InsTech.ie Insights: Data is Every Insurer’s Not-So-Secret Weapon

00:00:00:00 – 00:00:30:21
Unknown
So we did an event in, in May, and this slide got sort of quite a bit of attention. This is I might be the general manager for the Iax, but I’m actually a customer. And this is my relationship with insurance. And Rory on the slide are one and done. But actually you can see many instances it’s actually one and done.

00:00:30:23 – 00:00:56:22
Unknown
Because out of the 20 policies there, I probably have 16 or 17. I’ll use the word relationships transactions with insurers. So I thought I’d do a little bit of a deeper dive into the the pink ones here, which are the ones that are relevant today, which is a the life and pensions. So just explain here. Royal London I’m called a long standing customer.

00:00:57:00 – 00:01:35:14
Unknown
LNG I’m called a heritage customer. In Canada life I’m called a legacy customer. I also have some protection through my employee benefits. Well, I’m just a bunch of units that they price against. So I find that strange, especially as I only get one communication a year from those organizations, which is either the renewal of the opening of the premium because I’m 54 years old, I’m definitely not vegan, and I’m definitely not.

00:01:35:16 – 00:02:03:12
Unknown
No alcohol and I’ve got four kids, and I’m at that time of life where this is probably where my assets are peaking. But also I’m making some real decisions about planning. So one would assume that these guys would want to communicate a little bit more with me, know a little bit more, but with me and work with me on my products through, through my into my retirement planning.

00:02:03:14 – 00:02:27:15
Unknown
But they don’t. The other thing is, is, is the total of some of these products is around about eight times my annual salary, which apart from a big party for my wife, she’s a lot of risk. So again, you think they want to communicate with me about that? Going back to the point again that I’m not vegan. So I might in that respect, period.

00:02:27:17 – 00:03:00:19
Unknown
So cut a long story short is going back to the last panel. I don’t feel like a customer. I just feel like a policy number. So you all have lots of data. You probably can’t access much of it. You certainly don’t use much of it. I suppose the question is, is how can we fix that? And hence we on this panel, we’re going to ask a few questions about finding that right balance between accessing the data and giving people a customer experience rather than a policyholder experience.

00:03:00:21 – 00:03:25:22
Unknown
So my first question so going back to that, that human touch on the human centric, how do we find the right balance and how do we access that data between human centric and digitization. Check. Sure. Let me take this one. And there’s many ways we can answer this. But the the reality here is access to data is key.

00:03:25:22 – 00:03:48:22
Unknown
So we know it’s coming from multiple systems, legacy systems, multiple providers. And collating that large data set, is one real challenge. So that’s one aspect of it. Then when you have that, what you do with it and the aspects of all of that is around really understanding the data, what kind of enrichment you might need to do with that data to be able to conform to whatever the end result is that you’re looking for.

00:03:49:00 – 00:04:12:01
Unknown
But forget about what we’re looking to do with it, is actually having access to it to then decide what to do. And therein lies the very large challenge. So we talked earlier about knowing your customer. and it’s very difficult to know your customer of your own if you’re unable to collate and centralize all of that data. And that’s where fintechs come in, is in relation to where they have access to software that can actually do this quickly.

00:04:12:03 – 00:04:29:11
Unknown
The challenge lies then with some organizations and in particular, legacy is we can build ourselves and that becomes a challenge because you got CTOs and CIOs now we can build, we’re going to build and we can do this quicker. And that’s the trust question we had earlier. So how do you trust somebody to bring to bring them on that they can actually do that.

00:04:29:11 – 00:04:50:12
Unknown
So the the inability to know the data if I’m calling your data so the organized organizations data because that’s the data. That’s going to one increase your top line. And secondly help your EBITDA. So significant EBITDA so reduce your expenses. But your inability to do that. People tend to troll humans all the time are trying to understand it.

