings great value,” said Futers.
Former co-founder and CEO of exposure data platform Insurdata, Futers was hired by RMS in July 2021 to run its UK insurance business.
The move marked a return to the company for Futers, who joined Catastrophe Risk Modelers in 1998 and held a series of roles over the next few years.
He cited several recent industry developments as particularly strong examples of technical cooperation. These include: Ki is Brit’s digital follow-only Lloyd’s syndicate launching in early 2021. Vave, a cat-focused insurtech MGA founded by Canopius in 2018. His RMS own recent work in partnership with Hiscox.
Hiscox announced last December that it was working with RMS to expand its use of the RMS Location Intelligence API technology, aiming to improve the customer experience for policyholders by providing real-time, customized quotes. did.
“We are definitely gaining momentum and we think it will make a big difference,” said Futers.
Legacy systems still used by the industry to process risk and pay claims are “doing their jobs,” he noted, but there is huge potential for efficiency savings in using new technology. There are more, Futers suggested.
“It can be much more efficient, and I think that’s something that’s being looked at across the industry. , could be much more efficient,” he said.
“This isn’t just prioritizing efficiency, it really impacts the writing business. We can build a deeper understanding of the risks involved, and we believe that is increasingly important,” Futers added.
He emphasized that recent cloud adoption has also led to a new generation of systems built from the ground up aimed at software as a service (SaaS) technology models.
“It makes a big difference in the market, which is that instead of putting what you have now in the cloud, it actually offers much faster capabilities. The reason insurers are really thinking about this is that it gives more opportunities to reinsurers.”
A more agile cloud-based infrastructure will become more important as the industry embraces data-driven underwriting and relies on better analytics to navigate secondary hazards and evolving climate risks. .
“When you look at the kinds of hazards that have opportunities in the market, they’re high-definition hazards,” Futers said. “Wildfires are a good example of that, and of course floods are a good example. .”
Watch our interview with The Insurer TV’s Jason Futers of RMS, filmed in a pop-up studio suite at the Hôtel de Paris. Click here for details:
- The relationship between industry and technology
- Examples of successful partnerships
- A new generation of SaaS cloud technology