Modern Insurance Magazine Issue 66

ISSUE
66
ISSN 2515-3803
THE ART OF
listening
The True
Meaning of
Partnership
with James Roberts,
Europcar
Navigating a
Complex Business
Landscape
with Richard Nash, Aon
Unlocking
Profitable Growth:
Boosting Insurance
Sales Efficiency by 18%
FMG:
Positive Cultures
Attract Top Talent
INSUR.TECH.
TALK
Insurtech Insights
2024 Contributors Media Partners

Our fleet, ready to hire
Our team, ready to help
Our company, ready to partner
Putting it simply, we are
here to make a difficult
journey easier.We care, it’s
embedded in everything we
do and everything we are.
Credit Hire
Credit Repair
hello@edamgroup.co.uk
0330 333 3344
edamgroup.co.uk

WELCOME
Hello readers!
A very warm welcome to Issue 66 of Modern Insurance
Magazine, where we’re looking at the intricate qualities of great
sales and business development in insurance.
Turn to p.8, where you’ll learn from Philipp Kaupke as he outlines some of the key
drivers of profitable growth in our modern insurance market. We’re also joined by
Richard Nash, Business Development Director at Aon (p.12) and James Roberts,
Head of Insurance Sales at Europcar (p.14), both of whom share their insights
around the unique set of skills and experience needed to thrive in such a peoplecentric
area of our highly visible industry.
Amelia Barlow, Editor
Once again, Modern Insurance Magazine’s valued collective of Editorial Board
contributors share their thoughts from p.17 - followed by several articles from our
pool of esteemed industry associations from p.29 onwards, as well as our thriving
panel of fraud-fighting heroes from p.41.
A final word of thanks to Megan Kuczynski, President of Insurtech Insights, for
once again curating a panel of highly respected experts in the field of insurance
technology. This is a highly topical issue with a focus on climate risk and resilience
– particularly relevant as we enter the warmer months here in the Northern
hemisphere and continue to prepare for the very real prospect of extreme weather.
Wishing you a safe and restful summer!
Until next time,
Amelia
Rachael Pearson, Project Manager
Rachael Pearson
Project Manager
Modern Insurance Magazine
rachael.pearson@charltongrant.co.uk
Amelia Day Barlow,
Editor,
Modern Insurance Magazine.
amelia@charltongrant.co.uk
Industry leaders in accident management
solutions and repair services.
sandgresponse.co.uk
01625 417758
ISSUE 66
ISSN 2515-3803
Editor
Amelia Barlow
Project Manager & Events Sales
Rachael Pearson
Modern Insurance Magazine
is published by Charlton Grant Ltd ©2023
All material is copyrighted both written and illustrated. Reproduction in part or whole is strictly
forbidden without the written permission of the publisher. All images and information is collated
from extensive research and along with advertisements is published in good faith. Although the
author and publisher have made every effort to ensure that the information in this publication
was correct at press time, the author and publisher do not assume and hereby disclaim any
liability to any party for any loss, damage, or disruption caused by errors or omissions, whether
such errors or omissions result from negligence, accident, or any other cause.
MODERN INSURANCE | 3

Contents
8
14
41
12
57
4 | MODERN INSURANCE

8
12
14
17
29
41
36
38
51
53
55
Insight
Unlocking Profitable Growth:
Boosting Insurance Sales Efficiency
by 18% by Philipp Kaupke, Simon,
Kucher & Partners Strategy &
Marketing Consultants, Zürich
Interviews
Navigating a Complex Landscape,
with Richard Nash, Business
Development Director, Aon
The True Meaning of Partnership,
with James Roberts, Head of
Insurance Sales, Europcar
Editorial Board
Find out what our editorial board
panel of industry experts have to say
in this edition of Modern Insurance
Magazine.
Associations
Assemble
Modern Insurance’s panel of resident
associations outline the burning
issues from their area of the industry.
Fraud Board
Don’t miss our regular instalment
of The Fraud Board, where our
collective of fraud experts convene
to discuss the key factors affecting
the fight against fraud in our
industry today.
Features
FMG: Positive Cultures Attract Top
Talent
ParaCode: Do You Have a Healthy
Relationship with Your Insurance
Software Partner?
Embracing Automation at Laird with
Nik Ellis, Managing Director, Laird
I Love Claims / ARC 360: Managing
Expectations Amidst Cut-Back
Cover
Just a Thought with Eddie
Longworth: ‘Groupthink’ Destroys
Claims Integrity
Insur.Tech.Talk
Interviews
58 Welcome
Megan Kuczynski, President,
Insurtech Insights
59 Verisk
Rob Newbold, President, Extreme
Event Solutions, Verisk
60 SAS
Franklin J Manchester, Global
Insurance Strategic Advisor, SAS
Global Industry Marketing
61
Fathom
Dr. Matthew Jones, Chief Product
Officer, Fathom
62 Innsure
Charlie Sidoti, Executive Director,
InnSure
63 Faura
Valkyrie Holmes, CEO and
Co-Founder, Faura
64
67
The Geneva Association
Dr. Maryam Golnaraghi, Director -
Climate Change and Environment,
The Geneva Association
Insur.Tech.Talk
Editorial Board
Experts from the insurtech sector
join us once more to share their
unique insights!
INSUR.TECH.TALK BOARD
Disclaimer: Our publications contain advertising material submitted by third parties. Each individual advertiser is solely responsible for the content of its advertising
material. We accept no responsibility for the content of advertising material, including, without limitation, any error, omission or inaccuracy therein. We do not endorse,
and are not responsible or liable for, any advertising or products in such advertising, nor for any any damage, loss or offence caused or alleged to be caused by, or in
connection with, the use of or reliance on any such advertising or products in such advertising.
MODERN INSURANCE | 5

EUROPCAR
NEW BRAND BLOCK
Color gradient background
File: 20151645E
Date: 7/10/2015
AC/DC validation :
Client validation :
Editorial Board
17
19
21
23
THE IMPORTANCE
OF TRUST IN CLIENT
RELATIONSHIPS
Simon Smith, Director of Claims
Strategy, Carpenters Group
A CONSISTENT VALUE
PROPOSITION
Will Prest, Product Manager,
ParaCode
WINNING WAYS AT E2E
Jim Loughran, CEO, e2e Total Loss
Vehicle Management
MEANINGFUL OUTCOMES
THROUGH DATA INSIGHTS
Dan Cicchetti, senior director,
client engagement, UK and Ireland,
LexisNexis Risk Solutions, Insurance
THE POWER OF
COLLABORATION IN
DRIVING INNOVATION &
GROWTH
Chris McKie, Managing Director,
Vizion Network Limited
A TANGIBLE RETURN
ON INVESTMENT
Lior Koskas, CEO, Digilog UK
COMBINING DATA
WITH EXPERTISE AND
UNDERSTANDING
Adrian Furness, Managing Director,
Motor Repair Network
25
27
A PARTNER YOU
CAN TRUST
Deborah Edwards, Chief Executive
Officer, RTW Plus
THE BUILDING BLOCKS
TO STRONGER CLIENT
RELATIONSHIPS
Darren Entwistle, Head of
Commercial and Supply Chain,
EDAM Group
AN OPEN DOOR, OPEN
BOOK APPROACH
Tom Hadfield, Commercial Director,
The Vella Group
TALK LESS, LISTEN MORE
Dave Parry, Commercial Director,
FMG
KEEPING AHEAD OF THE
COMPETITION
Simon Hunt, Commercial & Services
Director, National Windscreens
The Fraud Board
41
43
WELCOME
Mark Allen, Assistant Director, Head of
Fraud and Financial Crime, Association
of British Insurers (ABI)
CHARLES TAYLOR
Frequently Asked Questions: People
Power vs. Automation in the Fight
against Fraud
Bobby Gracey, Global Head of Counter
Fraud, Charles Taylor
Editorial Board Contributors
6 | MODERN INSURANCE

LV= GENERAL INSURANCE
The Value of People
Ben Fletcher, Head of Financial Crime,
LV= General Insurance
45 VERISK
The Human Touch: Why People
Remain Crucial in Combating
Insurance Fraud
Neil Jones, Head of Claims
Investigation Unit, Verisk
SYNECTICS SOLUTIONS
Breaking Down Silos: How Insurance
Leaders Can Win Through
Data-Sharing and Collaboration
Richard Daley, Business Development
Manager, Synectics Solutions
47 WHITELK
What’s in a Name?
Matt Gilham, Director, Whitelk
FRISS
The AI Boom: Threat, or Friend?
Martyn Griffiths, Sales Manager UKISA,
FRISS
49 IASIU
IASIU: Education,
Awareness, Networking
Aimee Stidham, Vice President, IASIU
and Manager – Special Investigations,
WCF Insurance
66
67
68
69
70
71
72
31
73
75
Insur.tech. talk and
Editorial Board
Welcome - Bradley Collins, Chief
Commercial Officer, Insurtech
Insights
AXA Retail - Tara Foley, CEO of AXA
Retail
Munich Re - Dr. Fabian Winter, Group
Chief Data Officer at Munich Re
EIS - Anthony Grosso, CMO of EIS
Zego - Sten Saar, CEO of Zego
Aon - Marguerite Soeteman-Reijnen,
Chairman Executive Board, Aon
Holdings
Arma Karma - Ben Smyth, CEO,
Arma MASS Karma
Revolut Uninsured - Balázs Drivers: Gáti, Global A Collective Head of
Insurance,
Response,
Revolut
Sue Brown, Chair, Motor
Accident Solicitors Society (MASS)
APIL
BIMA - Mathilda Strom, Co-Founder
& Deputy An Essential CEO, BIMA Part of a PI Lawyer’s
Toolkit, Mike Benner, Chief Executive,
WTW
Association
- Pardeep
of
Bassi,
Personal
Global
Injury Lawyers
Proposition (APIL) Leader – Data Science,
WTW
Insur.Tech.Talk
Editorial Board
33 CHO
The Credit Hire Industry: A Valued
Member of the Claims Supply Chain,
Experts Anthony from Hughes, within the Chair Insurtech & CEO, The
sector Credit and Hire beyond Organisation share their (CHO) unique
insights. In this issue, we look at
balancing FOIL automation with customer
satisfaction, Musings on the the concept Cost of of Motor ‘digital
transformation’, Premiums, Pete and Allchorne, how new President signals
point
of the
to technology
Forum of Insurance
as a solution
Lawyers
to
address
(FOIL)
economic
and Partner,
concerns.
DAC Beachcroft
35 CII
Autism and Employment,
Dr Matthew Connell, Director, Policy
and Public Affairs, Chartered Insurance
Institute (CII)
INSUR.TECH.TALK BOARD
MGAA
The Power of Partnerships,
Mike Keating, CEO, Managing General
Agents’ Association (MGAA)
MODERN INSURANCE | 7

INSIGHT
UNL CKING
PROFITABLE GROWTH:
BOOSTING INSURANCE SALES EFFICIENCY BY 18%
8 | MODERN INSURANCE

GRAPH 1: Online quiz to identify potential customers’ needs in preparation for the
advisory meeting
INSIGHT
Insurers around the world are under cost
pressure. Inflation has caused claims sums to rise
worldwide, coupled with increasing customer
demands and tougher competition. This makes
it necessary to adjust resources in a challenging
economic environment. However, our experience
shows that insurance companies can increase their
conversion rates by 18 per cent and improve their
profits in a sustainable, long-term way.
1
3
What is the likelihood that you will need vision
aids (glasses/contact lenses) during your
lifetime?
32% 59%
47% 64%
About 64% of the population is dependent on
a vision aid. From the age of 65, this figure
rises to 87%.
How high are the average court costs
(including lawyers ’ fees) or cases with a
disputed sum of CHF 100,000?
2
4
How much does an inpatient hospital stay
cost on average (in Swiss francs)?
~CHF 10,100 ~ CHF 7,800
~CHF 14,300 ~CHF 8,900
Almost a quarter of general patients opt for
the semi-private or private ward during their
hospital stay- despite additional costs.
How many Swiss people become disabled/
unable to work during their lifetime?
Regulations, online competition and increasing customer
demands
Today, many banks and insurance companies are faced with a distinct set
of challenges. Addressing these challenges and considering the intricacies
of regulation at the same time makes it difficult to sell products and
services. So, with high inflation and a generally uncertain
Source: Simon-Kucher
outlook,
& Partners
insurers have no choice but to organise their sales more efficiently.
The easiest way to achieve this would be to satisfy customer
requirements without using more sales resources. According to surveys
in Germany, Austria and Switzerland, clients want banks and insurance
companies to proactively provide them with product information that is
tailored to their needs. Customers also want it to be easier to conclude
contracts online, and they also want to receive loyalty bonuses if they
purchase additional products and services from the same provider.
Many companies are finding it harder than ever to utilise their resources
efficiently and ensure long-term success in sales. However, a large
number of projects in Germany, Austria and Switzerland over the last few
years have provided various examples of how insurance companies can
successfully optimise this arm of their business operations.
The following selection of suggestions shows how insurance companies
are able to sustainably improve their conversion rates and profits, taking
simple measures to achieve great results.
Simplifying online processes
Digitalisation is playing an increasingly important role in insurance
consulting. This means insurers need to redesign their services from
the perspectives of both the customer and the client advisor. Whether
you enter into an insurance contract is a question of trust. If this is not
tangible, a potential customer will orient themselves differently—online,
they are gone with a click.
Online customer guidance must be uncomplicated, clear, and as simple
as possible. This is essential not only for the online purchase of insurance
products, but also for enabling customers to manage their insurance
matters digitally.
Creating resources for needs-based advice
Sales-oriented support through product brochures and behaviourally
optimised ‘product bridges’ has generally helped advisors to improve
cross-selling and upselling. In addition, a simplified process for buying
insurance products online proved essential, enabling customers to
manage their insurance affairs digitally.
Another advantage is that efficient, less time-consuming work processes
have the ability to free up sales staff resources and be utilised elsewhere.
This can be seen when selling products that require more advice, for
example, or where profit margins are usually higher.
Sales talks should not primarily centre on price, but on performance. The
price should also always be linked to a specific service. The fact is, with
targeted measures, our customer was able to increase its conversion rate
GRAPH 2: A simple system with three major components designed to reward key
by 18 percentage points, while simultaneously reducing the time spent
success factors being achieved in line with business objectives
advising customers by 12 percent.
Source: Simon-Kucher & Partners
A chatbot can also be used as an entry point to guide potential customers
through the sales process. The Artificial Intelligence (AI) application
receives questions and, depending on the content, assigns them to a
client or advisor with whom the customer is then directly connected.
Numerous chatbots of this kind are already being developed and used
today. The performance of individual sales agents (eg. conversion rate,
client satisfaction) can also influence the routing.
In one of our projects with an international insurance provider, a
questionnaire and an online quiz to determine customer needs led to
a highly personalised online consulting experience for customers. This
resulted in a sustainable improvement to conversion rates and profits
through simple means.
~CHF 5.000 ~ CHF 11.000
~CHF 8.000 ~3.000
The advance on costs to the court can be up
to 100% of the presumed court costs.
Quota credit
ACV
Sales Motion factor:
• New customer
• Existing customer: Volume upsell
• Existing customer: Cross-sell
• Existing customer: Renewal
• Existing customer: Price increase
Price factor:
• 20% discount
Sales motion
factor
Contract factor:
• One year contract with list price in T&C
• Three-year contract with automatic price increase of >3%
• Other
Relevant product information
X 1.0
X 0.5
X 1.2
X 0.2
X 1.2
~1% ~1,5%
~2% ~3,5%
The federal disability person averages only
CHF 1,890.
Price factor
X 1.5
X 1.0
X 0.8
Contract factor
X 1.5
X 1.0
X 0.8
Insurers often focus on acquiring new customers, but maintaining
and expanding existing customer relationships may be neglected in
the process. Yes, the costs of reaching and convincing potential new
customers can be considerable. However, expanding existing customer
relationships by selling additional products largely eliminates these costs.
Selling additional products to existing customers is an obvious tool for
growth, but few companies fully utilise it. A silo mentality, and a lack
of transparency around how customers are using the products in the
first place, are the most common reasons for this. Insurance companies
should utilise the information they already have about their customers to
better address their needs and offer them relevant services.
Creating a customer-centred marketing plan with forward-looking
product suggestions from the CRM system can help to increase crossselling
rates while promoting customer loyalty. For example, in some
examples from Swiss and German banks, customers were sent product
offers that were categorised as relevant to them by data analyses. This
led to an increase in the upselling rate of up to 19 percent.
2
MODERN INSURANCE | 9

INVESTIGATION WITH
REAL INSIGHT
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has grown to become one of the UK’s
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mantra was simple: ‘to provide
integrity, reliability, insight, value
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Proud of our heritage, clear fixedprice
services and outstanding fraud
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Believing that being ‘good’ really
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Our portfolio of services is regularly
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With highly experienced, qualified and
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Mailbox : sales@rgisolutions.co.uk