00:04:50:12 – 00:05:16:22
Unknown
It would put data scientists on this. and those costs increase, increase, increase. Sometimes we offshore and we think maybe it’s easier. We offshore. It’s it’s a cheaper resource. Instead of really looking at the whole of what all this is about is, can we put this into an engine that can actually surface all the right Intel for us, help us make the next right decision, help us surface, something for Ian that he doesn’t feel he’s a legacy policyholder.

00:05:17:03 – 00:05:49:08
Unknown
He feels within Canada life. I’m somebody that’s key and core. And here they’re telling me something now that will make him make a right decision in his financial, decision. So really comes back to one the the appetite within organizations to accept risk of working with partners to understanding all of the applications that you have data. That’s one challenge that I’ve always seen in my previous life is when you go to start looking at a project, and the client themselves has no idea where the data is.

00:05:49:18 – 00:06:09:18
Unknown
so you’re trying to decipher where all the data is and surface, then the right Intel from that. So it’s the ecosystem of the data, first of all, is really important. Then once you have that, what you can do with that. But again, it’s a buy in from your your data protection officer, from your chief risk officer. All the key people who have the concerns around multiple things, data related.

00:06:09:20 – 00:06:35:15
Unknown
Right. Excellent answer. Yes. so, what Jack said, I can just stop there now, what Jack said is important, and I feel that every organization has probably these two big areas, and we have a lot of data. We don’t know exactly what where they are. We do not know how clean that is. That’s one piece. And every organization, fortune 500.

00:06:35:15 – 00:06:55:07
Unknown
You go and talk. You’ll talk about this. and there are great people like this. I think solving that problem by building platforms and technology. And then there’s the customer experience piece. Right? Which is how do you interact with the customer? How do you go back to them with the data and build predictive analytics on top. And that’s are great.

00:06:55:07 – 00:07:16:18
Unknown
Companies like simply come comes in. But what I’m going to talk to you about is a third piece that sadly, I feel no one really talks about, but is as important, if not more important, is how you are interacting with your customer today and how you are gathering and communicating with them with the data that you have the boring stuff, right?

00:07:16:18 – 00:07:43:22
Unknown
So when you on board a customer, all those policies, all of them must do the same. So if I may say dumb questions, what’s your name? What’s your address? What’s your tax ID? where do you live. And and then every time you file a claim, same process. Right. And and what I’ve learned by working with a couple of this fortune 250 insurance companies is it’s multi-pronged, right.

00:07:43:22 – 00:08:11:05
Unknown
Like, data is not just between customers and, the company, the customer might actually review the data on a third party platform, like their workday or ADP. And it’s the data transfer ability. And I’ll summarize this by saying that when we did a study with, BWC about a year and a half ago, they came back saying that, okay, insurance companies are a little bit behind on digital transformation and on the digital experience, but no one talks about data transferability.

00:08:11:10 – 00:08:32:22
Unknown
So we are like way behind as an industry on this. And it’s the kind of the boring simple stuff like form filling. But if you could do that well you have the biggest chance of growth. So my agenda and my life is about solving those problems and those I’m happy to talk to you guys about. It would fit into areas like onboarding, right?

00:08:32:22 – 00:08:57:05
Unknown
Customer onboarding. It would fill and do things like, billing, billing complex, billing. And then there are other areas that that this kind of simple data transfer and intro transferability can help. And I feel before we build analytics to gain customer trust, let’s make the current processes better and smoother. And then we gain the trust, right?

00:08:57:07 – 00:09:18:18
Unknown
Yeah, I mean, I, I mean I agree I mean going back to the the slide before to me that it’s just complexity and it’s also time consuming. And actually what I really want is, is to build that trust and and the experience. And also you mentioned about the form fill in, if I actually look at many of those documents that they send, there’s always mistakes on them as well.

00:09:18:18 – 00:09:41:02
Unknown
So even the basics are wrong, never mind understanding a little bit more about myself and what what I’d really like to be able to see. So there’s almost a value exchange, which is if I can give you more data, can you give me more relevance? And if you can give me more relevance, then I’m going to build more trust, and therefore I’m going to buy and spend more time and more loyalty with that problem.

