Technology will help industry counter inflation woes: eReinsure’s Best-Devereux

Better adoption of technology will become increasingly important as (re)insurers look to manage costs and drive distribution efficiency as inflation looks set to intensify losses, eReinsure’s Igor Best-Devereux has said.

The CEO of eReinsure spoke with The Insurer TV at the Monte Carlo Rendez-Vous, where he held conversations with members of the industry about how technology could help them reduce costs.

Best-Devereux urged the industry to adopt the right technology to counter headwinds such as inflation.

“We want to talk to our clients about what’s happening in their business, what their needs are … obviously inflation is a big one this year,” he noted.

“And we hear that both from the standpoint of the effect on loss costs and therefore premiums, but where we’re involved is more in the cost of distribution. So technology is a big factor as we look at how to really impact the total cost of distribution by using technology,” Best-Devereux added.

As an example, Best-Devereux mentioned automation as a facilitator of higher efficiency along the distribution process through reducing some of the “mundane effort” involved.

“We’re finding that many of our large partners on the reinsurer side are introducing automated tools to try and drive down the cost and increase the efficiency of distribution,” Best-Devereux said.

He spoke of neutrality along with configurable systems and networks as two of the most important parts of the digital distribution playbook.

As companies become increasingly careful about how they use their data, neutrality has a central role in ensuring it is handled only for the intended purposes.

It is also important to make sure that the networks in place are flexible enough to adapt to the different needs and segments of the market.

Best-Devereux said that eReinsure offers different solutions based on the parts of the market its clients operate in.

“We have offerings on the treaty side, and particularly in working with one of the major brokers. We also have our own branded facultative platform … different needs, different workflows,” he noted.

Click on the video above, where The Insurer TV speaks to Igor Best-Devereux from its pop-up studio at the Hôtel de Paris in Monte Carlo for more detail on:

  • The concept of efficient distribution
  • Where technology can help improve processes
  • The role of inflation as a catalyst for technology adoption