INSIGHT
Holistic discount systems
For decades, discounts have been a tried and tested instrument for
insurers in order to pass on premium adjustments to customers.
However, in practice, who can remember what the original aim of the
discount offer was?
If client advisors can freely decide who to grant discounts to, it leads to
a confusing array of discount offers, making it hard to track everything.
And even though the Financial Conduct Authority (FCA) has now banned
‘price walking’ in the UK, it’s still sometimes used in practice.
With this in mind, a holistic discount policy is most certainly the way
forward for insurers. When designing discount models, it’s important
to organise them in a way that encourages customers to buy additional
insurance products. Bundled discounts are a very common approach to
this strategy.
Sales efficiency must be improved now
Insurers are under more pressure than ever to keep up with competition
and increasing customer demands. Emails with irrelevant product offers
and standardised scripts for advisors do not motivate many customers
to make a purchase, and management should concentrate on taking the
necessary measures to increase sales efficiency. These should include
behavioural economic influences and efficient sales remuneration models
as detailed above.
To best position themselves in the market, insurance companies
must radically optimise their sales efforts. They must do everything
in their power to keep potential customers in the purchasing process,
maintaining the customer's interest throughout the entire customer
journey. However, it is clear that there’s still a lot of room for
improvement.
Cross-selling should pay off for employees
The incentive system for sales staff also has a major influence, and
various elements can be adapted to ensure that this is balanced and
aligned with the company's objectives. For example, a system that grants
bonuses to advisors for successful cross-selling of products and services
would be a suitable incentive. Thanks to data-based analysis and a
revision of the incentive structure, we’ve seen one Swiss insurer already
succeed in increasing the productivity of individual advisors by up to 15
percent!
Philipp Kaupke,
Partner, Simon, Kucher & Partners Strategy
& Marketing Consultants, Zürich
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NAVIGATING A
COMPLEX
LANDSCAPE
Navigating the complex landscape of the insurance industry requires a strategic approach,
informed decision-making, and seamless collaboration across departments.
To further consider what this looks like in reality, Modern Insurance Magazine recently sat
down with Richard Nash, Business Development Director at Aon, to discuss how Sales and
Business Development teams can overcome challenges, capitalise on opportunities, and
drive sustainable growth in the ever-evolving insurance market.
QRichard, what objectives need to be harnessed
by the modern-day Business Development team
in order to be successful in insurance?
AIn today’s insurance landscape, success for
Business Development teams hinges on a genuine
commitment to understanding, identifying and
addressing clients’ evolving needs.
Fostering client-centricity is paramount, and delivering
tailored solutions not only enhances customer satisfaction
but also builds long-term relationships and drives revenue
growth.
At Aon, our objectives revolve around creating trustbased
relationships and delivering value-added solutions
to help clients make better decisions as they navigate
the volatility and complexities of the coming years. We
aim to be fantastic listeners, seeking to understand client
challenges and corporate ambitions so that we can
map the breadth of Aon’s offerings against their unique
requirements.
QHow is inter-departmental collaboration key to
these objectives, and what does this look like
for you in practice?
A
Inter-departmental collaboration stands as the
cornerstone of success for Business Development
teams. At Aon, collaboration transcends traditional
boundaries, involving cross-functional teams comprising
sales, marketing, broking, servicing, and risk management
professionals. This collaborative approach ensures a
holistic and nuanced understanding of our clients’ needs
and nurtures creativity, innovation, and ultimately, better
outcomes for our clients.
Q
What industry trends and developments have
you seen in recent years which have affected the
intricacies of the Business Development role?
A
Recent years have seen significant shifts in
the insurance industry, driven by technological
advancements, evolving consumer preferences,
and regulatory reforms. As Business Development
professionals, it is crucial to recognise that we don’t
possess all the answers and remain receptive to learning
from these trends.
The emergence of Insurtech startups, for example, has
challenged traditional business models, prompting us to
adapt and embrace innovation. Similarly, demographic
changes and the growing demand for personalised
solutions have necessitated a more agile and customercentric
approach to business development, a sentiment
that has been revitalised post-pandemic with the
irreplaceable value of face-to-face interactions with
clients. Technology, identified as one of the four
megatrends, has reshaped the landscape.
12 | MODERN INSURANCE

While advancements in artificial intelligence (AI),
cyber, and data technology empower companies in an
increasingly digital world, they also introduce new and
evolving risks. In turn, the Business Development role
continues to evolve, incorporating increasingly technical
products and solutions that require adept interpretation
to clients to help them realise the value-add and
organisational benefit.
QHow are Sales and Business Development teams
addressing industry challenges, particularly
those caused by persistent economic headwinds
in insurance?
A
Fluctuating market conditions, high interest
rates, inflation, and increasing competition exert
considerable pressure on top-line growth and
profitability. To overcome these challenges, Sales and
Business Development teams must adopt a proactive
approach, focusing on value-based selling, relationshipbuilding,
and differentiation strategies. By showcasing the
unique value proposition of Aon’s offerings and providing
tailored solutions that address clients’ pain points, Aon
can effectively navigate economic headwinds and drive
sustainable growth.
Another key challenge within our industry is the
substantial loss of knowledge and experience due to
retirements. In the short-term, succession planning and
knowledge transfer are important, while initiatives to
invest and provide apprenticeship programmes will
deliver long-term stability.
The challenge to retain talent also continues as a more
seamless transfer to adjacent industries is becoming
available for Sales professionals. In the coming years,
attracting and retaining talent will require rethinking
the entire employee experience — from motivating and
sustaining teams to differentiating an organisation from
competitors and building a sustainable career path.
From the start of my own career, I’ve been fortunate
to have had some excellent leadership role models and
mentors, who have guided and sustained enthusiasm for
our industry. I think it is incumbent upon all of us still in
the industry to pay this forward, whether by mentoring
colleagues embarking on their careers or assisting those
transitioning into our field.
‘‘Adaptability, resilience,
and a growth mindset
are indispensable
traits for thriving in a
constantly evolving
industry landscape’’
QWhat skills are most needed in order to
overcome these challenges, and how do you
identify these skills in prospective new hires or
Next Gen colleagues?
A
Sales and Business Development professionals
need to possess a diverse, and ever-growing skill
set. Strong communication and interpersonal
skills are essential for establishing rapport with
clients and cultivating trust-based relationships.
Additionally, strategic thinking, analytical acumen, and
problem-solving capabilities are critical for identifying
opportunities and crafting innovative solutions.
Adaptability, resilience, and a growth mindset are
indispensable traits for thriving in a constantly evolving
industry landscape. At Aon, there is a significant
focus and investment in talent development, pathway
programmes, and actively seeking individuals who
demonstrate these skills and attributes during multi-stage
and cross-departmental recruitment processes.
QHow can industry events and conferences
contribute to business development success,
and what more can be done to revolutionise
and/or modernise these opportunities for networking
and the creation of long-term value?
A
Industry events and conferences can serve as
key platforms in fostering business development
success. These gatherings facilitate networking,
knowledge sharing, and relationship-building with key
stakeholders, including clients, industry experts and
decision-makers. By participating in industry events, we
can stay abreast of the latest trends, gain insights into
market dynamics, and forge valuable connections that
can lead to new business opportunities.
To revolutionise and modernise these opportunities
for networking and value creation, Aon leverages
technology to enhance the virtual event experience,
facilitate matchmaking between attendees, and deliver
targeted content that resonates with their interests and
preferences.
In conclusion, navigating the complex landscape of
the insurance industry requires a strategic approach,
informed decision-making, and seamless collaboration
across departments. By aligning objectives with client
needs, embracing innovation, and leveraging industry
events, Sales and Business Development teams can
overcome challenges, capitalise
on opportunities, and drive
sustainable growth in the
ever-evolving insurance market.
Richard Nash,
Business Development
Director, Aon
MODERN INSURANCE | 13

INTERVIEWS
The True Meaning of Partnership
with James Roberts, Europcar
Modern Insurance Magazine catches up with James Roberts, Head of Insurance Sales at Europcar, in order
to consider the value of partnerships and collaboration throughout the insurance ecosystem. How does sales
and business development factor into this wider picture?
Q. James, let’s start by briefly talking
about your position at Europcar. In a few
words, are you able to summarise the
intricacies of your role as it relates to the
insurance industry?
A. As Head of Insurance Sales, I lead a growing
team of sales professionals with a clear focus on
the insurance sector. We have been recruiting
and building this team in parallel with creating
a proposition for insurers and brokers that adds
real value to their customer experience, and
challenges the status quo of replacement
vehicle provision.
Our sales team is responsible for both new
and existing business, working with clients in a
consultative way to understand their gaps and
pain points in replacement hire provision. At the
front-line of client engagement, the sales team
are also the subject matter experts, influencing
the development of new products and solutions
as well as enhancing service delivery within our
dedicated PCI compliant claims unit in Leicester.
My role is very much about motivating the team,
as well as working with other Europcar countries
to identify where we can support cross-border
accident replacement hire opportunities.
Q. How does Europcar continue to harness
sales and business development in order
to maintain its competitive advantage
within insurance?
A. We are a challenger brand, offering a bespoke
service to our clients that’s different from what’s
been offered in the market for a number of years.
In particular, we focus on where insurer and broker
clients want to offer a more personal service,
with centralised operations for convenience and
consistency of service.
We function around unique selling points, such as
offering vehicle delivery and collection instead of
pick-up, no unauthorised upselling, and no flipping
a policyholder into credit. We also operate with
a fleet that is 100% connected, offering real-time
updates to policyholders about vehicle arrival or
collection via SMS – a key differentiator in the
UK insurance market. Our dedicated insurance
contact centre also allows our clients to speak with
the specialists who are knowledgeable about their
business, rather than taking pot-luck with a general
call centre that’s dealing with all sorts of different
customers, or having to speak to different branches
for each policyholder’s requirements.
Europcar is also leading the charge on electric
vehicle (EV) adoption in the rental space. We
believe that we are the first major rental company
to offer a truly national EV solution from its full
network. We know that EV drivers are passionate
about their choice; therefore, it’s critical to
guarantee a like-for-like replacement when their
own vehicle is off the road. We are also working
with a number of our insurer clients to introduce
EV to policyholders who currently drive petrol or
diesel. It’s a real added-value for the customer
experience, as in the event of total loss (or during
accident repair), we can give them a chance to test
drive an EV in real-world conditions.
Q. As a team, how are you identifying
trends within the current market in order
to keep Europcar’s proposition relevant?
A. It’s all about listening and learning – we don’t
just presume that we have all the answers. Indeed,
I believe Europcar epitomises the true meaning of
partnership through our collaborative approach
to delivering a vehicle replacement service
to UK motor insurers that enhances the claims
experience, and ensures the insurance provider
meets its Consumer Duty requirements.
We have a strong customer mix, including
bodyshops, claims management companies, credit
hire companies, insurance brokers, self-insured
fleets and motor insurers, which gives us access
to insight across all aspects of the sector. By
meeting with our clients regularly, we’re able to
understand market conditions and trends, which
also allows us to identify any areas of opportunity
for development – whether that’s a new product or
service, a different process, or even diversification.
14 | MODERN INSURANCE

INTERVIEWS
Europcar is investing heavily in technology, and
we’re very much focused on technology with a
purpose. For example, we have delivered an API
– Direct IT link – in the last year, enabling insurers
placing reservations and rental management to
eliminate the need to rekey rental information from
one system to another.
We are also working with several customers in
the continued development of our digital journey,
station network and online applications, whilst not
forgetting the importance of the personal touch
through the ‘traditional’ telephone contact centre.
Q. From a sales perspective, how have
recent market challenges related to
COVID-19 affected Europcar’s position,
and how are these challenges being
addressed or overcome in the
post-pandemic market?
A. Naturally, a consistent and reliable vehicle
supply lies at the heart of the Europcar proposition
across all of the markets we serve. To that end,
we have relationships with over 30 vehicle
manufacturers, giving us the make and model
choice as well as the diversity of drivetrains that
forms a critical component when it comes to
meeting all of our customers’ needs.
The fact that COVID-19 affected fleet supply
was well documented, yet we were proactive in
agreeing fleet deals early to ensure uninterrupted
supply. We have also spent the last year refreshing
our fleet as new models and drivetrains arrive on
the market. Moreover, we’ve prioritised the shift
towards EV, offering a wide range of hybrid and
fully electric vehicles from our UK station network.
Investing in our fleet, station network and
technology early has allowed us to come out of
the pandemic stronger and ready for growth.
Q. How do you achieve the right balance
between meeting sales targets and
customer needs?
A. That’s easy! We don’t take any of our client
business for granted, so there’s always a clear
focus on delivering the best customer service
and experience.
We have a transparent approach to providing
our services, and we model our rates to avoid the
need to upsell during the life of a contract, which
generates additional revenue. Our insurance
support team are not incentivised to upsell;
they are targeted on meeting their Service
Level Agreements and providing excellent
customer service.
Taking this transparent approach safeguards
against poor practice, mis-selling, and the risk
of customer dissatisfaction.
Q. And finally, considering the evolution
of mobility, what does the future of
Europcar’s strategic partnership with
insurers look like?
A. The needs of insurers and their policyholders
are changing at pace, from the shift towards car
subscription to the transition to EV. Against this
backdrop, we believe that sole supply presents
more risk than opportunity. Competition within the
supply chain will incentivise suppliers to innovate
and continually improve their service, which can
only be good news for insurers when they’re facing
a continuous battle for customer acquisition
and retention.
We’re whole-heartedly committed to the insurance
sector, and continue to tailor our services towards
meeting the very specific needs of insurers and
their policyholders.
James Roberts,
Head of Insurance Sales,
Europcar Mobility Group UK
MODERN INSURANCE | 15

YEARS OF EXCELLENCE
1994 ~ 2024
Market-Leading Outsourced Claims Services
Find out more:
www.carpentersgroup.co.uk

EDITORIAL BOARD
The Importance of Trust
in Client Relationships
Quite simply, all of our relationships are built on trust.
We have built strong relationships since we started
almost 30 years ago, which is a testament to our
teams delivering a fantastic service. However, our
partnerships are always underpinned by trust. We
always ensure that we do right by the client - ethically,
culturally and fiscally.
When partners share the same goals, values and vision, they will
be more inclined to work together to overcome organisational or
structural impediments. In short, both businesses ‘win together’
through this co-operative approach. In a true partnership, it’s not
all about the written contract but also about the relationship and
collaboration towards a common goal, which is to provide a quality
personal service to customers.
We understand that first class customer service is not only crucial to
the customer following an accident, but our insurer partners also rely
on us to provide the level of service they’ve been promised during
the ‘moment of truth’. When an accident happens, we are there to
protect their brand and their reputation.
Perhaps one of the biggest trust-related outcomes is that successful
businesses are truly focused on achieving the best outcomes for each
other. Ideally, partners should be using a ‘vested’ relationship model
— where both parties are invested in their partner’s success, not just
their own. In turn, this helps strengthen those relationships, which can
last for decades!
Simon Smith,
Director of Claims Strategy, Carpenters Group
Ensuring we offer a significant level of cultural alignment to our
potential partners is key to maintaining those strong relationships
between businesses, which ensures total buy-in from all parties. We
won’t take commissions, and our stance remains that any income
value realised through the claims supply chain should be returned to
the client in full. We are still one of the only businesses in the UK that
willingly signposts additional income for our partners through supply
chain expertise and experience.
A Consistent Value
Proposition
As a policy and claims administration platform,
communicating your value proposition when selling
a complex combination of products and services
can be challenging, especially when engaging with
individuals in different roles within their respective
businesses.
The ParaCode value proposition for a CFO will be very different from
that of a CUO or a policy administrator, claims handler, or underwriter.
Nevertheless, we strive to maintain a consistent message that can be
adapted for the specific audience we are addressing. This message
consists of product and service features, as well as the value a
customer derives from those features.
Regarding the product, we break down our feature set into three key
pillars; insurance product definition, insurance product distribution,
and back-office functions. Insurance product definition describes
our ability to create insurance products without software developer
involvement through our no-code interface. This includes rating, risk
capture, underwriting criteria, and documentation. Insurance product
distribution describes our ability to use client portals, broker portals,
introducer portals and so on in order to get insurance products into
the hands of clients. Back-office functions encompass everything else
that an insurance company, MGA or broker needs to run their business,
including reporting, accounting, and claims handling. Within these
three pillars, there should be something of interest for most people
within an insurance business.
Regarding our service offering, we also break this down into three key
pillars: configuration, development, and data import. Configuration
describes the process of system setup, product creation, and
distribution setup, which can be completed by either ourselves
or our customers. Development involves creating new features
within ParaCode. This is completed by our development team, with
work either being part of our strategic roadmap or funded by our
customers with specific requirements. Data import describes our
ability to import off-system data, either as part of a re-platforming
effort or as a tactical attempt to bring useful data onto the platform,
such as a prospective client list or claims data. A data import can be
carried out by either ourselves or our customers.
In terms of the value derived from our platform, we enable our
customers to bring new and exciting insurance products to
market quickly, easily and cheaply, all without software developer
involvement. On top of that, our customers can run an entire business
on the platform, including claims handling, reporting and accounting.
By combining a range of functionality within a single platform, we
simplify our customers’ IT infrastructure, reducing costs and increasing
strategic agility.
Beyond raw platform capability, our service offering is where we
provide the greatest value to our customers. At ParaCode, we are
both technologists and insurance professionals, so we can quickly
understand the key requirements of a customer’s business and help to
execute their vision.
Will Prest,
Product Manager, ParaCode
MODERN INSURANCE | 17

