Event Write-Up: Insurtech Insights Europe, London, March 2022
This month, we sponsored and had a team in attendance at Insurtech Insights Europe, hosted by Insurtech Insights, at the InterContinental London at The O2.
The event is Europe’s largest Insurtech conference, providing attendees with the opportunity to acquire strategic insights and gain new perspectives from industry experts, expand their networks by meeting established figures as well as attract future talent.
The theme of the event was transformation in the insurance sector and explored topics such as the impact of AI, the importance of customer engagement, utilizing emerging technologies to reduce claims and improve customer care, managing integrations between new and legacy systems and the adoption of data-driven ecosystems.
Insurtech Insights Europe brought together more than 4,000 attendees, including brokers, carriers, consultants and solutions providers. Given the scale of the event, we set out three key aims ahead of bringing Eigen to Insurtech Insights: catch-up with existing clients and partners, network and learn more about how we can support the industry and showcase our platform and demonstrate the value it’s bringing to firms.
At our booth, our team (consisting of Naief, Gabby, Lily, Shanna, Tom and Louise) greeted visitors and showed how our no-code AI platform is being used for insurance-specific use cases to improve productivity, reduce costs, generate revenue and manage risks through automated document processing and data extraction.
On day two, we had Chris Mullan, our Principal Product Manager, speaking on the ‘How reinsurers can find opportunities in data-driven ecosystems’ panel alongside speakers from Supercede, Swiss Re and Munich Re, discussing the challenges (re)insurers face when capturing data and how technology helps to overcome these obstacles. During the discussion, Chris highlighted how data capture, often conducted by the actuary or underwriter, is expensive and that insurers only realize what data they need when it is too late. Chris went on to explain how the Eigen platform allows a far broader range of data capture in a far more cost-effective manner.
Our key takeaways were as follows:
- Carriers are broadly seeking to leverage new data and build increasingly sophisticated models for pricing, claims validation and forecasting.
- Claims represent a significant amount of trapped data; using advanced technology to make data available for subsequent analysis unlocks invaluable insights and industry benchmarks that improve reporting and develop claims operations.
- Improving both the customer and employee experience is a top priority for insurers, sometimes even more so than cost reduction. Automating low-value tasks enables teams to position staff to take on more satisfactory, high-value strategic initiatives to improve employee retention and deliver a stronger customer experience.
- The market need for the Eigen platform was very apparent at this conference, especially in discussions focusing on innovations throughout the insurance value chain. Critically, Eigen can play an important role in unlocking data throughout the value chain to enable digital transformation initiatives.
- World Economic forum 2020
- Gartner Cool Vendor 2020
- AI 100 2021
- Lazard T100
- FT Intelligent Business 2019
- FT Intelligent Business 2020
- CogX Awards 2019
- CogX Awards 2021
- CogX Awards Best AI Product in Insurance
- Forbes The AI 50 2022
- Ai BreakThrough Award 2022