00:09:41:02 – 00:10:00:20
Unknown
That gives me that trust. And that is sorely lacking at the moment. So I just follow up. Yeah, absolutely important part. So outside of the advisor and outside of the sale, the first touchpoint really for the client is the onboarding. And if that’s continuous form filling and numerous form filling, for one, it’s not a great experience. But secondly, it’s error prone.

00:10:01:00 – 00:10:21:18
Unknown
So the start of the journey is already riddled with errors. So the data at that point, as a as it goes through the value chain, already has some errors in there. So that like when you look at the ecosystem of the client within all of your your applications, unless that’s 100% bulletproof, nothing after that is actually going to surface, information that’s accurate.

00:10:21:21 – 00:10:37:22
Unknown
So so if we can’t get it right at the start of the journey, the experience at the end is not going to be right also. So I mean, the whole we look at digital transformation, it needs to start right at the core, which is the start of the journey in my view. Yeah, absolutely. I know I also say that applies to the claims process as well.

00:10:37:22 – 00:11:02:13
Unknown
Yes, absolutely. And then and I feel it’s very important and, and Gary will tell you, like I spend part of my career in the same room as Gary. Think of really cutting edge technology, digital wearables. But what I’ve realized over the years that before you track a customer’s eye movement and predict their diseases and their exact underwrite their claims, let’s help them do the day to day.

00:11:02:18 – 00:11:30:22
Unknown
Let’s help them do what they are doing in a better way. And that will get customer buy in, right? And in fact, if you can do that with correctly, you will actually have a market advantage over your competitors. Whoever does that. And then very carefully because because those are complex. Let’s do the easy things first. Let’s show them the value of this powerful technology and then then build on that right.

00:11:31:00 – 00:11:50:14
Unknown
It’s very true because we talk about the human first approach and and we we can all see that through a different lens. So sometimes we me or that’s a human, somebody wants a human. But you can actually have a technical, logical process that is very much like human, you know. So there’s two aspects to consider there. So that lovely description there is like the whole human side.

00:11:50:14 – 00:12:10:12
Unknown
So you’re building that trusted relationship, but you’re building it in a way that the no technology is going to drive it. But we’re still also here. And that’s really important to get the balance. I absolutely agree. And we talk about that human touch. We talk about the balance, and then we talk about your role in terms of leveraging some of the new technologies and AI to to me, to me, there’s three layers.

00:12:10:12 – 00:12:31:20
Unknown
And you actually mentioned sort of the two of those. So one is you get all these really intelligent people to analyze the data, turn the data into knowledge. You then try and enhance the customer experience so you can build the trust. Or do you really think a lot of these organizations have the operational design underneath to be able to deliver what they need and if not, how do you do that?

00:12:31:22 – 00:12:53:23
Unknown
I, I can give it a go. So for the last couple of years, we were, like we were a strategic arm of, and we balance three, three sets of clients. The internal leaders get their buy in, but also the operational people, people will use it and then our end customers. Right. And you can’t lose sight of one or another.

00:12:54:00 – 00:13:15:19
Unknown
You have to be all managed together. And we we did one large product for claims automation using AI for last two years. And we scale that up across our products. What you have learned is each of these set of different challenges. Right. but I would like to focus maybe on the operational side because so so it has to be, I believe, face gated.

00:13:15:21 – 00:13:39:18
Unknown
If you, and it’s very much like the startup world where you start small, don’t try to do 1000 thousand and tell of those dreams then. And it doesn’t work like that. Focus on a handful of maybe even five. Do model offices understand have and I know I mean that’s the industry I’m in is as much a science as it is an art.

00:13:39:18 – 00:14:05:23
Unknown
It’s business. Understood. Like if you can’t operationalize it, there is no point. Right. So from the get go, as much as you’re building and doing accuracy testing and all this kind of fidelity testing and all this stuff have hired great people that can do that, but also have customer like client success. we did the sneaky stuff of getting people from client success into our operational excellence team.