EDITORIAL BOARD
Winning Ways at e2e
Working in the highly technical world of salvage
and recycled parts might make you think that
our role is to deliver highly complex and difficult
services to our clients. On one level, you’d be
correct. But that’s the easy bit!
Here at e2e, we believe that we have the best national network of
fulfilment suppliers in the market - amazing practitioners in the
science and art of salvage! But we recognise that technical expertise
alone is not sufficient when it comes to convincing prospective clients
of why they should choose e2e when deciding their next generation
of contractors.
So, in addition to our technical insight, we’ve adopted an internal
strategic mantra that drives our thinking, investments, and day-to-day
activities.
Delivering Excellence, Differently
In the coming months, e2e is investing in new claims technology to
deliver a more effective and cost saving journey for our clients and
customers. This will be backed by a new system that will automatically
match supply and demand for recycled parts, and facilitate maximum
use of green parts. Our auction site is in a continuous state of
development, with new features being added every month to improve
financial returns to our insurer and claims management clients. Our
counter fraud work is also set for a major leap in returns as we deploy
new technology solutions.
Our pricing model is becoming more and more flexible, whilst our
commitments to our ESG programme (Sustain 360), Consumer Duty,
and improving the overall Customer Experience (CX) is unparalleled
in the history of the organisation. What’s more, our insurer clients
rightly demand that we understand their needs, leading to reduced
costs and a superior customer experience. We get it! Every
investment we make is designed to deliver new levels of control for
our clients, helping them to manage their cost and CX outcomes.
The list of new developments, services, and our approach to how we
work with our clients goes on and on. But our aim is simple; to deliver
excellence, differently.
Momentum Wins the Day
It’s often said of sporting competitors that ‘momentum’ is a critical
factor in success. The end of every Premier League season in recent
years has seen Manchester City build an unstoppable momentum
that invariably leads to the Premier League title.
Of course, even Manchester City couldn’t build momentum without
a portfolio of tools and strategies to help them win every game. The
same is true of e2e. We are building an equally unstoppable chain
of developments that will launch us and our clients into the next
generation of achievement. It is this momentum that we believe
gives our sales and marketing team the edge when seeking to be
competitive.
Jim Loughran,
CEO, e2e Total Loss Vehicle Management
Meaningful Outcomes
through Data Insights
As a data, advanced analytics and technology
provider to the insurance market in the UK
and Ireland, we’re leveraging modern-day
data intelligence and technology all the time,
helping insurance providers to make faster,
more accurate decisions about risk. This is
central to our sales strategy.
Crucially though, we’re not solely focused on simply selling products.
Instead, we work hard to understand and anticipate the challenges that
insurers, brokers and MGAs are facing, and then we will consider the
data solutions that could help solve those challenges – however simple
or complex they might be. This means close collaboration with our
customers, and in some instances, their software house. As such, many
of our data innovations (not least our contributory data solutions)
come from taking this more collaborative and consultative approach.
It could be policy history data to streamline No Claims Discount
validation for motor insurance quotes, vehicle centric data to confirm
the presence and performance of advanced driver assistance systems
(ADAS) features, or geospatial data intelligence to help understand
environmental risks. Each insurance provider will have questions they
want answered through data, and we’re here to provide the solution.
Moreover, given changes in risk through vehicle technology
advancements and climate change, it’s our job to keep several
steps ahead of what the market needs. We achieve this through our
understanding of altering risks, evidenced in our strategic relationship
with Thatcham Research and our continued investment in delivering
perils data to the market for property insurance.
To put data at the heart of decision making, you need to differentiate
between interesting data and meaningful insights that will help decide
the next best action – whether that’s how to price a policy or manage
a claim. This difference is vital, particularly given the growth in data
sources which could easily overwhelm and distract.
Real opportunities come about when we find ways to use meaningful
insights to create solutions that solve industry problems. Seeing
behaviour trends is important, because a shift in behaviour or being
able to identify a new pattern in behaviour could be an indicator of the
propensity to file a claim, or a marker for fraudulent activity.
Data intelligence and technology are powerful tools that can enable
a wide range of possibilities, but it’s the people behind them who
ultimately determine how effectively these tools are used. Our people
bring creativity, critical thinking, and empathy to the table, which are
essential for making sense of data, leveraging technology, and driving
meaningful outcomes.
Dan Cicchetti,
senior director, client engagement, UK and Ireland,
LexisNexis Risk Solutions, Insurance
MODERN INSURANCE | 19

The Power of Data
At LexisNexis ® Risk
Solutions, we are
constantly transforming
the way we harness
data and analytics
to deliver essential
insights. Helping you
meet the challenges
that the ever-changing
market place brings.
Combining cutting-edge technology, unique data and advanced analytics, LexisNexis ®
Risk Solutions provides products and services that address evolving client needs, while
upholding the highest standards of security and privacy.
For more information, call 0800 130 3002 or visit
risk.lexisnexis.co.uk
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EDITORIAL BOARD
The Power of Collaboration in
Driving Innovation & Growth
Vizion is globally recognised for providing
cutting edge technology that operates at the
frontiers of knowledge, digitising customer
services and data solutions through an
innovative development team.
Our imagination drives our innovation, which drives our evolution
in turn, allowing us to do things bigger, better, faster and more
effectively. Because of this, Vizion Network continues to lead the way
with strategic and digital solutions, providing tools and support to
help future-proof customer, claim and repair services, particularly as
the sector’s digital and connected environments evolve at pace.
The automotive sector - from insurance to repair, vehicle manufacture
to parts, supply chain and back again - continues to change at
rapid speed. Vehicle technology has been reimagined, the way we
purchase and repair cars continues to evolve, yet Vizion has been
preparing for this since the beginning.
With our customer (and theirs) both front of mind, our flexible
Digital Experience Platforms (DXP) reduce effort, friction, cost and
time-to-market for our clients by being highly responsive to changing
customer and market needs. We do not see this as just a product, but
a journey with many destinations – one which we have modularised
so that it can be updated and quickly course corrected at any point.
Vizion has grown hugely and diversly since our launch. We are
innovative by design, and could not have reached our current scale
or heights of success without the mutual trust and support of our
partners and customers. Innovation through collaboration has always
been the Vizion way - regardless of size, everyone involved is a
contributor to the whole, and our combined successes and resilience
ensures we remain more than the sum of our parts.
Each member of our team brings a unique perspective and
contribution, ensuring Vizion has the best solutions and the widest
possible appeal, focusing on strategies, customer feedback, cost, and
sustainability whilst never assuming that one size fits all.
Moreover, data analytics plays a key part in everything Vizion
does, creating data models unique to our needs and customer
requirements. Understanding key factors that impact outcomes within
the insurance, manufacturing and repair sectors provides vital insight
into bespoke solutions, which are critical to our mutual success.
As we continue to extend our services into Europe, multi-language
functionality and variances are a crucial factor in our sales and digital
platforms, as well as increased flexibility in workflow structures,
systems, and roles for new regions. Respecting and understanding
the unique factors of each market, and the requirements in both
customer expectations and legislation, are key components of this
innovation and growth.
Chris McKie,
Chief Executive Officer, Vizion Network
A Tangible Return
on Investment
At Digilog, our success speaks for itself. We
attract business based on the impressive
results delivered for our clients, and to
showcase our capabilities, we offer prospective
clients a free proof of concept (POC) period.
We can virtually guarantee significant and
tangible results across various aspects of
operations, not just cost savings.
Our uniqueness lies in offering a comprehensive end-to-end solution
that integrates both technology and the human element - crucial
for robust risk identification. We do not believe in a one-size-fits-all
outlook; instead, we advocate for a dual approach that enhances the
validation process by ensuring it is multi-layered for sound decision
making when it comes to mitigating potential risks.
We layer the voice analysis output with behavioural narrative-integrity
indicators, bringing technology and human capabilities to the forefront
without relying solely on software for the overall risk assessment.
Through deploying our comprehensive training techniques, clients are
able to streamline job-related functions, making them user-friendly
and thereby reducing troublesome staff turnover (some clients
reported up to 72%). This approach also fosters a sense of value
among staff and offers opportunities for skills enhancement through
tailored training, obtaining additional qualifications and exposure to
cutting-edge technologies. As a result, we consistently demonstrate
overall operational improvement and exceptional return on investment
(ROI). Hence, ROI is not just limited to savings; it also includes soft
benefits such as improved customer journey, satisfaction, and higher
staff retention. Users who complete our accredited training program
gain powerful techniques that further contribute to these positive
outcomes.
Real-time identification of truthful and deceptive statements can
pinpoint relevant risk issues and enable genuine customers to be fasttracked
- enhancing fraud detection, minimising false positives, and
optimising resource allocation.
In terms of results, one insurer successfully recognised and rejected
18% of claims on fraud-related grounds. The claims cycle decision days
were reduced dramatically with another insurer, almost halving from
3.5 days to only 1.8 days.
In this way, Digilog consistently delivers a more than tenfold ROI in the
first year, with the potential to increase this to fifteen or twenty times
in the second year. One client in particular saved over £800,000 in just
their first six months, and another saved an impressive £9 million over
14,500 claims (equating to £620 per claim).
We view this technology as a crucial step in rewarding honest
claimants with faster service and lower premiums, ensuring that
genuine claimants are not disadvantaged. Instead, our technology
serves to accelerate their claims process. What’s more, in today’s
landscape, it is imperative that our client’s insurer partners have
complete confidence in their fraud processes and risk assessment
procedures before onboarding new customers.
Lior Koskas,
CEO, Digilog UK
MODERN INSURANCE | 21

EDITORIAL BOARD
Combining Data with
Expertise and Understanding
Today, data and technology are an essential part of
any sales strategy. These components can enhance
transparency, deepen customer relationships,
and provide valuable insights that drive growth.
However, data is only useful when it’s relevant.
It takes deep industry knowledge to transform raw data into
meaningful insights, tailored to business specific goals and priorities.
At Activate Group, we leverage technology and data to refine our
sales strategy, providing nothing more and nothing less than what our
clients need. This modular approach enhances efficiency, and tailors
our services to meet the unique requirements of each of our insurer
partners.
Building trust
Our advanced technology provides customers with real-time visibility
of claims performance. This transparency fosters trust and reliability,
allowing clients to track progress at any time. We tailor our insights
to each customer’s bespoke goals and priorities, benchmarking
performance against industry standards to keep our clients ahead of
the competition.
Our strategy integrates data from every area of our business, including
our specialist parts division, Activate Parts, and our EV data partner,
Gecko Risk. This allows us to harness our insights to strengthen insurer
businesses. For example, parts data highlighting the availability and
cost of specific vehicle parts has already helped our insurer partners
to refine their underwriting strategy.
In addition, by providing regular updates and detailed reports, we
keep our clients informed about their performance, as well as industry
data and trends that matter to them. This personalised approach
helps us to maintain strong relationships, positioning us as a valuable
companion in their success.
Driving improved performance
Flexible technology is one of our greatest strengths, and it plays a key
role in our sales strategy. Our modular service offering allows insurers
to select bespoke components, from a full end-to-end accident
management provision to out of hours support for a single service.
Some customers even deploy repairs directly into our bodyshops
through our ‘repair as a service’ proposition, utilising only our repair
capabilities.
This flexibility allows us to pinpoint opportunities and support strategic
decisions that benefit our customers, whether that’s optimising
incident reporting times, identifying cost-saving measures, or driving
improved service. We provide actionable, tailored insights that support
informed decisions and drive continuous improvement.
Data-driven proposals for prospective customers
Data is also a crucial part of the tender process. We use extensive
datasets and expert analysis to present compelling, evidence-based
proposals, and by breaking down fleet composition or insurance
books, we offer specific details on how our modular services can meet
each client’s accident management needs. This precise, data-backed
approach, combined with our expertise, enhances our ability to win
new business.
Ultimately, we don’t want to simply throw numbers at our clients.
We turn those numbers into meaningful, actionable information
tailored to their unique needs; whether it’s building trust through
transparency, identifying opportunities for improvement, or providing
detailed insights during the tender process, our approach ensures
that customers always have the best tools and knowledge to succeed.
I believe this blend of data and expertise is what sets us apart and
drives our mutual success.
Adrian Furness,
Managing Director, Motor Repair Network
(part of Activate Group)
A Partner You
Can Trust
At RTW Plus, we believe that the building of stronger
and better client/customer relationships is paramount
to our ongoing success. Nurturing relationships is
more critical than ever in today’s evolving business
landscape, where customer expectations are shifting
rapidly. In response to this, we’ve implemented a range
of strategies which aim to foster trust, loyalty, and
mutual growth.
First and foremost, communication lies at the heart of our
approach. We prioritise open, transparent, and proactive channels
of communication to ensure that our customers are consistently
informed every step of the way. This could be through regular
meetings, training sessions or via our digital platforms, where we
ensure that our customers are heard, valued, and involved in the
services being provided. We offer a range of free CPD accredited
training programmes, which can support claims handlers on topics
such as managing claimants with chronic pain. We also actively seek
feedback and address any concerns promptly, demonstrating our
commitment to customer satisfaction.
Understanding our customers’ unique needs, challenges, and
aspirations allows us to tailor our services to deliver maximum value.
We believe that every customer is distinct, with specific preferences,
goals, and pain points. Therefore, we adopt a tailored approach,
offering customised rehabilitation solutions that resonate with their
objectives.
We also place great emphasis on reliability and consistency. Trust
is the foundation of any successful relationship, and we maintain
our customers’ trust through the consistent delivery of high-quality
treatment, pain management and case management services, all
underpinned by our robust clinical governance structure. By setting
clear expectations, delivering on our promises and being accountable
for our actions, we establish ourselves as a trusted partner that can be
relied upon, even in challenging times.
At RTW Plus, we recognise that building stronger customer
relationships is an ongoing journey that requires continuous effort
and evolution. Therefore, we regularly review and refine our strategies
based on feedback, market insights and emerging trends in order to
ensure relevance and effectiveness. By staying agile, adaptive and
responsive to changing needs, we position ourselves as a trusted
partner who can remain committed to supporting our customers’
success every step of the way.
Building stronger and better customer relationships is a core
commitment at RTW Plus. Through a combination of open
communication, reliability and continuous improvement, we are
building lasting partnerships built on trust, respect, and shared
success.
If you want to know more about our services or enquire about our free
training, please get in touch with us via email at info@rtwplus.com.
Deborah Edwards,
Chief Executive Officer, RTW Plus
MODERN INSURANCE | 23

THE VELLA GROUP
FORWARD THINKING.
While vehicles are becoming increasingly complex to repair,
customer expectations are evolving rapidly too.
To meet these challenges, we’re making sure we’re
ready to repair all types of damage by delivering
consistently outstanding, digital customer service,
minimising claim cycle times, and controlling costs.
The Vella Group is one of the largest accident repair
groups in the UK. Our highly skilled, electric/hybrid
trained technicians and experienced support teams
are committed to delivering a consistently outstanding
claims experience to your customers, getting them
back on the road quickly and safely.
Future-focused, we’re investing in the latest repair and
calibration equipment, alongside in-house training and
apprenticeship programmes which, coupled with our
digital customer platforms, ensure that we’ll be there
to support owners of the current and next generation
of vehicles.
For more information, get in touch today and see how The Vella Group can support your customers’ needs.
Tom Hadfield M: 07867 332696 E: thadfield@thevellagroup.co.uk
www.thevellagroup.co.uk

EDITORIAL BOARD
The Building Blocks to
Stronger Client Relationships
At EDAM, we believe that building strong and
enduring client relationships is not just about
delivering services; it’s about forging partnerships
grounded in trust, collaboration, and value.
Our approach centres on understanding our clients’ unique needs
and aspirations from the very beginning. During the implementation
process, we invest time and effort in order to grasp precisely what our
clients require while also offering insights into our own capabilities.
This collaborative dialogue ensures that together, we find the bestfit
solutions that align with their goals and objectives. But our
commitment to our clients certainly doesn’t end with implementation.
We recognise the importance of ongoing communication and
feedback. That’s why we hold regular review meetings at all levels
to keep track of our progress, addressing any challenges promptly
and realigning our strategies when needed. This continuous dialogue
allows us to stay responsive to our clients’ evolving needs and ensures
that we’re always on the same page, working together towards
success.
In addition to proactive communication, we also provide direct access
to our claims team, offering multiple channels for escalation. We
understand that timely support is crucial for our clients, so whether
they prefer email, telephone, or any other means of communication,
we’re there to assist them swiftly.
Moreover, we go beyond simple service delivery in order to provide
actionable insights that empower our clients to make informed
decisions. Our bespoke management information reports are
tailored to each client’s requirements, offering valuable analytics and
performance metrics. These reports serve as strategic tools, enabling
our clients to monitor progress, identify trends, and drive informed
decision-making. By aligning these insights with agreed-upon key
metrics, we demonstrate our dedication to helping our clients achieve
their business objectives.
Ultimately, we aim to be more than just service providers, striving to be
trusted advisors and partners to our clients. As experts in our field, we
not only solve day-to-day challenges but also provide strategic advice
and insights that add value to their business decisions.
By consistently delivering on this promise, we solidify our reputation
as trusted partners who are invested in our clients’ success. At EDAM,
building stronger and better client relationships isn’t just a goal—it’s
our commitment, and we’re dedicated to making it a reality.
Darren Entwistle,
Head of Commercial and Supply Chain, EDAM Group
An Open Door, Open
Book Approach
At The Vella Group, we strive to develop and nurture
deep relationships with our clients by engaging
across multiple levels and departments of their
organisation. In the case of an insurer relationship,
this would include getting our teams to build ongoing
relationships with colleagues in claims, network,
engineering and supply chain, as well as within
sustainability, customer insight, fraud, and even
underwriting teams.
We operate with an open door, open book approach, inviting clients
(and prospective clients) into our business and site locations in order
to encourage an understanding of the current and future challenges
in areas such as technology, people, and margins – all from the
repairer’s perspective. We are always keen to help the industry gain a
wider perspective of the overall customer journey, particularly those
without any experience of the repair process.
In addition, we’ll regularly share data relating to inflationary pressures
and other emerging trends, so that we can be recognised as a
thought leader and trusted business adviser in as many areas as
possible. We also like to put ourselves forward for any opportunities
to work on new initiatives with clients, allowing us both to test and
learn new ways of working. Most recently, we have been involved in
shaping and implementing a new environmental repair standard that
has now been rolled out across an insurer’s network.
We also feel it is critical to understand our clients’ own challenges and
strategic plans, with vehicle technology and ESG being particularly
current hot topics. Clients are very keen to understand the dynamics
brought about by the emergence of new powertrains (mainly EVs) and
new vehicle manufacturers, as well as wanting to see what we’re up to
in our transition to a more sustainable and diverse business.
We recognise that it’s important for clients to have clearly
documented and accurate evidence of what we’re currently seeing,
predicting, and implementing, offering reliable information that they
can share back with their internal stakeholders. For this reason, we
have also strengthened our marketing and communications team to
help us improve the way we communicate our business developments
and successes directly with the wider market.
At both operational and strategic levels, we encourage a regular
meeting rhythm which allows the two-way sharing of information and
the prompt resolution of any issues. We will always close the feedback
loop with an honest appraisal of the root cause of an issue, which has
helped to create a solid reputation based on trust and transparency.
With so many exciting market dynamics emerging, it’s vitally
important to develop wide-ranging cross-functional relationships with
clients, to be at the forefront of any growth opportunities and to allow
long-term partnerships to fully prosper.
Tom Hadfield,
Commercial Director, The Vella Group
MODERN INSURANCE | 25

