Speaking in the latest episode of The Insurer TV’s Close Quarter series, Summers emphasised the need for technology adoption to ensure the development of processes for brokers and underwriters.
The evolving technological landscape and the need for innovation in the (re)insurance market has provided Verisk Specialty Business Solutions – formerly known as Sequel – with many opportunities to consolidate all forms of technology and facilitate the interaction between stakeholders.
As insurance companies push for technology to enable them to grow, Verisk Specialty Business Solutions proposes to connect all forms of technology employed in the market and allow for better interaction.
For instance, there are “different views and different ways of connectivity” and APIs are “no longer standard”, noted Paul Latarche, Verisk Specialty Business Solutions’ chief commercial officer. This has led the firm to search for ways to capitalise on enhancing connectivity in the (re)insurance market.
The Verisk subsidiary acquired electronic (re)insurance trading platform Whitespace earlier this year. Whitespace was created to service the open market space, and its development has been driven by the needs of its user base.
The Whitespace acquisition is intended to bolster the platform’s capabilities and provide the foundation for an improved adoption of technology.
“We work in a number of areas where we’re bringing together markets and brokers to trade their business together,” Summers said. “The technology is there, it’s the adoption that’s key.”
Connecting people through APIs has brought significant evolution in the (re)insurance market, as it has made interaction faster and more efficient.
“We’ve really seen a huge switch from insurers and brokers working through portals,” Latarche said. “What we’ve really seen a shift in recently is making business easier to transact with via distributing via their APIs and injecting their IP into other people’s platforms.”
Opportunities for growth
There are plenty of opportunities for growth in the (re)insurance market, and Verisk Specialty Business Solutions has responded to the needs of its clients by facilitating distribution.
The past two years have accelerated the need for the adoption of a more agile and flexible way of working, mainly due to the Covid-19 pandemic. The company has been looking to capitalise on this opportunity by pushing technology across different distribution channels.
At the same time, market participants want to make sure their technology is safe to use, making data security more relevant than ever.
In addition, the adoption of remote working has also brought the need for data enhancement to the fore.
It is more relevant than ever for brokers and underwriters to have access to more comprehensive and better quality data so they can make their decisions with confidence, Summers added.