00:14:05:23 – 00:14:37:06
Unknown
We built an operational excellence team with ex client success people and then made them work with our, internal specialist, like onboarding specialist or, you know, integration specialist and see how. And it was not an easy process like, those daily stand up calls are like. And the weekly meetings, they’re horrible, but change is horrible. If you imagine that I, you will deploy and, the chatbot will solve all your problems.

00:14:37:08 – 00:14:57:13
Unknown
Never going to happen. You have to have the maturity to plan it out and set expectations. Because also within like your customers, if you set the wrong expectation with your internal stakeholders, be that leaders or operational people, you are going to hit roadblocks and you’re going to spend more time operationalizing it. Just a couple of things are there.

00:14:57:13 – 00:15:15:01
Unknown
I’m a firm believer and have been for my whole 30 odd years of my career, that your internal customers, your most important one. And the reason being is if you can get your internal stakeholders, on on track with what you’re trying to do, you’re not going to deliver to the client. So exactly to the point around the operation.

00:15:15:01 – 00:15:35:00
Unknown
So all operate. It doesn’t matter how great your operation is, you’re always transforming because every day is change. It’s exponential. So we’re always changing is how you make sure you have those individuals on that same journey with you to get to where you need to get to, because you only need one detractor to delay things. And like time and focus are just essential in all of this.

00:15:35:08 – 00:15:55:00
Unknown
so my view is like you, you get you UX, you excel exceptionally internally, with the right people, with you on the journey and then, you know, delivery, delivering externally. Then just it comes par for the course. Yeah. No, I absolutely agree. I think it’s you know, it’s imperative that your internal experience mirrors at least your external experience.

00:15:55:00 – 00:16:16:08
Unknown
So you’re aspirations for the external experience that they, that they have. So good. Thank you. so I’m going to go on to the third question. I really which is Gaby presented a slide, right at the start of this, which had the the holding shore tech community across island. So there’s lots of opportunities there for improvements at an enterprise level.

00:16:16:10 – 00:16:46:10
Unknown
I with the or at a point level, with some of these initial attacks, how do organizations prioritize a where they focus and B, whether they build or whether they buy in this capability? Yeah, it’s a great question. you know, when I was in industry and on the other side where we’d be strategizing and putting money aside, risk assessing the vendor via risk was a key was a key component, but also it is it’s like any budget, you know, you you allocate okay.

00:16:46:10 – 00:17:03:22
Unknown
This is what we want to do. So whatever the number is you’re trying to do in terms of achieve, there’s got to be a cut somewhere. So generally it’s not a case. We’re going to devise this money and it’s going to go toward digital transformation. There’s a cut somewhere in the business together with an injection of, of new money, to, to basically innovate.

00:17:03:22 – 00:17:28:07
Unknown
And it is really about innovation. I mean, that’s what it’s about. It’s like we talk digital, but it’s about how can we innovate, how can we embed somebody with us that we become great or great? but that decision making is as well. Or, and how do I get the right Intel? Who are the right providers. and we mentioned earlier about startups and it can be a challenge as well for startups because they have to be mindful of their cost and their spend.

00:17:28:09 – 00:17:51:03
Unknown
But, you know, they could be phenomenal at what they do, but how can they portray that in a way? So the likes of in tech and other, industry, forums that really help us do that, they really help us showcase who we are, and understand how that might work in the ecosystem. And then it’s really the case when I look at our existing client base from a template perspective, it was absolutely built on trust 100%.

00:17:51:03 – 00:18:09:04
Unknown
The work we do with the clients is 100% built on trust because we evidence what we could do. So we told them, we showed them, we delivered on it. And then, you know, we’ve had 100% from an NPS perspective. So we didn’t just say, you know, we drove on it. So we have a strategy. And this is something that I’ve brought with me for years.

00:18:09:04 – 00:18:34:23
Unknown
At a very young age, my father, told me anything I did, I need to do the best I could. So I devised a, a client strategy called care carry. And it’s clients are reasons for excellence. So whether it be internal or external, whether it be, you know, helping clients because we do that also as a thought leader, we go in and help prospects and claims, understand what their challenges are and understand how our technology can help support.