EDITORIAL BOARD
Talk Less, Listen More
Every client wants to feel heard. It’s human nature
and the key to strong, lasting relationships. In
the fast-paced world of business, we all too often
consider effective communication as speaking
and sharing our ideas, but the power of actively
listening and understanding clients cannot be
underestimated. Clients who feel heard are more
likely to continue doing business with you, and since
the success of an entire company hinges on the
strength of those relationships, it pays to talk less
and listen more.
Close the feedback loop
Actively listening and understanding how customers think and feel
is crucial to businesses who want to become a genuine trusted
partner. Inviting feedback provides valuable insights into client needs,
challenges and expectations, as well as the degree to which you meet
or miss them. It also opens the door for constructive criticism, which
pinpoints opportunities for customer experience improvements.
Closing the loop is vital. Transforming those precious insights into
action (and evolving processes accordingly) is where value is added
and client trust is strengthened.
A structure to support active listening
Here at FMG, with our size, scale and experience comes a
responsibility to remain at the forefront of market insight and clients’
evolving needs. As such, we structure our business accordingly. We
operate with client centric teams and align key stakeholders across
clients’ businesses and ours to establish regular, open and constructive
feedback. Our vastly-experienced, UK-wide Account Management
teams manage a robust and proactive meeting framework, holding
monthly and quarterly strategic client reviews with the insurers,
underwriters and brokers we serve. Pre-determined dialogue rarely
achieves the most valuable discussions; instead, we prompt two-way
discussion around all elements of service, with the flexibility and
fluidity to feel our way through the conversation to ensure our clients
feel heard.
Happy customer, happy client
Since happy customers create happy clients, we use a variety of
tools to interpret feedback directly from policyholders. This includes
a plethora of reports from FMG’s vast datasets, driver surveys, net
promoter scores, customer satisfaction index, emails, social media
commentary, Trust Pilot reviews, and telephone calls. Our dedicated
Customer Experience team consolidate and analyse all customer
feedback to identify trends and develop longer-term plans to further
enhance the customer journey.
Investing where it matters most
Last year, we added additional touchpoints to our communications
process in response to valuable feedback from clients asking for more
progress updates. For example, when market challenges created parts
delays and extended repair cycle time, clients told us they’d like more
repair options. We boosted our repair network, invested in our new
rapid repair solution and introduced more diverse parts solutions,
including green (recycled) parts and non-OEM parts.
Making clients feel heard is a continuous cycle. The more you actively
ask, listen and act upon client insights, the more likely they’ll be to
consider you a trusted long-term partner. And since an existing client
base is the greatest competitive advantage for any business, those
relationships deserve your best listening skills.
Dave Parry,
Commercial Director, FMG
Keeping Ahead
of the Competition
To nurture the competitive edge needed to win new
business, our sales team leverages extensive industry
experience to deliver significant benefits to our
customers.
At National Windscreens, the sales team can utilise a wealth of
information from across the business - particularly in areas such as
sustainability and technology - to inform prospective customers
about our achievements and ambitions. This flow of information is
essential, and provides a solid foundation for tenders and meetings.
We have recently strengthened our sales team with some key
appointments, including Sarah Marvell as Key Account Director
and Mark MacKenzie as UK Regional Sales Manager. Sarah has over
15 years of industry experience in fleet and rental, and Mark has
managed fleet accounts with National Windscreens for 14 years.
These additions enhance our team’s ability to provide expert service
and build strong customer relationships.
Our regional accounts team boasts a collective 136 years of service
at National Windscreens alone. This specialist knowledge gives our
customers confidence that we can meet their needs, and that we
possess local knowledge with national reach and capability.
When it comes to communicating our value proposition, we see
ourselves as an integral extension of every client’s business. The sales
team works closely with ESG Manager, Craig Gibson, to showcase our
comprehensive approach to sustainability, providing a vast array of
knowledge and expertise. The National Windscreens Sustainability
Report also clearly demonstrates our commitment to reduce emissions
across Scopes 1, 2 and 3, setting an industry standard and a roadmap
for both ourselves and the client.
Data is also crucial when it comes to conveying our message. For
example, the award-winning customer journey on our website has
a customer satisfaction rating of over 98% according to the web
booking satisfaction score, something that speaks volumes and
provides a testament to our customer dedication.
The booking process has also been streamlined through constant
feedback from our partners in both fleet and insurance. It boasts
market-leading artificial intelligence, providing an instant decision
on whether a windscreen can be repaired. This depth of information
regarding the customer experience is instrumental in demonstrating
the value of partnering with National Windscreens.
Simon Hunt,
Commercial & Services Director, National Windscreens
MODERN INSURANCE | 27

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ASSOCIATIONS ASSEMBLE
ASSOCIATIONS
ASSEMBLE
Welcome to Associations Assemble!
Modern Insurance Magazine is delighted to be joined by some of the leading
names from our industry associations, organisations and institutes!
This issue voices the thoughts of:
Sue Brown
Chair,
Motor Accident
Solicitors Society (MASS)
Dr Matthew Connell
Director of Policy
and Public Affairs,
Chartered Insurance Institute (CII)
Mike Benner
Chief Executive, Association
of Personal Injury Lawyers
(APIL)
Mike Keating
CEO,
Managing General Agents’
Association (MGAA)
Pete Allchorne
President of the Forum of Insurance
Lawyers (FOIL) and Partner, DAC
Beachcroft
Anthony Hughes
Chair and CEO, The Credit Hire
Organisation (CHO)
MODERN INSURANCE | 29

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ASSOCIATIONS ASSEMBLE
Sue Brown
Title: Chair
Association: Motor Accident Solicitors Society
(MASS)
Uninsured Drivers: A
Collective Response
No-one will have been surprised when a
survey published by Trakm8 in November
2023 claimed that one in four UK drivers are
struggling to afford car insurance. With 40% to
60% increases, depending on which index to
go by, the unprecedented rise has undoubtedly
caused financial hardship to many motorists
juggling already precarious personal finances.
This is also likely to have had an impact on the number
of uninsured drivers. In 2020, the Motor Insurers’
Bureau (MIB) estimated that there were 130,000
uninsured drivers in the UK, although some estimates
have quoted up to 1 million. Some 76,500 people were
sentenced for driving without insurance in 2022, and
40,150 were convicted of keeping a vehicle without
valid insurance. The two millionth vehicle was seized in
2020 for uninsured driving.
Whilst it may take some time to feed through into
official figures and estimates, it would be very
surprising if the record increases in premiums are not
leading to more drivers than ever on our roads without
insurance. This would be a matter of huge concern
across the sector, and given that premiums are not
going to fall, the problem may yet get worse. It is
incumbent upon all interested parties to work together
to address this issue.
Firstly, we need to better understand the problem.
Recent estimates are hard to come by, and there is
little publicity to raise awareness of the dangers and
illegality of driving without insurance. Secondly, are
we doing enough to deter people driving without
insurance? Are the penalties high enough? And finally,
how can we best generate a revitalised collective
response from across the sector, involving insurers, the
police, the Department of Transport, the DVLA, and
both defendant and claimant solicitors? This is a serious
problem for us all, and it deserves the best collective
response that we can achieve.
Dr Mike Matthew BennerConnell
Title: Director Chief Executive of Policy and Public Affairs
Association: Chartered Association Insurance of Personal Institute Injury (CII)
Lawyers (APIL)
An Essential Part of
a PI Lawyer’s Toolkit
For injured victims of negligence, their
priority is always to get back to how they
were before they were injured, so far as
possible. APIL considers helping an injured
person to cope with life post-injury as
a critically important part of the claims
process.
APIL’s Best Practice Guide on Rehabilitation has had
a review, redesign, and relaunch. It aims to support
members in dealing effectively with the rehabilitation
of injured people, while securing full and prompt
compensation for them at the same time. The needs
of the injured individual and their families are at the
forefront.
The key theme is collaboration. Early collaboration
between insurers and claimant representatives could
not be more critical, as it helps injured people to be
able to start their rehabilitation sooner rather than
later. For example, claimant lawyers can communicate
rehabilitation needs to the insurer before liability has
been established. In some cases, insurers may provide
the initial funds for rehabilitation, the payment of which
will be taken into consideration at final settlement of the
claim.
The Guide advises on how to negotiate this in line with
the Rehabilitation Code, which is the framework devised
by both claimants and insurers. The Guide is an exclusive
benefit for APIL members, helping them to apply the
Rehabilitation Code and offering practical advice about
how it could be implemented. It also includes some
examples of how processes could work in different
cases.
A significant update in the relaunched Guide can be
found in a wealth of information around selecting the
right case manager, and in which cases. It is also more
accessible and easier to navigate than previous versions.
APIL is proud of the positive impact the Guide can have
on the lives of APIL members’ clients. The relaunched
Best Practice Guide on Rehabilitation is an essential part
of any good claimant representative’s toolkit.
MODERN INSURANCE | 31

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ASSOCIATIONS ASSEMBLE
Anthony Hughes
Title: Chair and CEO
Association: Credit Hire Organisation (CHO)
The Credit Hire
Industry: A Valued
Member of the
Claims Supply Chain
Credit hire has become an important
part of the motor claims process. In fact,
according to the Competition and Markets
Authority (CMA) which investigated the
market in 2015, this service adds less than
£5 to the cost of a motor policy.
That figure represents good value if it enables a
customer to commute to work and get their kids to
school. At a time when productivity is high on the
Government’s agenda, credit hire companies make an
important contribution towards keeping the wheels of
the UK economy moving.
In its early days, the credit hire sector had a difficult
relationship with insurers. However, in recent years
(and especially since the pandemic) the relationship
between insurers and credit hire companies has
evolved and matured. Now, around 85% of credit
hires are settled under the auspices of the GTA (a
voluntary protocol designed to remove friction from
the claims process), or separate bi-lateral protocols
agreed between individual credit hire providers and
insurers. This reflects the high degree of co-operation
established between stakeholders in this sector.
Credit hire has become a major player in the motor
claims journey, employing around 6,000 people with
revenues of more than £1bn per annum. There has been
much debate about the best way to provide customers
with mobility, but nobody has yet come up with a
better solution – one that gives customers the service
they need at a fair price.
The biggest credit hire providers rightly see themselves
as trusted partners for insurers, and most non-fault
hire opportunities (or referrals) are now provided to
credit hire providers by motor insurers themselves. That
spirit of cooperation has been at the fore during the
recent negotiations between insurers and credit hire
companies to refresh the GTA. The outcome of these
discussions will, I believe,
herald a new era of improving
relations in the industry
for the ultimate benefit of
customers who need our help
when their vehicle is off the
road.
Pete Allchorne
Title: President and Partner
Association: Forum of Insurance Lawyers
(FOIL) and DAC Beachcroft
Musings on the Cost
of Motor Premiums
It’s been in the headlines yet again. Car
insurance premiums are continuing to rise,
this time by a third in just one year.
Why is this happening? Well, there are many reasons to
consider.
Firstly, insurers are facing significantly higher claims
indemnity payouts. This can partly be attributed to
inflation, but new technologies are also making it more
costly to repair vehicles than ever before.
Secondly, the motor market is experiencing issues with
capacity, and it’s more expensive to obtain reinsurance
as a consequence. The inflated costs of reinsurance
mean that some insurers must shoulder a larger
proportion of the cost of damages than they would like
to.
Concerningly, some road users are also choosing to
drive without any insurance whatsoever. Recent figures
from iCompario found that 352,000 people have been
prosecuted for driving uninsured in the past four years,
which has an effect on the Motor Insurers’ Bureau (MIB)
levy and pushes up motor premiums as a result.
The Personal Injury Discount Rate (PIDR) is also
currently set at a negative rate in all UK jurisdictions.
This mechanism is used to ensure that an injured party is
appropriately compensated when a lump sum payment
is made in claims involving serious and life changing
injuries. The lower the discount rate, the higher the
compensation awarded, and in the most catastrophic
injury cases, the current rates are costing insurers
millions of pounds more than they would if the discount
rate was positive. This is inevitably contributing to the
high cost of motor premiums, but we are assured that
the PIDR will be reviewed in all UK jurisdictions later this
year.
MODERN INSURANCE | 33

Dr Thomas Matthew Hudd Connell
Title: Director, Policy and Public Affairs
Title: National Technical Manager
Association: Chartered Insurance Institute
Association:
(CII)
Nationwide Bodyshop Repair
Association (NBRA)
Autism and
Employment
In May, the All-Party Parliamentary Group
for Insurance and Financial Services met to
discuss autism and employment.
Sir Robert Buckland, who published a key report
on this three years ago, talked about how simple
changes in attitudes could make a huge difference for
autistic people and fuel growth in the UK economy,
without any changes in government spending or new
legislation. He also stressed that insurance is one of the
leading sectors in enabling the employment of autistic
people, leading good practice in areas like recruitment
and training.
Methods to tackle the lack of opportunities for autistic
people include ‘strength-based training’ – not forcing
individuals into being the best person for every aspect
of a typical, generic role, but looking to build their
strengths and finding the best way to fill the gaps.
This can be done by reshaping roles within the team,
or by building on existing skills and using them in less
conventional ways.
Given the number of autistic people who are simply
not diagnosed, this approach of looking to build on
people’s strengths is particularly important. According
to research by University College London, between
150,000 and 500,000 people in England aged 20 to
49 years-old may be autistic but undiagnosed, rising to
between 250,000 and 600,000 people in England over
the age of 50.
As one particularly successful manager of an autistic
team member said, “We all have likes and dislikes,
differing strengths and conditions that affect us
personally inside and outside of work. I consciously
adjust my managerial style for every individual that
I work with, and believe this to be tremendously
beneficial for everyone - not just those who identify
with having a specific condition.”
As with so many issues, getting something right for
disabled people is the key to getting things right for
everyone.
Mike Keating
Title: CEO
Association: Managing General Agents’
Association (MGAA)
The Power of
Partnerships
There are few who would deny that the
MGA market is now seen as a fundamental
and important part of the insurance
ecosystem. In fact, MGAs’ commitment to
excellent customer service, their unrivalled
underwriting expertise and continuous
drive to innovate now set the standard for
how insurance should be transacted.
It’s been well-documented that MGAs have become
increasingly attractive to both insurers and alternative
capital, but the sector’s continued success is dependent
on the transparency, strength, and power of these
partnerships, and the sharing of the same end goal – to
provide the best possible service to clients.
In practice, however, delivering a high-quality service is
only possible when everyone involved in the insurance
value chain is totally aligned. This includes building
trust in partnerships through effective communication,
delivering on what you promise, and accepting that
there will be bumps in the road. Indeed, the power of
a partnership is often demonstrated when the going
gets tough and all the investment you have made since
inception is truly tested.
This is why, building on our 2023 theme of ‘Community
in Action’, this year’s MGAA conference will be
focused on the ‘Power of Partnerships’ – looking
at the importance of collaboration and effective
communication between MGAs, their capital partners
and their chosen distribution when it comes to driving
the future growth of the MGA sector.
Taking place on Wednesday 10 July 2024 at Old
Billingsgate, London, the conference will be packed with
insightful sessions hosted by experts from across the
market, alongside an exhibition and fantastic networking
opportunities.
The full agenda for the day is yet to be announced, but
you can visit our website and social media channels to
find out more.
MODERN INSURANCE | 35

Strategies for creating social workplaces:
Positive cultures
attract top talent
As of 2020, Millennials accounted for 50% of the UK
workforce. By the end of 2025, this generation along with
Gen Z will dominate workplace environments. Digitally savvy,
quickly acclimating to new technologies, these generations
keep up with friends, shopping, banking and consuming
entertainment through digital technologies.
This change in lifestyle has been the driving force behind a
significant shift in workplace culture in recent years –
a modern metamorphosis that meets generational
perceptions about the purpose of the workplace – setting
the scene for transforming technological, physical and
psychological conditions which aim to enhance the overall
employee experience.
Our expectations around the workplace have fundamentally
changed, accelerating a trend to evolve beyond a
standardised mould. For many, workplaces are becoming
environments that resonate with people and their ethos,
spaces to converge, thrive, learn, grow, inspire, innovate,
create and collaborate. No longer solely viewed as spaces
for completing tasks and meeting professional obligations,
workplaces are transforming into social hubs.
With a direct correlation between how we feel and how we
function, modern businesses are actively acknowledging the
importance of social connections, work friendships and
bonds. Social hubs are a huge catalyst in workplace
communities, fostering a shared purpose, promoting shared
values and goals, boosting collaboration, driving motivation
and igniting unity.
One of the key drivers behind this shift is the realisation
that fostering social connections leads to better outcomes
for both employees and businesses. Employees who feel a
connection to their colleagues and a sense of community
are more likely to be engaged in their work and feel a
stronger sense of loyalty towards their business. This paves
the way for a more dynamic, collaborative and inclusive
business, centred around an inherent recognition of the
importance in how employees experience and engage with
their working environment. The result - getting and giving
the best from our people.
Celebrate being part of your community:
Understanding the different cultures, preferences and
priorities within a business and building an environment
where all colleagues feel valued and respected can bring a
fresh perspective to any situation. A schedule of Diversity,
Equality & Inclusion events can be a deliberate act of
welcoming and valuing diversity and appreciation of a
workforces many similarities and differences. In the past year
we’ve come together at FMG to celebrate cultural events and
important days, from South Asian Heritage Day and Black
History Month to Neuro-diversion in the Workplace Day and
Holi.
Employee engagement in the name of charitable giving is a
double-win for modern companies. Through FMGive, our
dedicated charity partnership team, we give something back
to our local community with a fabulous calendar of
fundraising activities from colour runs to dragon boat races,
pop up stalls to charity balls. We actively encourage
volunteering, and every FMG employee is invited to spend a
day volunteering with a local charity whilst still being paid
by us.
9 to 5 doesn't always fit
marketing1@fmg.co.uk
0344 243 8888
www.fmg.co.uk

Prioritise work-life integration:
Businesses are recognising the importance of work-life
integration and creating a work environment that
supports employees' personal lives. By offering flexible
work arrangements, wellness programs and
family-friendly policies, employers are promoting a
healthier work-life balance and strengthening social
connections among employees. Here at FMG we
recognise that 9 to 5 doesn’t always fit and we’ve honed
flexible working policies to support every function where
operationally possible, with flexible solutions including
part-time, annualised hours, hybrid and home-working
Design collaborative spaces:
Workplaces are being designed to facilitate
collaboration and interaction. At FMG our open-plan
offices, communal areas and breakout rooms provide
our colleagues with spaces to connect, share ideas,
and build relationships. Helping our employees
connect in this way promotes a sense of cohesion in
the office which is a perfect foundation for cultivating
creativity, trust, teamworking and collaboration.
Encourage social activities:
Social and engagement activities provide opportunities
for our colleagues to bond outside of their immediate
job responsibilities and build stronger relationships.
FMG’s wellbeing and engagement forums have
transformed break times with table tennis, pool, a Zen
Den (our therapeutic space for colleagues to relax and
recharge), Mindful Yoga sessions and perhaps best of
all, our popular Random Act of Kindness days. We
surprise colleagues with treats ‘on us’ - in the last 12
months colleagues have embraced pizza day, dessert
day, pancake day, breakfast on us day, all food-related,
because our employee survey tells us that’s what our
people want!
Embrace digital communication tools:
With the rise of remote work and virtual teams,
organisations are leveraging digital communication
tools and platforms to facilitate social interactions.
Virtual team-building activities, online social events
and digital collaboration tools help bridge the gap
between remote workers and foster a sense of
community. Take Learning and Development at FMG,
we have a robust approach to reskilling, upskilling and
succession planning to align colleagues at every level
with their career goals, and digital comms tools play a
key role in supporting employees from every angle,
with every learning style, regardless of physical
location, role or work pattern.
Benefits of social workplaces
The transformation towards social workplaces and
inclusive work environments enhances employee
engagement, wellbeing and productivity as employees
feel more connected to their work and colleagues.
Social workplaces are also a magnet for attracting and
retaining top talent, with millennials and Gen Z
prioritising social connections and that sense of
community.
Workplace culture is shifting to provide a more social
and fulfilling experience for employees with the
creation of social hubs where employees connect,
collaborate and build relationships beyond their
immediate role responsibilities. Workplaces are
evolving by implementing strategies such as designing
collaborative spaces, encouraging social activities,
embracing digital communication tools and prioritising
work-life integration. This transformation not only
benefits individuals but also contributes to the success
and growth of organisations in an increasingly
interconnected and collaborative world.
Claire Owens - Managing Director

DO YOU HAVE A HEALTHY RELATIONSHIP
WITH YOUR
INSURANCE
SOFTWARE
PARTNER?
Your insurance software provider is
one of your most critical business
relationships, but many MGAs don’t
know where to start when it comes
to managing existing software
house relationships or developing
new ones. There are however a few
simple steps that you can take to
ensure that you are getting the most
out of your insurance software.
You need to make sure that your insurance
software provider understands your business
You would expect your software house to be technically
competent, but do they really understand insurance and
more specifically your line of business? The source of many
troubled relationships is lack of insurance knowledge in
software providers. MGAs feel they need to educate their
software house about the basics of insurance, which leaves
less time to discuss the nuances of a particular line of
business, product or distribution approach. Ultimately, if
a common understanding about what an implementation
should look like is not developed, expectations between
software houses and MGAs will rapidly diverge. However,
even when your provider has experienced insurance
professionals working on your behalf, you should be
prepared to educate your provider on the nuances of your
business. Time spent building a common understanding
between both parties is seldom wasted.
You need to make sure that your insurance
software provider is aligned with your business
plans
If you are building a growth business, rather than trying
to maintain an existing business, then your insurance
software provider needs to be aligned with this. In
fact, your provider needs to be incentivised to help you
grow. Workload in insurance software companies can
broadly be broken down into implementation work
and maintenance work. While you might assume that
implementation work is only undertaken when you
initially engage with a provider (and your provider may
assume the same), if you are looking to achieve growth
over a period of time by introducing new products and
distribution channels, then really you are undertaking a
series of mini implementations. If your contract with your
provider does not cater for this reality, then you may find
yourself at the back of the queue when it comes to further
38 | MODERN INSURANCE

implementation work (as your provider pursues new sales
opportunities now they have “got you”), or even worse,
ignored completely. A contract with a license which is
based on gross written premium or a similar scalable metric
is often a good sign that a provider will be invested in your
growth plans.
You need to understand your insurance software
provider’s solution
It is very easy to blame your insurance software provider
when things don’t work out, but can you say with your
hand on your heart that you have done everything you can
to make it work? We highlighted above that your software
provider needs to understand your business, but do you
really understand your providers software offering? Do you
understand its strengths and weaknesses? Have you read
and absorbed their reading materials (user manuals rather
than sales brochures)? While you are the customer, there
is an onus on you to put the effort in to really understand
what you are purchasing from your provider. If in doubt,
ask to speak to a product manager, project manager or
implementation manager (preferably without any sales
representatives present), so that you can ask probing
questions about the solution. Your staff on the frontline
will generally have the best understanding of software
performance in your business, so a regular channel of
communication between frontline staff and management
should be developed so that management can be kept up
to date on how things are progressing at a technical level.
You need to understand the insurance software
implementation process
An MGA should (hopefully) rarely have to implement
new insurance software, so it can be a daunting process
to do so. However, it is worth taking the time to really
understand how the process works. Broadly speaking
a software implementation process consists of three
broad phases: requirements gathering and solution
evaluation, implementation, and business as usual (BAU)
operations. During the requirements gathering and solution
evaluation phase, the MGA should formally document
their requirements and then explore possible solutions
at management level and with software providers where
appropriate. Some large MGAs may have an in-house IT
team who can implement a solution, but most MGAs will
not have that luxury. If engaging with software providers,
often a long list of potential providers is reduced to a
short list, with demos being given by the providers so
that the MGA can see each potential solution in action. To
minimise disappointment later on, it is essential that the
MGA makes available a clear definition of requirements
that the software provider is expected to deliver. The
decision on which software house to work with is a big
one and should only be taken after a formal, documented
process. Following the first phase, implementation work
commences. Errors that occurred in the requirements
documentation and solution evaluation phase may soon
become apparent. These sorts of errors are to be expected
and should be handled maturely by both sides, without
the need to point fingers at one party or the other. Both
insurance and software are complex, so it would be
naive to think that everything will go swimmingly at the
first attempt. What is important is that each party can
respond in a timely manner to evolving requirements,
while respecting the fact that we do not live in a perfect
world, and compromise may be required from both sides.
Once into BAU operations, it can be tempting for both
the provider and MGA to relax a little, but the frontline
users will quickly spot any errors in the software and
implementation process. Users should be given a regular
channel of communication with management and where
possible their feedback should be taken onboard and
actioned. If you are pursuing a growth strategy as described
above, then you need to be ready to undertake this process
many times.
You need to understand what incentivises your
insurance software provider
We mentioned previously that you need to make sure
that if you are pursuing a growth strategy, then your
insurance software provider is incentivised to support this.
Incentives go beyond the licensing method that is in your
contract, so it is worth spending the time to understand
how employees, management and investors from the
insurance software company are incentivised, and what
this might mean for you. More mature companies with
large market share are likely to be highly invested in the
status quo, whether this is a method of implementation,
product offering or billing method. Smaller companies who
are seeking to grow are likely to be much more flexible in
their approach. You should look to engage with a software
provider where their incentives are closely aligned with
your own goals. If you cant find one, then you should
seriously think about developing your own solution!
And a final few words on strategic agility…
Strategic agility is often seen as the ultimate goal of
digital transformation and married up with new software
implementation, but never forget that being agile is
far more about people and processes than it is about
technology.
Will Prest
Product Manager
and Co-Founder of ParaCode
MODERN INSURANCE | 39

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THE
FRAUD
BOARD
The theme of ‘people’ permeates this issue of Modern Insurance
Magazine, which got me thinking about how our counter-fraud
work is designed to protect honest customers and consumers.
A key strand of the Government’s UK Fraud Strategy is ‘empowering the
public to recognise, avoid and report fraud’. Earlier this year, as part of its
overhaul and streamlining of overarching fraud campaigns, the Government
launched its national fraud awareness campaign: Stop! Think Fraud. It will
shortly embark upon the next phase of the campaign, which will look at a
range of new fraud types as well as those covered initially.
It’s the responsibility of the counter fraud community to make consumers
aware of the threats they face, and equip them with the tools they need to
better protect themselves.
The insurance sector has certainly upped its game over recent years in order
to prevent fraud. We established a cross-organisational communications
group to ensure that our counter fraud messaging is consistent and hardhitting,
using the most effective platforms to maximise outreach. We have
also run numerous fraud campaigns, including a focus on crash for cash
scams carried out by moped delivery drivers which plagued parts of London
last summer.
The ABI recently launched its own campaign to raise awareness of online
scams. We hope that it will help consumers to ensure they do not fall prey to
scammers. But, should the worst happen, they will know how they can report
their experience and help to bring more fraudsters to justice. The industry
is also looking to do more to assist the victims of fraud, for example, by
signposting them to sources of help and advice.
It is equally important that our messaging leaves those tempted to commit
fraud in no doubt that it is simply not worth the risk, and we take every
opportunity to publicise successful outcomes to help underpin deterrence.
The ABI’s phased campaign is set to run for a further few weeks. Please do
support it – as well as phase two of the Government campaign - and help
consumers to help themselves.
Best wishes,
Mark
Mark Allen,
Assistant Director, Head of Fraud and Financial
Crime, Association of British Insurers (ABI)
MODERN INSURANCE | 41

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THE FRAUD BOARD
FREQUENTLY ASKED QUESTIONS:
PEOPLE POWER VS. AUTOMATION IN
THE FIGHT AGAINST FRAUD
For how long have insurers used automation in fraud prevention,
and how has it evolved since?
Automation of risk detection has been used in the fight against
fraud for at least a decade. Insurers deploy automation technology
in different ways, but its primary use has been in software systems
that sit above claims workflow platforms. These systems can wash,
enrich and score data. They then direct claims that fail to hit a
certain benchmark through to human investigators, pending further
examination, or pass them through complete automation without
human intervention.
In the past ten years or so, the industry has moved away from its
previously siloed structure. There is a deeper appreciation for the
potential of Big Data and the value of the insights generated by
analysing aggregated data from internal and external sources.
What type of automation systems are being used, and for what
type of claims?
A simple example is the use of automated cross-referencing to match
weather records to claim locations and dates, which can help validate
property storm damage claims. Another example can be found
in technology that detects if documents and images are original.
Technology, including AI, has made it easier to edit documents
and create fake images to support false claims. This puts the onus
on insurers to overhaul their ability to validate the documents
and images they receive. One automated solution that we use at
Charles Taylor involves forensically scanning incoming and outgoing
documents or images, which determines whether or not they are
genuine or modified.
What difference is automation making in terms of time, accuracy
and results?
Automation technology creates speed, consistency and scalability in
an insurer’s fraud defences, enabling carriers to apply a deeper level
of interrogation to every claim. In overarching terms, the introduction
of automation technology to a traditional, manual fraud detection
process should significantly improve the identification of potentially
fraudulent claims, including complicated fraud rings. Human
investigators and data analysts then need to review this larger pool of
cases and determine those that are genuinely fraudulent.
Machine learning technology continually refines and improves its
ability to successfully identify fraud, and so the number of false
positives should reduce over time. Expenditure on fraud technology
should also deliver a multiple return on investment. For example,
FraudKeeper - Charles Taylor’s proprietary automated fraud
detection software - delivers, on average, a seven-fold return on
investment when deployed across multiple lines of business.
What does the future look like?
There are no mandatory minimum standards when it comes to
counter-fraud activity, and so insurers are all moving at different
speeds and focusing on different areas. This makes it difficult to
forecast where the biggest gains will be made. A more structured and
targeted industry approach to counter-fraud activity would enable
carriers and their supply chain to tighten the net faster and more
effectively around fraudulent activity.
Will technology ever replace people?
No. We need to link IT and IQ together if we want to deliver the
best results. However, the industry may have to develop new skills;
for instance, we’ve seen a surge in the number of data scientists
employed in insurance in recent years due to more reliance on Big
Data. Their number will increase, and we will see more new roles
emerge as the industry becomes more sophisticated in blending the
ways that people and technology combine.
Bobby Gracey,
Global Head of Counter Fraud, Charles Taylor
THE VALUE OF
PEOPLE
Where do people fit into an insurer’s fraud and financial
crime strategy, especially in an era where technology and
consumer expectations are rapidly changing?
Like transacting business, the way we detect and investigate
suspected fraud has changed over the years, and it’s a pace of
change that shows no signs of slowing down. The same can be said
for the types of tasks, methods and tools used by fraud teams. Where
much would have once been traditional and manual, involving far
more conversations and face-to-face meetings and far less desktop
work, much of today’s investigation work is digital, reflecting the
increasingly digitised world we all live in.
Whilst much has changed, there are some interesting constants.
When recruiting new talent into my fraud area, a couple of the key
attributes I’m looking for have always been:
Curiosity. Some may call it an investigative mindset; some may call
it a ‘hunch’. But no matter whether you’re investigating digitally or
speaking to someone face-to-face, you need to be naturally curious
and want to ask questions, continuously learning.
Emotional Intelligence. In a customer-centric industry that has
been designed to help people when they need it most, our fraud
practitioners need to have the ability to balance that curiosity
with a level of empathy and EQ that will ensure the right customer
outcomes.
I’m an enthusiastic fan of automation; however, we need to ensure
that we’re clear on the purpose of that automation. If it makes a
process more efficient, helps to reduce false positives and achieves
the right outcome for cases sooner, that’s great. On the other hand, if
it’s not more efficient and introduces problems or risks, then I would
naturally be more cautious.
So, back to my original question; where do people fit in? It’s my view
that they are integral to a balanced fraud strategy, and will continue
to be so for the near future. In my experience, the right people will
help make the technology better whilst looking after your customers
in the meantime.
When we think about people, several aspects can also be overlooked.
The first is our partner strategy. When we’re looking for new partners,
whether that be in technology or financial services, we need to
ensure that the cultural fit is right, thinking of them as an extension of
our own team.
Finally, we need to consider succession planning. How do we ensure
that we attract the best talent for the future? We must spend as
much time on this as we spend on innovative technology.
Ben Fletcher,
Head of Financial Crime, LV= General Insurance
MODERN INSURANCE | 43

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THE FRAUD BOARD
THE HUMAN
TOUCH: WHY
PEOPLE REMAIN
CRUCIAL IN
COMBATING
INSURANCE FRAUD
The rise of Artificial Intelligence (AI) has many questioning
its impact on our roles as humans, particularly as it becomes
more accessible and popular. In insurance fraud, however, the
increasing sophistication of these technologies, coupled with
a rise in opportunistic fraud, seems to be creating a bigger
problem. It’s clear that the role of human intervention will
remain irreplaceable.
When looking at how to fight against the fraudsters, it’s natural
to examine the tools being used and understand their benefits.
AI excels at identifying patterns and red flags, quickly spotting
anomalies in data. It can process and analyse vast amounts of
internal and external data sets far faster than humans can, but
the crucial next step lies beyond AI’s capabilities. Can we rely
solely on AI outputs to make decisions?
This is where human knowledge and judgement become
the perfect partner in the fight against fraud, in addition to
accountability for decisions made to customers. Utilising
humans and technology throughout the policy and claims
lifecycle is the most effective way to tackle insurance fraud.
Opportunistic and organised fraud are both on the rise, further
complicated by the rise of ‘shallowfakes’ and deepfakes.
Moreover, early detection of fraud benefits both policyholders
and insurers. It allows for smoother onboarding of genuine
customers and reduces fraudulent payouts, enabling faster
payment of legitimate claims. Technology (such as digital media
forensics) plays a crucial role in uncovering fraudulent activity
at all stages of the policy and claim lifecycle, across all products.
Real time identification recognises potential manipulation in
submitted images and documents. This is followed by human
intervention for investigation, which is crucial for the proactive
approach needed in the ever-evolving insurance fraud climate.
Verisk’s internal Claims Investigation Unit exemplifies the power
of combining human expertise with advanced technology.
Trained investigators leverage tools like predictive modelling
and industry-leading data to identify high-risk claims. This allows
them to analyse connections and suspicious patterns, ultimately
disrupting fraudulent activity.
In the current economic climate, with fraud increasing and
the additional dangers posed by the potential misuse of AI, a
collaborative approach is entirely necessary. The ultimate goal
in the fight against insurance fraud is to detect and disrupt
this activity, and it cannot be achieved by technology or
humans alone. The need for human intervention in this fight is
fundamental.
BREAKING DOWN SILOS:
HOW Jonathan INSURANCE Drake
LEADERS CAN
WIN THROUGH
DATA-SHARING AND
COLLABORATION
Advancements in technology have generated an era of Artificial
Intelligence (AI) within the insurance sector. Whether deploying AI
at the point of application, during claims processing, or in detecting
manipulated evidence, technological innovation continues to
drive progress and expand adoption. However, it is important to
recognise that combating fraud requires not just cutting-edge
technology but also a data-led approach.
To Share, or Not to Share?
For over three decades, sharing data has been fundamental in the
fight against insurance fraud in the domestic market, most notably
in personal motor insurance. The industry has demonstrated
commendable collaboration and data-sharing initiatives,
evidenced through the widespread adoption of services offered by
organisations like the Insurance Fraud Bureau (IFB) and Synectics.
Synectics maintains a fraud data-sharing consortium called National
SIRA, which has already helped to save over £7billion that would have
otherwise been lost due to fraud.
Dangers of Working in Silos
Recent interactions with insurers across various lines of business
such as Agriculture, Pet, Life & Protection, Travel, and Import Bonds
have once again highlighted the lack of centralised data sharing. For
example, in the agriculture sector, a policyholder managed to secure
multiple policies and file numerous claims with different insurers. The
absence of a centralised database meant that this fraud was only
discovered by coincidence.
Similarly, our Special Investigations Unit (SIU) recently dealt with
a claim in the Life & Protection sector where the lack of crossindustry
data sharing left critical intelligence gaps. Without access to
comprehensive, shared data, identifying and addressing fraudulent
claims becomes a matter of chance rather than systematic detection.
In the case of fraud, reliance on human intervention is inefficient, risky
and time consuming.
How Can Insurers Mitigate Their Risks?
These incidents reiterate the urgent need for enhanced data-sharing
mechanisms, drawing inspiration from the proven model employed
in motor insurance. Establishing a centralised database for quotes,
policies and claims would significantly bolster fraud prevention
efforts, particularly when it is accessible in real time. Additionally,
leveraging existing fraud data repositories would further fortify risk
mitigation strategies.
While cutting-edge technology is undoubtedly crucial in combating
insurance fraud, the significance of data sharing and collaboration
cannot be overstated. By embracing trusted collaborative datasharing
initiatives - such as those in motor insurance - insurers
across various sectors can really strengthen their defences against
fraudulent activities.
Neil Jones,
Head of Claims Investigation Unit, Verisk
Richard Daley,
Business Development Manager,
Synectics Solutions
MODERN INSURANCE | 45