00:18:35:04 – 00:18:57:20
Unknown
So I think there needs to be more of that partnership of understanding. There’s fantastic brilliance in Ireland and and elsewhere that if we, you know, come together in innovative ways of looking at this is the problem and this is how we can solve. And it isn’t just about simply solving on them. There’s multiple others that can solve, but it’s how do we solve it in the collective ecosystem and share and share in a way that is educational.

00:18:57:22 – 00:19:14:22
Unknown
So the insights are educational, and we can make more informed decisions. So if I love to see anything, that’s what I’d like to see in the fintech space in Ireland, that there’s just more stronger awareness of the brilliance because we really have tremendous brilliance. And then that helps inform, make informed decisions within the organizations that are now making them.

00:19:14:22 – 00:19:36:00
Unknown
So they’re all making their decisions for next year where the investment is going to be. I’m going to be more direct to answer this question, if I may. Right. So this is a chicken and egg question builder. Buy every week once in like I’m sitting at a senior leader, same question builder buy. And we have a strategic POV on this.

00:19:36:00 – 00:20:19:23
Unknown
By we I mean I that I try to sell to everyone. I feel if you are going like it’s complex, it’s not one or the other. Large companies are good at very various things and then external vendors are very good at things. And as leaders, our job is to harness the best of both worlds, which is complex because there is no playbook on this, but rule of thumb at least, to bring in innovation, is have, set of entrepreneurs in your organization who understand the problem and very quickly come off with some POCs to prove that.

00:20:20:01 – 00:20:40:04
Unknown
Can this be done? Yeah. And and and then the understand the problem. Otherwise you’re just sitting in a strategy organization living off PowerPoint. And when you on board a vendor, you have no idea where the data is. You do not know if the problem is even solvable. Right? But also don’t get married to your products that you built right?

00:20:40:04 – 00:21:04:12
Unknown
The first couple of iteration. and in fact, the moment you build your first couple of iterations, a very good point to then to vendor, look at our external vendors and talk to them and see what they bring in the table. And, and then ideally, what happens is what I have done for the last couple of AI products that we launched, is partnered with com like we partner with companies like Hyper Science, for doing the transcription piece.

00:21:04:14 – 00:21:25:05
Unknown
Right. And we determined we’ve built certain parts of the product in-house. And that I think, is the best of both worlds. And you have your teams looking externally, but also external teams looking internally. And that’s a recipe for building excellence. Exactly. just maybe like to add an it’s an ace in everything we’re saying here. It’s like a hybrid model really.

00:21:25:05 – 00:21:47:02
Unknown
You know, it’s a model that works for both. And that is everything in terms of like they they the client first, human first versus digital. It’s having a hybrid model. And likewise the same with build versus buy. The challenge as we stated at the start with the the build versus buy is really there trying to understand and colleagues all of the data to get it in a way that you can actually make, informed decisions.

00:21:47:02 – 00:22:10:10
Unknown
So sometimes the legacy and it comes through multiple acquisitions etc.. So their platform, some people are not even familiar with the, you know, they’ve just inherited them. That’s where the challenge lies. So exactly to your point around bringing in that expertise that can work with, executives to make the right decisions. So it shouldn’t just be about looking at the innovation of the technology itself.

00:22:10:12 – 00:22:35:00
Unknown
It is also looking bigger. It’s been a strategist, a thought leader. And what can we do as, leaders in our organizations to help the wider, ecosystem, both from data and servicing? And just on that, I mean, if I look at the sort of the, the projects that I’ve been involved in, number one on the risk is, is how do we stop people building in the new tech, what they do today.

00:22:35:02 – 00:22:55:23
Unknown
So in a lot of these insurance organizations, people don’t know what they don’t know. So so how do you approach bringing in the right expertise to really enable that differentiation and enable that buy versus build strategy? Yeah. I’ll just start quickly. And it really depends on who you’re engaging in the process. And that’s the reality. So you don’t know what you don’t know.

00:22:56:16 – 00:23:29:10
Unknown
and again that stems back to what I mentioned earlier is, is there is there awareness of the strong Intel and the strong software that is out there that can help. So is typically through consultants. So they have a very strong sense of understanding, you know what’s happening and understanding what can solve. But for organizations that tend not to bring in because they see that as an expense, also to take a consultant in to help, that that’s quite alarming because again, it’s you’re less informed, you don’t have all the internal to hand that one would necessarily need unless you’ve hired.

00:23:29:10 – 00:23:46:13
Unknown
Like I saw two announcements recently, which I thought was quite ingenious from our large banks here in Ireland, and one was appointing a head of digital as chair of the board. I thought that was a really powerful announcement because what they were saying there was we now have a head of digital chairing our board. So we are going to be all things digital, right?

00:23:46:13 – 00:24:02:10
Unknown
So, so a very loud message, but a simple message. and again, they may have the right Intel internally to do that, but if they don’t is having that awareness and being big and bold as a leader to say we don’t have all the right people, we need to bring it in to help us, to do that.

00:24:02:10 – 00:24:18:14
Unknown
So our existing clients, right now, we do it for them. So we come with the thoughts of what they should be doing next. We come with the five year strategy saying, this is what you need to be thinking digitally. Now, whether they drive on that or not is is is their decision. But nonetheless, as you want to be working with partners, that it is a partnership.

00:24:18:20 – 00:24:45:04
Unknown
It is like you’re so embedded that it’s about working together. But if it’s a new relationship, I guess I believe maybe it is. It’s through either, reference or as I said, through the strong consultants that basically have a sense of the ecosystem that can support them. Yeah, I would second that very much. And, and, and I feel like this decision making for build versus buy is, is a continuous process.

00:24:45:06 – 00:25:02:00
Unknown
And if you want to like this is a question that my like after Christmas last year with my I was driving and my dad asked me a question out of the blue, which was kind of hit me, and my dad worked in a bank all his life. And it’s like you work in insurance, but, you know, like, he looks down on me.

00:25:02:00 – 00:25:23:07
Unknown
He’s like, you guys are technology. You guys will never understand what real banking and insurance is. And he said, you’re talking all this, I excitedly. But how do you know? Bank processes? You know nothing. You can’t know stuff. And I was like, no, I kind of took this message with me. And then I realized that as leaders, our job is not to be subject matter experts.

00:25:23:09 – 00:25:48:23
Unknown
It’s partnering internally and externally with the right subject matter expert. Be the dumbest guy in the room. Which is easy for me. that comes naturally. But then then you, you, you line up the right people, and one of the strategies that I use in our journey is within my organization we have change leads. Right. And they do horizon one, continuous improvement.

00:25:49:01 – 00:26:14:15
Unknown
But they know a lot about the technology and the product. You partner with them. And partner doesn’t mean bring them into meetings, but partner means really going that with that learning hat on and understand what their problems are, which are the problems they cancel and which are the problems they can’t solve. And, and and really active listening really, really building a road map with them and then pick up the pieces and then bring it back to a strategic arc.

00:26:14:15 – 00:26:33:17
Unknown
And then looking at partners like, startups or we are partnering with Amazon and Microsoft. But a lot of the times we go and listen, yeah, as opposed to going there with an agenda or trying to achieve something, then I’m there that that’s that’s I think is a very key, important piece. No, I’m just going to echo.

00:26:33:17 – 00:26:55:20
Unknown
And I didn’t think that actually just resonating hearing it is it is about listening. When you think of all the things we go to, we read, what do we take from it, like those profound words today like trust, fear, you know, connections, they’re all what’s going to resonate with all of us, regardless of what the topic or the concept is.

00:26:56:01 – 00:27:16:08
Unknown
That’s what will resonate. And that’s there, the emotions and the emotional words that will impact the decision making we make that we all make, whether it be me as a CEO of a software company, are you an insurance, whatever the case might be, but they are kind of the words. So knowing those triggers, what’s triggering me, not allowing somebody help me with something or vice versa?