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THE FRAUD BOARD
WHAT’S IN A
NAME?
Data is our lifeblood, but people remain our superpower. Is
that really understood in this modern, digital, tech-obsessed
world of insurance fraud?
Name: A four-letter word just to get me along
Ting Ting’s singer Katie White once explained that the meaning
of their 2008 hit song “That’s Not My Name” was frequently
misunderstood, with its lyrics actually based on their early
experiences of being overlooked and made to feel insignificant.
This was perhaps the status of many insurance fraud teams some
years ago. Thankfully, tackling fraud is now very much an integral
part of modern insurance operations. Indeed, the very best
operators ensure that counter-fraud capability is firmly embedded,
continuously invested in, tackled across the acquisition, servicing
and claim lifecycle, and appreciated as a net profit centre and way of
protecting revenue. But in a business world that is characterised by
the increasing reliance on data, technology and AI, will the role and
perceived value of the investigator diminish?
A skillset that’s tricky to capture
I think we’ve all drafted enough job profile templates to appreciate
the challenge of capturing the multi-faceted skillset of an
‘investigator’. If we think about it, the demands of this role are
hugely varied, especially in the world of countering insurance fraud.
As an inquisitor, they possess the ability to raise the right question,
at the right time and in the right way to move an investigation
along. They act as a manager, directing and coordinating resources
internally and externally to their organisation. They work as a data
analyst, with an ever-increasing need to seek out, manipulate and
interpret data frequently drawn from multiple information sources
and systems. Investigators need to be confident communicators,
enabling collaboration across both internal teams and external
partners, together with an empathic ear for victims of crime. Plus,
they must perform as a key decision-making authority, exercising
responsibility for making critical calls throughout the investigation
lifecycle; from determining avenues of investigation to managing
budgets, instructing colleagues and suppliers, and ultimately making
that crucial call on whether there’s evidence of fraud and action to be
taken.
What’s in a name?
Data remains our essence. Technology is our increasingly vital
support system, and AI is emerging as a crucial companion decision
maker. However, people remain our superpower. A human investigator
will always be needed; whether that’s to develop the tools, interpret
the results, or decide and exercise accountability for the critical
action.
What’s in a name? Quite a lot, actually.
Matt Gilham,
Director, Whitelk
THE AI BOOM:
THREAT, OR FRIEND?
It’s easy to listen to the scuttlebutt around the coffee
machine that the rise of AI is bringing a dystopian future,
threatening to the role of the counter fraud professional.
At FRISS, we have long focused on making our technology a help
and aide for the Underwriter, Claims Handler or Investigator. The
rapid emergence and adoption of Generative AI and the use cases it
can help with may seem like the death knell for many jobs, but that
doesn’t have to be the case. We hold the view that the best counter
fraud defences are those that make use of both the technology
and the knowledge, experience and insight of the professional
underwriter, adjuster or investigator.
If we look at the forthcoming legislation around the use of AI, best
practice guidelines and codes of conduct that are being published
in this space, there is one clear pointer - that automating a decision
based solely on AI is not a good idea.
It is not enough for the human to be a tick box in the process;
the Government and regulator expect the human element to be
meaningful. If we look at current processes, it’s clear that the decision
to come off cover, repudiate a claim or escalate to law enforcement
for prosecution requires multiple levels of sign off. It’s our opinion
that this shouldn’t change. The use of AI models as indicators
of potentially fraudulent behaviour is widespread, and there are
interesting new use cases in GenAI and Large Language Models
(LLMs) which help us understand and use information more quickly.
Harvesting and synthesising open-source data on commercial risks is
fairly common. With GenAI, there’s now the added capability to put
the harvested information in context, leading to better understanding
of risk and verification of facts, avoiding potential non-disclosure or
misrepresentation.
AI also presents unmatched opportunities for fraud detection and
prevention. By intelligently utilising AI automation and Generative
AI, insurers can improve their fraud detection capabilities while
safeguarding consumer data. This proactive strategy ensures
resilience against evolving fraud tactics. The Counter Fraud team will
be enabled to handle more cases than ever before. Far from a threat
to jobs, the AI revolution will be a boon to the average Counter Fraud
team. It will need to be, as the fraudsters are on the other side of the
technology… without the restraint.
Martyn Griffiths,
Sales Manager UKISA, FRISS
MODERN INSURANCE | 47

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THE FRAUD BOARD
IASIU: EDUCATION,
AWARENESS, NETWORKING
For three days in August 2024, the International
Association of Special Investigation Units (IASIU) will
celebrate its 40th Anniversary at the Gaylord Opryland
Resort and Convention Center in Nashville, Tennessee.
Running from August 25th through to August 28th,
the very core of the conference agenda embraces the
mission of IASIU - to provide education, awareness, and
networking opportunities to the fraud fighting community.
As the premier global insurance fraud conference, IASIU
attracts insurance professionals from around the world
with the aim to share knowledge on the latest fraud trends,
collaboration that hopes to develop effective strategies in
the ever-changing insurance fraud landscape.
Launching the conference will be Kris “Tanto” Paronto, the inspiring
hero of the 2012 Benghazi attack and subject of the book and
major motion picture, 13 Hours. Throughout the multi-day event,
attendees will then have the opportunity to participate in a wide
range of educational sessions and panel discussions led by industry
leaders, including 42 engaging training sessions that appeal to a
diverse audience with different levels of skill and experience. Topics
include not only emerging fraud schemes, but regulatory updates
and technological advancements affecting our industry. The closing
keynote speaker, Joe Stephenson, will update attendees on the
recent developments in the world of artificial intelligence, its impact
in the insurance fraud space and how to use it as an investigative
tool.
The IASIU conference is renowned for its networking opportunities,
including an annual charity golf tournament, welcome reception,
vendor reception, and scheduled networking breaks conducive
to making valuable connections. Building a robust network of
professionals is an essential focus for many of our attendees,
enabling them to gain new insights, share best practice knowledge
and forge alliances in the fight against insurance fraud. Many
networking contacts develop into long lasting friendships for IASIU
attendees, many of whom look forward to reconnecting every year
at the annual conference.
In addition to the annual conference, IASIU prioritises education and
training opportunities by empowering its 4,000 members through
bi-monthly webinars. So far this year, webinars have addressed
topics on social media investigations, arson, combating low impact
auto claims and rate evasion. A schedule of upcoming webinars can
always be found on our website.
IASIU is also a strong supporter of SIU Professionals, highlighting
their skills and expertise through three certification programs. The
Certified Insurance Fraud Investigator (CIFI), Certified Insurance
Fraud Analyst (CIFA) and Certified Insurance Fraud Representative
(CIFR) qualifications provide professional recognition and
guarantee the integrity, objectivity, and professionalism of insurance
fraud investigators worldwide. All three programs have a high
standard of admission and testing, which adheres to the IASIU Code
of Ethics and requires competency through mandatory continuing
professional education.
Finally, the award winning SIUToday magazine is written by and
for IASIU members, covering issues relevant to deterring and
uncovering insurance fraud. Readers can find chapter news, legal
and social media updates, as well as member recognition when
individuals celebrate their professional certifications. New to IASIU
is the SIUToday podcast, featuring IASIU members and partners as
they share their experiences within the fraud fighting community.
IASIU is a purpose driven association, whose success is inspired
by its members and collaborative partnerships. The association
values each member’s contribution and acts as a trusted resource
in the fraud fighting industry. As the global insurance fraud industry
evolves, the work of IASIU remains essential for professional
development and fostering industry connections.
Aimee Stidham,
Vice President, IASIU, and Manager – Special Investigations,
WCF Insurance
TEAM MIM ARE LOOKING FORWARD TO ATTENDING
THE 2024 IASIU ANNUAL CONFERENCE
ON THE 25 TH - 28 TH AUGUST 2024
IN NASHVILLE, TENNESSEE
we hope to see you there!
www.iasiu.org

REVOLUTIONISE, OPTIMISE, MAXIMISE
FNOL
Laird's Formula for Claims and supply chain Excellence
IMAGE LINK
EXPERT
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ADHERING
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Keep drivers informed via text or email, utilising chatbots for
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Blend Visual Intelligence AI
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clients.
Supply Chain Automation:
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Portal:
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Triage:
Efficiently direct vehicles to
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salvage, confirming hire car
needs, streamlining the
process for clients.

Modern Insurance Magazine sits down
with Nik Ellis, Managing Director at Laird,
to discuss the recent positive impact of
Artificial Intelligence on business operations
in the repair sector.
Nik, tell me how advanced Artificial Intelligence (AI) is
Q enabling your smart Vehicle Damage Assessment (VDA)
services at Laird.
The AI we’ve added over the past year has certainly
A turbocharged our operations. However, a turbo needs an
engine to boost. In our case, that engine is our automation
platform, Swiftcase.
Automation is a fundamental step for digitising most
businesses, laying the foundation for further AI enhancements.
We decided to automate our systems a few years ago when we
found that our engineers were spending a large percentage of
their day shifting data around instead of engineering; things
like copying and pasting policy numbers from one unique
system to another, rather than examining crashed cars.
The systems they were using were essential to our business;
estimating programs, car value guides, vehicle data, client data,
consumer data, and so on. So, we created API links to extract
the data and, following the same rules our staff do, utilised
this data to create a report. For example, if repair costs exceed
the value of the vehicle, the automation will create a total loss
report. By using “if this, then that” style rules, we were able to
harness smart automation and use this to do the heavy lifting.
This automation ecosystem has become our backbone, which we
now augment with several AI applications from new instruction
through to accounts paid and beyond. We pick and choose
our apps carefully though, as we only want useful tech that
advances the efficiency of the business.
QHow have you seen advanced AI improve
communication and streamline the consumer journey?
AContemporary and large-volume clients understand the
advantages of interacting API connections, but many still
communicate via email. So, we use AI to read incoming mail
and assign a route according to category; new instructions,
supplementary damage notifications, and so on. Being able to
understand an email allows for instant and consistent handling
of our client communications, enabling us to send almost
instantaneous responses in some cases. Our clients benefit
from their email being instantly assigned to the appropriate
person, resulting in a faster response. In fact, most parts of
the workflow are now enhanced or augmented by AI, providing
swifter and more efficient services to both our clients and the
end consumers.
QLaird have recently been nominated for the Excellence
in AI Award at the British Insurance Technology Awards
2024. How does this reflect Laird’s dedication to disrupting
the insurance industry?
AWe’re not really out to disrupt. Instead, we want to facilitate
a smoother, more efficient supply-chain. AI - and any tech,
really - needs to be practical and useful for a business. Having
AI at our fingertips in the last couple of years has resulted in a
lot of sawdust products; things that we’ve created for ourselves
which have become quite useful for our customers too.
Does AI have a bit of a bad reputation? Well, its public rise
came on the back of boom-and-bust fads such as NFTs or the
Metaverse, so people naturally assumed it was just another
craze. AI was largely headlined by ChatGPT, and once people had
played around with it a few times, they struggled to envision
how it could have much practical application to a business or
its work flow. However, there’s much more to AI than generative
apps; at Laird, we have a dozen different AIs helping us, our
customers, and even our developers.
QWhat sets Laird apart from the rest, and what lies in
store for the business in the latter half of 2024?
AWe provide a huge amount of added value services.
Partnering with our clients allows us to understand what
they do with our report; for example, reaching a decision as to
whether the vehicle is repairable or a total loss. Rather than the
client’s staff arranging collection, repairs, hire cars and so forth,
our automation will instruct the client’s approved repairer based
on their location and availability. It will also instruct the hire
department to provide a hire vehicle and keep all stakeholders
informed throughout the process. Length of hire, repair issues,
parts delays… all is visible and controllable by our clients.
There are several easy bolt-on items like this that save our
clients time. However, we offer consumer facing solutions too,
such as a self-service Image App link which allows them to
take a series of curated images for us to triage or report within
minutes. It’s a text link, so there’s no app needed to download,
and it can be easily set up in the client’s branding and tone.
We also use chatbots to help consumers; one of our most
successful is the total loss bot, which enables a 24/7 settlement
of pre-accident values.
For the rest of this year, we have numerous
ideas. Some are straightforward and
will be implemented soon, while
others are larger projects. Most
importantly, all are designed to
benefit us, our clients, and their
consumers.
Nik Ellis,
Director,
Laird and Swiftcase
MODERN INSURANCE | 51

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MANAGING
EXPECTATIONS
AMIDST CUT-BACK COVER
Vehicle registrations were up
18.2% last year, with the Society
of Motor Manufacturers and
Traders reporting that the
number of vehicles on UK roads
reached a record 41.4 million.
Car ownership also rose 1.6%
to 35,694,845 units, but this
doesn’t mean that the market
isn’t facing serious challenges.
One of those issues relates to the
shrinking number of young drivers. Last
year, the number of teenagers with
driving licences was down 18% compared
with a decade ago, and there are a
number of reasons for this. More young
people than ever now live in cities. There’s
greater awareness around the impact
driving has on the environment, and more
remote working removes the need for a
commute.
Cost
However, cost is perhaps the greatest
factor putting young people off car
ownership. Yes, fuel and used car prices
have both escalated, but car insurance is
the greatest expense in many cases.
In 2023, the average annual premiums
for 18-year-olds increased by 89% to a
staggering £2,995, and it’s not just new
drivers feeling the strain. The Association
of British Insurers (ABI) reported that
average annual motor polices were up
25% last year and have continued rising
into 2024 – albeit at a slower rate.
As a result, Google searches for ‘cheap
car insurance’ have risen 123%. However,
many are not finding cheaper offers
from other providers, choosing to
adjust their existing policies to lower
premiums instead. This can include
adopting telematics, switching to third
party only cover, or increasing their
excess. According to GoCompare, 15% of
consumers have increased their excess,
while 23% have selected policies with a
£500 voluntary excess in order to lower
premiums. Drivers are also changing
their policies to remove coverage for
things such as legal expenses, windscreen
damage, lost keys, and refuelling.
Expectations
But while these measures may bring
instant relief in terms of reduced
premiums, there’s a fear that
policyholders are taking these steps
without fully appreciating the implications
at the point of claim.
Perhaps it is no coincidence that
insurance complaints to the Financial
Ombudsman Service have soared; in
2023, motor insurance was the most
complained about business line with more
than 4,000 complaints – 39% of the total
number.
These figures suggest that for whatever
reason, motor insurers are not meeting
customer expectations. It may be that
expectations are sometimes too high, but
under new Consumer Duty regulations,
the onus is on insurers to manage this in
the process of delivering good outcomes.
Better
Late last year, ILC’s inaugural Risk and
Compliance event focused on the new
Consumer Duty. Here, the general
sentiment was that the industry needs a
more proactive, not reactive approach,
so when things do happen (ie. a claim is
made), customers have a much clearer
understanding of what to expect as the
eventual outcome.
Aligned with that, one contributor
suggested that the rebuilding of trust and
delivery of customer satisfaction will only
come when the overall claims experience
improves. It’s true that insurers face their
own challenges around delivering fair
outcomes for a fair price amidst rising
claims costs, but stricter regulations make
it clear where the responsibility rests. The
bar has been raised without question,
and having a customer-centric culture is
simply not a choice anymore.
MODERN INSURANCE | 53

‘GROUPTHINK’ DESTROYS
CLAIMS INTEGRITY
On the day that I write this article, it’s 24 hours since the final report
of the tainted blood products and transfusions scandal, creating an
estimated cost of £10bn to the public purse. To save a few pounds
of operational expenditure, the enquiry shared premises (and some
resources) with the ongoing Post Office miscarriages of justice
investigation – where the former CEO is due to give evidence very
shortly. How ironic is that?
Whilst every story is unique, these events
and their subsequent calls to action
are not isolated. The recent enquiry
into the failure of maternity services,
the Hillsborough tragedy, Grenfell – all
of these and more shine a light on
the inherent dangers of ‘Groupthink’,
where institutions and the individuals
within them are seen to have taken
truly incredulous decisions to defend
the indefensible, to advance the career
ambitions of senior executives, and to
protect themselves from the scrutiny of
the public gaze.
At a surface level, ‘Groupthink’ is a
phenomenon that stifles innovation,
muzzles freedom of expression, and
demands subservience from all but the
most determined of individuals, who must
usually risk their careers to sound the
alarm bells. However, the implications can
stretch far and wide.
THE FAILURES OF OBSESSION
So, what does any of this have to do with
the claims and insurance industry?
Well, have you ever worked for a business
or a claims department that was so
obsessed with a singular goal that nothing
was allowed to stand in its way? Maybe
there’s a projected reduction in FTE at the
expense of any real notions of customer
centricity, or perhaps you’ve watched as
the latest failing IT project has continued
to divert resources from more essential
services. Maybe the latest piece of FCA
regulation (Consumer Duty, anyone?!) has
even blindsided the business to such an
extent that everything else has had to take
second place…
thousands of people negatively affected
by the insidious demands of corporate
‘Groupthink’ and decision-making in the
claims departments and boardrooms of
our beloved insurance industry, hidden
behind a wall of secrecy and cover-up…
THE SOLUTION TO ALL THIS?
Encourage dissent. Reward original
thinking. Support the mavericks. Accept
constructive (not destructive) opposition.
Conduct research, and find suppliers with
interesting things to say despite their
track record. Take calculated risks. Bring
in outsiders to refresh current strategy
and tactics. Continuously review and
reconsider. Be aware that failure is a valid
option, and more than likely part of the
journey towards your eventual outcomes.
Leadership is, of course, essential.
We cannot exist in an environment of
anarchy and chaos. But we must allow
room for real dissent if we are to achieve
the very best for our business, our
claims department, our clients, and our
customers.
I cannot comprehend the astonishing
pain and hurt visited upon those people
affected by the scandals mentioned.
But I have a feeling that ‘Groupthink’
played a substantial part in creating the
conditions by which such horrors could be
countenanced.
Don’t let it happen in your claims
department.
Have you ever despaired for the voices
of opposition, stifled behind a veil
of ‘Groupthink’ that demands strict
adherence to the ‘cause’? A sentiment of
‘get with the program or go elsewhere’,
with the wording of the latter half of that
sentence not always so polite!
Of course, these tiny operational
examples around the negative effects
of ‘Groupthink’ pale into complete
insignificance when compared with the
real tragedies outlined above. However,
I do wonder how many billions of
pounds have been wasted, with maybe
Eddie Longworth,
Director, JEL Consulting
MODERN INSURANCE | 55

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INSUR.
TECH.
TALK

INSURTECH
WELCOME
Greetings, and welcome
to Insur.Tech.Talk!
Greetings, dear readers!
You will be reading this issue of Insur.Tech.Talk in June, the beginning of
hurricane season and thus, the timing is perfect for our climate risk and
resiliency issue! There’s no doubting the fact that the climate crisis is real, but
the advancement of technology to create a more resilient world is quickly
changing in response.
In this issue, we explore insights from the brilliant Maryam Golnaraghi, PhD of
the Geneva Association, and her in-depth analysis of the insurability of climate
tech from her latest report, Bringing Climate Tech to Market: The Powerful
Role of Insurance. Franklin J Manchester from SAS describes cities like Cary,
NC and Jakarta being leaders in climate resiliency - exploring the use of loT,
streaming analytics and AI to reduce the risks faced by their citizens, such as
flooding. More cities need to consider how they might follow suit.
Climate change is making floods larger, less predictable and costlier. Dr.
Matthew Jones of Fathom takes this on board and shares his insight on a
recently announced partnership with Swiss Re, that integrates Fathom’s US
flood maps into Swiss Re’s digital natural hazard atlas to empower insurers to
create more sophisticated climate-driven flood risk scenarios.
In this issue, we are also introduced to Valkyrie Holmes (from start-up, Faura)
who underscores the need for the policyholder and the insurer to both work
together if we are going to reduce risk and gain value. We also meet Rob
Newbold, who has taken the helm of Verisk’s Extreme Event Solutions, to learn
about the powerful role of data and analytics in climate resiliency.
Last but not least, we caught up with Charlie Sidoti of Innsure, who elaborates
on the importance of cross-sectional partnerships and the need for insurance
innovation to keep pace with the advancement of other sectors in response
to climate change. Innsure has just announced a $5million-dollar innovation
challenge, which you will read more about in these pages.
Happy reading - and stay safe out there, ya hear?!
Megan
Megan Kuczynski
President,
Insurtech Insights
58 | MODERN INSURANCE

Verisk
QRob, it was great to catch up recently and
congratulations on taking the helm of Extreme
Event Solutions at Verisk. What is your vision for
Extreme Event Solutions now that you are responsible for
setting global strategy?
AI’m excited to lead Extreme Event Solutions at such
a pivotal time. Verisk has not changed who we are
at our core. We continue to focus on advancing our
capabilities as a leading provider of catastrophe modeling
and risk assessment, while integrating new technologies
and data sources. Our team of scientists and risk analysts
aim to provide even more precise and actionable insights
to our clients. We are executing on this with the recent
launch of NGM (Next Generation Modeling), and continued
focus on insights around the global insurance protection
gap.
By fostering innovation and maintaining our commitment
to scientific excellence, we will enhance our clients’
ability to understand and manage their risks, ultimately
contributing to resilience for the insurance industry on a
global scale as it continues to face record breaking years
of losses from natural catastrophe events.
QWe have seen some major insurers pull out of
states like California and Florida due to regulatory
challenges, increased risk exposure and the
high cost of providing coverage. What is the role of
technology when it comes to risk mitigation in response
to natural perils such as wildfires and hurricanes? And
what are your predictions for the next 3-5 years in terms
of traditional insurers either coming back into these
markets, or new players entering?
QCan you share your thoughts on the importance
of intersectional partnerships? Why is it important
to be in collaboration with government officials,
emergency response teams and commercial or residential
real estate, as well as other sectors that might be affected
by a natural disaster?
AIntersectional partnerships are essential for
comprehensive climate risk mitigation. Insurers
need to collaborate with public policymakers to
advocate for and implement resilient building codes and
land-use planning. Working with emergency response
teams ensures effective preparedness and response
strategies, and engaging with community development
organizations will help integrate resilient construction and
property maintenance practices.
Additionally, sectors like energy, supply chain and
transportation all play critical roles in maintaining
operational continuity during extreme events.
By working together, these sectors can develop
multi-faceted approaches that address the increasing
challenges posed by climate risks, ultimately enhancing
community resilience and economic stability.
QWhat keeps you up at night?
INSURTECH
AI don’t know if it keeps me up at night, but I am
motivated and passionate about continuing to
engage with the broader industry to advocate
for innovative risk management practices and resiliencebuilding
aimed at closing the protection gap. I look
forward to watching our team explore new technological
advancements and foster partnerships that will shape the
future of risk assessment and mitigation. Long-term, my
goal is to ensure that Verisk remains at the forefront of
providing solutions that not only address current risks, but
also anticipate and adapt to future challenges.
ATechnology plays a critical role in analyzing and
mitigating property risks associated with natural
perils. Advanced risk modeling, real-time data
analytics, and AI/ML are transforming the (re)insurance
industry’s ability to build resiliency for events like wildfires
and hurricanes.
In the next 3-5 years, I expect to see a blend of traditional
insurers re-entering high-risk markets as regulatory
frameworks evolve, as well as new players leveraging
innovative technologies to provide more flexible and
tailored coverage options. Partnerships between
insurers, tech firms and public agencies are critical to the
development of comprehensive risk mitigation strategies
and restoring market stability to build more resilient
communities on a local and global scale.
Q”Climate tech” has recently become a buzzword.
What do you see as some of the most novel new
technologies born out of the climate crisis?
AThe climate crisis has highlighted the need for
transformative innovation. Some of the most
promising technologies include advanced climate
modeling software that integrates AI to predict long-term
impacts, real-time monitoring systems using IoT devices
for early warning and rapid response, and new materials
for building infrastructure that can withstand extreme
weather. Additionally, advancements in renewable energy
technology and carbon capture solutions are pivotal in
mitigating climate change. These innovations are helping
to manage current risks, as well as laying the groundwork
for a more sustainable future.
Rob Newbold
President – Extreme Event Solutions, Verisk
MODERN INSURANCE | 59

INSURTECH
SAS
We
Q
Franklin, it was so great to catch up recently and
talk about all things climate tech! You recently said
that you believe AI will usher in a new era when it
comes to the insurance community’s leading role in our
larger, global ecosystem, particularly around existential
challenges such as climate risk. Can you expand on your
thoughts around how AI can enable climate resilience?
A
Sure! The speed and power of cloud
computing, combined with innovation in
AI, has finally delivered our industry to a
destination where we can predict outcomes, prevent
loss, and close the protection gap. We are living
in the age of the ‘AI Exascale’, meaning the most
powerful computers can perform the same number of
calculations in one second than a person could make
in 31.6 billion years.
This is critical because the current situation is
dire. However, we can harness AI to model better
forecasts, and use this information to inform those
communities most at risk. This can lead to the
development of parametric products, which will keep
those communities resilient.
Q
You recently shared an incredible case study,
where the ‘smart city’ of Cary, NC adopted SAS’s
cloud-based analytics in the prediction and
response to flood risk. Do you see this regional approach
being adopted in other states and municipalities? And
at what rate, given how severe the climate crisis has
become?
A
Sadly, 2023 was the deadliest year for climate
related deaths since 2010, with more than
75,000 fatalities globally. Cities like Cary or
Jakarta are leaders in climate risk resiliency, yet there
are not nearly enough communities exploring the
use of technologies such as IoT, streaming analytics
and AI to address these risks. I really hope to see this
change, particularly because the global IoT market is
forecast to grow to $700 billion by 2032.
Q
I believe you recently attended the RiskWorld
Conference down in San Diego? On the back of
this, what have you observed in terms of novel new
trends around climate risk mitigation?
A
I observed many point solutions to individual
issues or problems which were both innovative
and impactful, adding immediate value.
Practical solutions like flood barriers, carbon
recapture products, or 3D printed fire-resistive
homes address immediate needs; however, I believe
the use of new data sources like aerial / space
imagery ingested into AI platforms will be incredibly
useful in forecasting and crafting emergency
responses, as well as bolstering underwriting and
claims decisioning processes.
We also need to take a long-term view of addressing
climate risk. There’s momentum in change, and
individual solutions addressing today’s problems
are the equivalent of taking an aspirin for pain
management when you’ve got an arterial bleed.
need to evaluate organizations based on their
strategic vision and the role they intend to play in
addressing climate risk. This involves directing premium
dollars away from organizations with unsustainable
business models or practices, and diverting to
organizations with true ESG principles. Providing risk
assessment tools to help those same entities craft a
business plan to achieve their long-term goals also
ensures compliance with climate regulation, and
encourages the change we so desperately need.
Q
Can you share your thoughts on the importance of
intersectional partnerships? Why is it important for
re/insurers to be in collaboration with government
officials, emergency response teams and commercial or
residential real estate, as well as other sectors that might be
affected by a natural disaster?
A
The insurance community is a part of a larger
ecosystem upon which people depend.
Reinsurers provide coverage to insurers, who
can subsequently accept risk in the form of policies
to cover homes and businesses. Those policyholders
then have the support and assurances from state, local,
and federal authorities to enact emergency response
plans or adopt flood resiliency blueprints through
their hard-earned tax dollars. We are part of a larger
web and represent true sustainability! Resiliency does
not exist without each member of this community
taking accountability for their role and executing those
responsibilities.
Encouragingly, when disaster strikes, people help each
other in the vast majority of instances. Every claim
professional I’ve ever met has that one story about how
they truly helped someone when it mattered the most,
and I believe in our community’s ability to achieve
resiliency for this very reason.
As a self-described “Insurance Super
Nerd,” Franklin leads the Market
Strategy & Engagement for Insurance
within the Global Financial Services
Industry Marketing team at SAS
Institute, Inc.
Prior to joining SAS in July 2022,
Franklin held a variety of individual
contributor and people leader roles
in Property and Casualty Insurance.
He is a Chartered Property Casualty
Underwriter (CPCU) with bachelors’
degrees in Finance & Banking,
Risk & Insurance and French from
Appalachian State University. He
serves on the Board of Directors for
the Women’s Center of Raleigh and
the Board of Trustees for Soapstone
United Methodist Church.
Franklin J Manchester
Global Insurance Strategic Advisor, SAS Global
Industry Marketing
60 | MODERN INSURANCE

INSURTECH
Fathom
QDr. Jones, you often speak of the concept of ‘uncertainty’
in the insurance industry. How do models and data
assuage that uncertainty as it pertains to flood risk?
And what is the role of metadata in all of this?
Uncertainty is a prerequisite for insurance, and
reducing uncertainty - to individuals or corporations
A or governments - is a vital benefit that the insurance
industry provides. When it comes to building models and
flood maps, uncertainty is present in every component,
as well as being inherent in the processes we are trying
to model. Therefore, it is the risk we are attempting to
quantify.
A key part of Fathom’s ethos involves transparency.
We have a commitment to publish everything we do, to
the largest extent possible, in academic peer-reviewed
journals. We also provide extremely detailed and
comprehensive methodology documents. In short, we hide
nothing. This all helps to reduce the uncertainty faced by
our customers when they’re trying to understand what
underpins our flood maps and models. However, of course
there will always be a significant element of uncertainty
remaining. In this case, it’s our job to communicate this
remaining uncertainty to the best of our ability.
Our Metadata product helps by providing a ‘certainty rank’
for every grid cell on the planet, which reflects how sure
we are about our estimate of flood risk for that particular
grid cell. Ensuring our customers appreciate the different
levels of uncertainty adds an extra dimension to their
decision making. It’s not just about how much flood risk
there is, but how certain they are in the level of it.
Q
Climate change is expected to increase the frequency and
intensity of extreme weather events, including floods,
leading to greater risks for communities worldwide.
How will Fathom better serve its clients through its expanded
offerings with Swiss Re?
Flood is one the few perils where there is a
reasonable confidence in the direction of change
A for future climates. Generally, flash or surface
water flooding will get worse in future, alongside coastal
flooding, whereas river flooding will very much depend
on the specific location in question. We’ve published
numerous papers in academic journals on the impacts that
climate change will have on different communities around
the world, from Puerto Rico to Morocco and the US.
Being part of Swiss Re means that their established
relationships and distribution channels can enable us
to reach more people. We’re also poised to distribute
our products in a way that better suits the needs of our
current and future customers. For example, our flood maps
are now available in Swiss Re’s CatNet®, which is a wellestablished
platform for accessing hazard data for a variety
of perils - including visualization and API capabilities.
Q
“Climate tech” has become a real buzzword.
What are some of the trends and/or novel new
technologies you’re seeing in the industry at the
moment to address climate change?
A
‘Climate tech’ can cover a lot of sins, and it’s
really important to understand what is meant by
this!
At the resolution required for meaningful risk
assessment, there’s a lot of climate model data out
there that is completely unsuitable for quantifying flood
hazard by itself. That said, we do find that machinelearning
techniques can assist by training them in data
rich areas, which can then help supplement the data we
have in relatively data-poor areas.
The SWOT programme is a really exciting development,
which a number of our experts are currently involved
in. It’s a joint development by numerous space agencies
around the world, led by NASA and the Centre National
D’Etudes Spatiales in France. The programme saw a
new satellite launched into space in 2022, which will
measure all of the water on the planet’s surface in one
big survey and repeat every 21 days. Never before have
oceans and inland water bodies been measured at the
same time, and the data collected by this survey will
go a long way towards helping us map global water
surface elevation and gain a much better understanding
of river channels. We’ll also be able to validate our
flood maps against this data in the future, resulting in
a significant reduction in uncertainty for our next-gen
flood maps and models.
Dr. Matthew Jones
Chief Product Officer, Fathom
Dr. Matthew Jones is the Chief
Product Officer at Fathom,
responsible for ensuring that the
company’s existing products and
services are accessible to clients
and meet their requirements. His
role also includes the creation
and oversight of a compelling
product roadmap.
Most of Matthew’s career has
been spent as a consumer and
user of catastrophe models
and hazard data, giving him a
great insight into how Fathom’s
products are wielded and how
they can best serve the needs of
customers. Matthew has a PhD
in Oceanography and Remote
Sensing from University College
London, which he completed
whilst being based at the UK’s
National Oceanography Centre in
Southampton. He is a co-author
of ‘Natural Catastrophe Risk
Management and Modelling: A
Practitioner’s Guide’.
MODERN INSURANCE | 61

INSURTECH
InnSure
QCharlie, InnSure’s mission is rooted in its goal of
catalyzing innovative ways that the insurance
industry can contribute to the battle against climate
risk. How has InnSure’s vision evolved since its
inception?
Initially, we started looking at innovation
through the lens of ‘how can insurers be better
A prepared for the impacts of climate change?’
Since then, our focus has evolved to heavily consider
what the world needs from insurance in order to
address, mitigate, and adapt to the impacts of climate
change.
QI was thrilled to learn about the $5 million
innovation prize you just announced. It’s amazing
to have New York Governor Kathy Hochul and
the support of the New York State Energy Research and
Development Authority (NYSERDA) behind this initiative!
Can you tell me more about it, and how it works to
exemplify a strong collaboration between the public and
private sectors?
A
The insurance industry has unique capabilities to
identify, analyze, and transfer risk. But the world
is innovating so quickly that insurance can’t
keep up.
Insurance innovation needs to keep pace with the rate
of advancement in other sectors. This is especially true
with respect to the energy transition, which affects
buildings, transportation, and the energy sector. For
this to happen, insurance needs to deeply invest in
R&D.
We recognize that it’s hard to be the first to jump
into a new market. That’s where the prize comes
in. NYSERDA invested $6.5 million into insurance
R&D, and we’re confident that investment will yield
innovative insurance solutions. But the true impact of
the program lies in its potential to catalyze industry
action well beyond the specific companies selected for
funding.
happening in micro-insurance, group catastrophe
insurance, parametric insurance and the like, and we’re
definitely keen to discuss a few of those areas in more
depth!
Q‘Climate tech’ has become a buzzword. So, what
are some of the trends and novel new technologies
you’re seeing in the industry?
The breadth of ‘solutions’ in the industry is
amazing. In the renewables space, there’s rapid
A scaling of mature technologies, like wind and
solar. While those technologies can be challenging
because both wind and sun are dependent on the
weather, they’ve spawned a revolution in large scale
energy storage. Technologies like advanced geothermal
energy production is also exciting, because it provides
an always-available energy source and shifts the
workforce from oil and gas to clean energy.
We’re seeing an equal amount of innovation in
transportation, including things like sustainable
aviation fuel (SAF). Green hydrogen is also being
developed in earnest, which will move the needle in
hard-to-decarbonize areas, like the industrial sector.
QCan you tell me a little more about InnSure Corps,
and how our readers might get involved?
InnSure Corps is a networking, professional
development, and social impact organization,
A serving as a powerful resource for professionals
to connect and collaborate at the intersection of
climate, technology, and insurance. The organization
empowers the next generation of insurance leaders,
climate professionals and community innovators to
supercharge their professional growth and leadership
skills, opening doors to new opportunities and career
advancement.
Readers can visit our website to join or learn more.
Through this program, hundreds of talented insurance
professionals will engage with innovative professionals
from other sectors working on the energy transition.
By presenting a wide variety of insurance-centric
solution providers, and dozens of possible business
models to capacity providers, we are creating an
accelerated path to attack the insurance gap. The
collision of money, ideas, talent and data initiated
by this challenge will have a domino effect, and the
cross-functional ecosystem coalescing around the
program will outlive it.
QWe’re delighted to have you on stage this year
at Insurtech Insights USA! The panel will explore
how we can insure the energy transition, further
considering the insurance sector’s role in responding to
climate change. Can you give our readers a preview of
some of the approaches that insurers are taking to mitigate
climate risk?
A
The insurance industry is working on both sides
of the equation. They’re insuring the energy
transition and the technologies that are part of
it, but they’re also finding ways to close the growing
protection gap. There are a lot of exciting things
Charlie Sidoti
Executive Director, InnSure
Charlie Sidoti is the Executive
Director of InnSure, a non-profit
innovation hub catalyzing novel
insurance solutions that address
climate change risk. Charlie’s
35+ years in insurance includes
senior leadership roles with
P&C insurance carriers, 10 years
leading insurance-adjacent
analytics-focused startups, and
founding InnSure in 2019. Charlie
is driven to reimagine how the
insurance sector can better help
society solve the most difficult
climate risk challenges via better
insurance products and services.
62 | MODERN INSURANCE