00:27:16:19 – 00:27:36:02
Unknown
so again, the listen, the listening is very important. Thank you for sharing that. Good. I think that brings to the end our panel session. So thank you Jacqueline. Thank you. Try. There are any questions. Please feel free to raise your hand. And us panelist he was supposed to say it’s a question for yourself. that was a really interesting choice.

00:27:36:02 – 00:27:57:17
Unknown
But you have to start with your own journey around the spectrum of the products and stuff that you have disclosed. If you were to insert third column in there to identify your products that are placed with the insurance carriers, where there’s a third party in the middle, aka huge. Yep. So today we’ve all been talking about insurers using data that they have.

00:27:57:19 – 00:28:19:15
Unknown
The issue for the insurers is it’s something. And if you take all your stuff and if you’re in the room here in into Irish life might have, let’s say, two of your policies through, then how would we share the data that FEMA has and other side have with each other are very comfortable with us, but also the broker in the middle who maybe controls the relationship.

00:28:19:15 – 00:28:41:18
Unknown
And so we’re all of those if we get that data to work so that the insurers can make those informed decisions. Because I just think that’s impossible. Can I take can I take that? Absolutely. And you’re right. It is because unless it’s open data. So open banking, open finance, open I Asia that’s available. You need consent. So you need client consent to say that you can actually do that.

00:28:41:18 – 00:29:04:12
Unknown
And there lies in one of the largest challenges. You can have the best model for a straight through DTC. But in fact actually there’s a whole lot of that data you can’t have access to. and, and in some cases, it might be seen as you’re eating my cake, if you go to of your Irish life and you go to Aviva or an intermediary or vice versa, but a really comes back to the customer, their ability to allow you have access.

00:29:04:14 – 00:29:26:01
Unknown
And I think that comes through really informed decision making and informed insights that, John and Rory were talking about earlier is around you need to know your customer. You really need to understand the customer. So you need to be able to share with them. This is the benefit you will get. If I had access, access to this data, I think we tend to shy away from asking for that consent.

00:29:26:05 – 00:29:42:01
Unknown
And actually if we educate the end customer like I’m an end customer and I can guarantee you if somebody came to me, I’d be very happy if they coming to give me better financial insights and information on my portfolio based on having access to the data, and I don’t think we do enough of it. I think that’s the point.

00:29:42:01 – 00:30:06:06
Unknown
We’re not doing enough of asking for the consent or even within the software have the consent. And there you have it. So so I think it’s a combination of a couple of things. So I mentioned before the value exchange. If somebody said to me, if you give me more data, I’ll give you a lot more seamless journey, a lot more information, choice, advice, education, all the things we talked about this morning.

00:30:06:08 – 00:30:31:17
Unknown
Then I think I’ll be up for the the moments. It is a it is a pain in the backside, but also to your point about the intermediary. I think most of virtually every one of those policies is that the insurer is one step removed. So even on the general insurance side, most of those through the aggregators. So I had to actually go and dig around to try and find out which brands we’d actually purchase with, because it had been totally a commoditized price price purchase.

00:30:31:19 – 00:30:49:08
Unknown
So so I think there’s opportunity to build trust. I, you know, again, going back to the point about regulation. So with the consumer due to treating customers fairly, all that provides opportunity, I think to start to build some trust. so I don’t think you’re going to solve it overnight, but I think there’s a, there’s a journey that.

00:30:49:10 – 00:31:06:22
Unknown
So maybe just a comment to add to that. So I think we probably spend too much time talking about the consumer’s view of consent, because I think they’re beyond that. They’re more than happy to share if it delivers value for. And I think industry probably needs to get honest as to to why it uses that topic of consent.

00:31:07:00 – 00:31:28:19
Unknown
It’s around not not being able to switch. So it’s not a customer centric approach. And an industry needs to come to terms that actually sharing this value or sharing this data gives much more value in the long term to individual insurers. Just having access to the data isn’t enough, is how you use that, how you use it. That’s the that’s the skills gap session.

00:31:28:19 – 00:31:52:22
Unknown
The confidence that that insurers need to to to build into what I think there’s a real conversation. We talk about collaboration between insurers and insurance acts. There’s conversation between insurers, insurers and insurance brokers. and actually, you know, opening up that data in a, in a more fluid way. Good question. And yeah, I just had a question around is there opportunity.

00:31:52:22 – 00:32:13:23
Unknown
So we’re talking about data the customer skills. But around models that can say customers like me. So like you the beginning of it is that like say so just even on age data that we associate things around needs from the customer. So is there opportunities in that space where we can’t necessarily get the detailed data from the customer using?

00:32:13:23 – 00:32:38:07
Unknown
There’s some. Yeah, absolutely. I mean, the idea is the real data is key because then you get the the 100% outcome, but absolutely can be model. And that’s what we do in terms of everything that we’re building. We model it on dummy data to, you know, figure out what the end outcome is. So if you think of the personas of I’m a mom of three of them, a certain age, whatever, you know, that’s the typical flow that you would go through.

00:32:38:12 – 00:32:54:21
Unknown
But for us yet, any of our kind of pilots that we don’t have access to real data, that’s exactly how we would do it and models that perfectly. And then you can look as well. Jesse, can you branch in in other directions as well? Because I think that’s what’s really important that we talked earlier about the ecosystem of health insurance, life insurance.

00:32:54:23 – 00:33:16:17
Unknown
There’s multiple other facets that you would want to bring into a holistic wallet, like a digital wallet that you have access to and grow. And they insure grow their book or affinity like Rory was talking earlier about like affinity groups like the likes of, of the retail where they have embedded insurance. So that could all to be component surface the right, you know, the right policy for you at that point.

00:33:16:17 – 00:33:37:01
Unknown
So the surface, that policy for me, for a 20 year old that’s going to mean absolutely nothing. So again, it’s like there’s certain information you could have that can give an informed insight. And then you could use, model data to, to do the remainder. Did you want I wanted to add a little bit to this because, very quickly I promise.

00:33:37:03 – 00:34:14:23
Unknown
So we did a product which was churn prediction, at group level. We predicted which of our customers would churn, and we could also give recommendations, which is very useless to say to our brokers, these customers are churning what to do to bring them back in the loop. On the same vein, using customer data to making prediction, even if you can technically do it, we have a bunch of, a couple of senior director that reporting to me that are doing this kind of stuff, production, analyzing, that has lots of challenges, particularly getting leadership buy in.

00:34:15:01 – 00:34:37:20
Unknown
And and this actually also, I was thinking about the question that you asked. Technically, a lot of things are relatively easy to do, but it also because leaders are obviously smart people, but they are looking at things at an organizational level, at a prioritization level. Right? So I don’t think we have the maturity, our lead us wherever yet.

00:34:37:20 – 00:35:00:21
Unknown
We’re we’re actually probably closer to like, complete self-driving cars, from my point of view, than an insurance companies opening up their data to other insurance companies, because insurance is about people, as I said, or specialists or leaders and of our customers. And there are a lot of friction points there. So is it enormously valuable? Is it a game changer?

00:35:00:21 – 00:35:06:17
Unknown
Yes. But are we really be able to go beyond the friction?

00:35:06:19 – 00:35:28:20
Unknown
I honestly hope so, but I don’t I don’t see that level of maturity in the industry. And maybe as an industry we can address that. I don’t I don’t know. So my two senses focus on today’s problem, delight. Like if we could. The best way to do it is focus on today’s problem today. Understand where you’re like, what are the real problems that people are facing today?

00:35:28:22 – 00:35:53:13
Unknown
It’s great to have those ideas and have them, you know, backlog, work on them, but don’t set the expectations that they’re going to come because they’re difficult to deliver because there’s so many human touchpoints and stuff. So thank you.