INSURTECH
Faura
QValkyrie, it was great to catch up recently! Why
don’t you start by telling me a little about your
background? What sparked your vision to launch
Faura?
AI previously started in space tech, working for
NASA and SpaceX on commercial rideshare
insurance and sending companies into space.
I received a grant from the 776 Foundation to pursue
sustainability full-time, and found myself in the natural
disaster space after doing some preliminary research back
in high school. I wanted to help people in high-risk areas,
and we kept coming back to cost as the biggest barrier to
entry. So, we started Faura to help align more stakeholders
and to offer a new look at resiliency.
Q
I’ve read some of your recent stats; 1/3 of the US
is now classified as a high-risk disaster zone, and
four in ten Americans have been struck by national
disasters. Premiums have also risen by 21%. How is Faura
positioned to solve this growing problem?
AFaura helps provide actionable insights to both the
insurer and the policyholder on how to reduce risk
and gain value. Currently, there aren’t any existing
programs that align the two parties, offering incentives to
homeowners in the form of grants and insurance discounts
while giving companies valuable data to help validate
that risk. We use our resilience score to measure the
survivability of the property, putting an expert opinion in
your prospect’s pocket.
More communication is key when innovating in the
insurance space. Homeowners want more variability and
our society is becoming much more hyper-personalized,
which insurance is in a unique position to underwrite. Our
homes haven’t really changed much over the years, so
the industry hasn’t had to keep up - until now! Climate
is this new hyper-personalized variable that threw us all
for a loop, and Faura is focused on providing that extra
communication, as well as the illuminating data that we all
now crave.
Q
In the current climate crisis, intersectional
partnerships are critical when it comes to reducing
climate risk. What’s the rate of adoption in terms of
getting homeowners engaged with Faura?
QWith so many insurers pulling out of California and
Florida, do you see assessments and mitigation
eventually becoming a ‘must-have’ in terms of
underwriting a policy?
A
I think we’re already starting to see the shift in how
insurers think about mitigation. Up until now, we’ve
only been accounting for natural disaster presence,
not natural disaster resilience, and the industry has been
suffering because of it. Insurers are having trouble finding
more profitable business and identifying the worst risks,
and we’re only going to get the full scope of risk if we
perform digital assessments and account for mitigation.
It’s no longer about which homes are going to be hit in
a natural disaster. It’s about which homes are going to
survive.
Q
What do you see happening in the changing
regulatory environment, particularly when it comes
to underwriting in disaster zones that pose the
highest risk?
AInsurance companies have pulled out for a reason,
and we’re going to need to offer a lot of data if
we’re going to help them traverse back into the
unknown. The regulatory environment will help, but I’m
not convinced that any single change will be the final nail
in the coffin to send insurance companies running back
to California, Florida or Texas. In these high-risk areas, we
need broader communication between the homeowner,
insurance company, and everyone inbetween (claims,
inspections, reinsurers, etc), as well as resilience data that
supports the fact that homes in disaster-prone areas can
be profitable. This is exactly what Faura aims to provide.
Valkyrie is the CEO and Co-Founder
of Faura, an insurtech startup that
provides loss control solutions to
insurers with high-risk books of
business. She began her work as a
data analyst and engineering intern at
SpaceX before being awarded the 776
Fellowship to work in sustainability.
Since then, she’s launched assessments
in wind, hail, and wildfire to add climate
resilience data to the insurance market
and is now operational across the
country. She has previously spoken at
the Gartner IT conference, SXSW, the
Aspen Ideas conference, and more.
AHomeowners are having to learn more about
insurance than ever before, so they’re already
pretty engaged with their policies and what’s
going on in the industry. We took the approach of, “Hey,
if homeowners are learning about their policies already,
maybe we can offer more value in the same amount of
time”. Since then, our assessments have skyrocketed; from
the beginning of the year through to June, we will have
done over 10,000 assessments for people all over the
country.
Education is a big part of what we do at Faura, and if
homeowners understand why they’re being asked to do
specific things, they’re more likely to do them. We saw this
first hand with grant organizations. Residents need to see
resources as valuable and meaningful!
Valkyrie Holmes
CEO and Co-Founder, Faura
MODERN INSURANCE | 63

INSURTECH
The Geneva
Association
QMaryam, it was a great pleasure to connect with you
recently and learn more about your distinguished
background!
I recently read the two Geneva Association Reports you authored
with great interest; ‘Climate Tech for Industrial Decarbonisation:
What Role for Insurers?’ and ‘Bringing Climate Tech to Market:
The Powerful Role of Insurance’. The first report takes a close
look at the climate tech landscape, examining the barriers to
expediting the commercialisation of new climate technologies
such as green hydrogen, sustainable aviation fuel, and carbon
management for industrial decarbonisation. It also offers
insights from C-level insurance executives around some of the
key opportunities and barriers. Meanwhile, the second report
takes a deep dive into how re/insurers can help expedite the
commercialisation of climate technology. You led this initiative
through insurance industry collaboration and engagement with
key stakeholders in this space.
It would seem that Property & Casualty (P&C) re/insurers
could play a critical role in engaging directly with climate tech
stakeholders from the pre-commercialisation stages. However, a
number of factors currently hinder such engagement, including
profitability concerns and a lack of data around untested risks.
Are you able to expand on some of these potential opportunities,
and perhaps outline some of the common C-level views around
how we can address these obstacles?
Most CEOs who responded to our survey recognise
that engaging early in climate tech projects through
A risk engineering and consulting would allow insurance
companies to build expertise in this area, particularly
when it comes to identifying and understanding risks
and estimating potential loss impacts. This is especially
important given that historical loss information does not
exist for these technologies.
Early engagement also offers first-mover advantages,
such as opportunities to build relationships with other
stakeholders and gain a competitive edge through market
access. As technologies progress to early commercialisation,
engaging re/insurers from those earlier stages would offer
a head start on working with standard-setting bodies to
develop technology-specific risk management frameworks,
codes of practice, and safety standards. Furthermore,
early engagement could improve brokers’ understanding
of the appropriate risk-sharing balance for such projects,
which could avoid unrealistic expectations around
insurance coverage and pricing. Greater risk sharing among
stakeholders in the early stages of projects could lead to the
development of structured risk management solutions and
better risk allocation among parties. This would help attract
more capital and ensure optimal risk financing.
Ultimately, as technologies mature and deployment
increases, more data on the performance and efficacy of
risk management strategies will become available, standards
will be developed for project replication, and insurability will
improve. This will allow insurers to take a greater share of
the overall risk pool.
QThe second report highlights the importance of crosssectional
partnerships and strengthened collaboration
with climate tech stakeholders, such as project
developers, policymakers, equipment manufacturers and
infrastructure operators. What can re/insurance leaders do to
engage in partnerships and collaborate, in order to develop
effective risk management strategies?
A
Expediting the commercialisation and deployment
of new climate technologies over the next few
decades will require new ways of doing business.
Stakeholders from different sectors need to come together
to align priorities, developing risk management measures
and innovative financing approaches to address barriers
and investment gaps. In 2022, the U.S. Department of
Energy released the Adoption Readiness Level Framework,
offering a comprehensive list of risks that could hinder
market readiness, such as risks associated with technology
performance, demand maturity, downstream value
chain, underpinning infrastructure; manufacturing and
supply chains; access to critical materials, work force,
environmental and safety issues, and regulatory and public
policy environment. Addressing these risks involves a
range of stakeholders that need to align priorities and
work together as relevant in order to overcome each of
these risks.
We have demonstrated that affordable insurance solutions
will be essential for getting new climate technologies
ready for market, securing financing and managing project
liabilities. The development and implementation of risk
management solutions is fundamental for improving
insurability conditions. Beyond risk management efforts
at the project level, industry-level collaboration and
cross-sectoral efforts to help change the risk profile of
climate technologies is also needed. This may include
building extreme-weather-resilient equipment (e.g. thicker
or vertical solar panels for protection against hail) and
more resilient infrastructure, offering targeted workforce
training (e.g. contractors, operators), and developing
public policy and regulatory requirements that mitigate
environmental and safety risks. As understanding of the
risks associated with new climate technologies improves
(and as risk management solutions are developed and
tested), industry associations and other standard-setting
certification bodies will be able to engage and collaborate
with insurers to develop risk management frameworks,
standards, and codes of practice for project replication.
QThe second report also brings focus to the importance
of engaging re/insurers’ risk engineering teams right
from the pilot and early deployment phases of new
climate tech projects, which can expedite the assessment of
insurability conditions. Why is this, and what are the benefits?
Many emerging climate technologies are
being developed by small- to medium-sized
A entrepreneurial technology firms, many of whom
do not have strong balance sheets, risk management
expertise, knowledge about insurance requirements, or the
management skills required to run a successful business
in the growth stage. This presents a unique opportunity
for project developers to leverage the risk engineering
expertise of re/insurers.
Early engagement of risk engineering teams, even from
the demonstration and early deployment stages of climate
tech projects, could have many mutual benefits. For
example, we could see increased transparency and data
sharing, as well as enhanced knowledge around risks,
data needs, and monitoring requirements. Getting more
exposure to more projects as the technology matures
could lead to faster identification of systemic foreseeable
risks and defects that could be mitigated, particularly in
areas such as equipment design.
Furthermore, this can lead to the development of a
‘pool of projects’, which could subsequently result in
the establishment of an insurance ‘pool’ that can spread
the risk and set reasonable expectations among climate
64 | MODERN INSURANCE

tech stakeholders about which risks be transferred to the
insurance industry, and how that risk-sharing balance can
evolve over time as the technology matures, or as more
risks become known or measurable.
Finally, this approach may very well accelerate the
identification of unique, tech-specific insurance needs, all
of which could require product innovation in commercial
insurance markets and even other interventions, such as
government backstops. Knowledge gained across projects
could help expedite the development of risk management
standards, guidelines and codes of practice.
QGiven the complexities and large capital requirements
of climate tech projects, the report highlights that
traditional technology financing mechanisms (such as
growth venture capital funding) are not sufficient at a project
level. In light of this, we’re seeing an increased utilisation of
project finance.
That being said, re/insurers are traditionally contacted after
the project has been designed for development at an approved
site. What are the implications of this?
A
In this case, it often means that insurance-related
considerations are not made during project design,
potentially leading to risks being overlooked or
underestimated. Such oversight could result in insurability
challenges, delays or compromises in financing and
execution.
Engaging re/insurers’ risk engineering teams much earlier
on would ensure that risks are considered, assessed and
managed more holistically, enhancing the insurability of
the project and potentially shortening the due diligence
period for obtaining insurance. For example, extreme
weather events can significantly damage or destroy
industrial assets. Between 2019 and 2023, wildfires, floods
and hailstorms all resulted in major losses for renewable
energy facilities. Rising insurance costs and difficulty
finding coverage are starting to limit where such projects
can be built, particularly where the risk of weather-related
events is above average. With trillions of public- and
private-sector funding being mobilised to expedite the
commercial deployment of new climate technologies
over the coming decades, deciding where and how to
build facilities will be critical to ensuring longevity and
insurability over their life cycle.
Involving re/insurers’ risk engineering teams earlier will
help guide these decisions in those initial stages. Re/
insurers can also work with project developers and their
EPC partners to develop risk management strategies,
such as contingency plans, advanced control systems, and
sensors to anticipate system failures. All of these elements
can be taken into consideration in the design phase,
which enables proactive maintenance once the project is
implemented. Re/insurers can also propose risk mitigation
strategies through selection of equipment, such as the use
of thicker glass or vertical solar panels for solar plants in
zones with high hail risk, which may make a significant
difference to the insurability of the project.
QCan you expand upon the novel Insurability
Readiness Framework (IRF) for advancing the
commercialization of climate technology?
A
The Insurability Readiness Framework (IRF), which
we developed through cross-sector collaboration,
classifies climate tech risks into 7 categories;
technology risk; project information and organisation risk;
legal, finance and compliance risk; physical risk at project
location; business interruption and supply chain risk; longterm
risk; and environmental, social and governance risk.
This framework allows climate tech stakeholders to
consider risks through an insurance lens. The IRF provides
a list of key issues under each category, enabling more
informed conversations between climate tech stakeholders
such as the developers, investors, engineering firms and
re/insurers. In turn, this ensures that risks are considered
and mitigation strategies are developed in line with
insurance expectations.
We also demonstrated how the IRF can be used to
pinpoint areas within climate tech projects that pose
the greatest challenges to insurability. We did this by
using two technologies – carbon storage and green
hydrogen. Finally, utilisation of the IRF during the project
development and financing phases can also help to
identify data requirements on a tech-by-tech basis.
QWhat challenges lie ahead when it comes to
implementing the recommendations in these reports?
Speed and scale! Meeting global climate targets
requires new climate technologies to be developed
A rapidly, and deployed on a huge scale. The insurance
industry has a crucial role to play here, but various
challenges need to be overcome first in order to unlock
full potential.
Firstly, we are lacking practical mechanisms to engage
re/insurers’ risk engineering teams directly with project
developers and other stakeholders from the early pilot
and demonstration stages. Re/insurers’ risk engineering
capacities need to be expanded, and insurance markets
also need to evolve in order to enable the scaled
deployment of climate tech. There must be a greater
understanding of insurance needs for funding climate
tech projects through debt, and capital market financing
needs to be improved. Finally, we must develop our
understanding around how industrial sectors are adopting
these emerging technologies, as well as the implications
for their business models and related insurance needs.
QWhat’s next for Dr. Maryam Golnaraghi?
A
Climate change is increasing the frequency and
severity of extreme weather events. Our next
project will assess the insurability of physical
climate risks in light of this trend, and examine what’s
needed to keep insurance affordable and available. This is
a huge and rising concern in many countries with mature
insurance markets, where in the absence of appropriate
risk reduction and prevention measures such as land
zoning, upgrading building codes and retrofitting existing
buildings, insurance companies have been forced to limit
or cease their offering of new policies. The project will
bring focus to the need for a paradigm shift in the way
society manages these risks.
Dr. Maryam Golnaraghi
Director - Climate Change and Environment,
The Geneva Association
MODERN INSURANCE | 65

INSURTECH
EDITORIAL
BOARD
WELCOME to the Insur.Tech.Talk
Editorial Board.
Modern Insurance Magazine’s board of insurtech experts come together once again in this
latest issue, showcasing the very best thought leadership insights from the heart of the
insurtech marketplace.
This issue voices the thoughts of...
Andy McCulloch,
CTO,
Percayso Inform
Ron Rock,
Managing Director – Financial
Services, JobsOhio
Denise Garth,
Chief Strategy Officer,
Majesco
Ed Halsey,
VP Marketing,
Genasys
Tim Hardcastle,
CEO and Co-Founder,
INSTANDA
MODERN INSURANCE | 67

INSURTECH
Diversifying Talent Through
The School of Code
The digital transformation of the insurance industry has changed the
way in which many insurance businesses interact with their customers,
resulting in new career opportunities for those outside of the industry
as well as those within it.
Andy McCulloch
CTO, Percayso Inform
While it’s broadly acknowledged that the global pandemic
acted as a catalyst and hugely accelerated the digitalisation
of the insurance sector, there is perhaps a less recognised but
no less valuable outcome. As businesses were forced to close
their physical doors, lockdown helped them open their virtual
doors more widely to vast new pools of talent.
All of a sudden, a candidate’s proximity to a physical office
didn’t matter. No-one knew how long the pandemic would
last, and whether remote working would continue to be the
norm. What did matter was finding the right people to do
the job – and in doing so, many businesses found themselves
looking beyond the normal boundaries.
It’s a practice that many of us involved in the insurance
industry have continued to preach even as lockdowns fade
into memory, and in doing so, we’re welcoming new talent
and increasing the diversity of our tech teams.
Here at Percayso, we’ve recognised that creating a diverse
team of people brings varied perspectives and skill sets,
leading to more creative and effective problem-solving.
Despite being based in the strong tech-hub of Nottingham,
we soon realised that hunting for the ‘perfect’ person whose
skills ticked every box was a pointless exercise. Instead, it was
more important to identify the personal qualities, attitudes
and hunger to learn, and then feed their talent by training
them to do the job.
Our growth over the years has naturally created gaps in our
tech team. To address this, we’ve engaged with the School
of Code, a social enterprise that broadens opportunities for
a huge array of individuals who want to forge a career in
technology. Its programme is open to everyone regardless of
age, background and experience, and its mission is to offer
the skills, tools and opportunity to create and innovate with
technology.
Unlike other bootcamps or courses, the School of Code
doesn’t just teach coding skills. It also focuses on helping
its participants when it comes to understanding the skills
required to be part of high performing teams in modern
technology companies – from maintaining a growth mindset
and learning to learn, through to considering how to problemsolve
and troubleshoot independently.
We’ve recruited six of their graduates to date, all with a
diverse mix of experiences, skill sets and backgrounds,
building our own internal training processes and support
structures to see them through the early days in their new
roles at Percayso.
One used to be a Maths teacher and another was a school
leaver, yet since joining, both have been promoted. The
common denominator to their success has been their positive
attitude, both wanting to learn more and get stuck in so they
can make the most of their new found skills.
Jack Waterfall started with us as a Junior Software Engineer
after finishing the School of Code Bootcamp in April 2022.
He’s since been promoted to Software Engineer.
Jack says: “I love everything programming-related! My
interest started when I was 12 years old and I decided to try
creating content for various video games that I played using
the LUA programming language. After finishing college, I
decided that University wasn’t the right path for me; instead, I
spent 3 years running a small 3D printing business and taught
myself full-stack JavaScript development. During the School
of Code Bootcamp, I learnt lots of new skills and met so many
passionate people.”
We’re huge advocates of what the School of Code is doing,
and we’re already seeing the benefits from our engagement
with them. I would encourage any insurtech business – in fact,
any business involved in the insurance industry – to be open
to the less traditional routes when it comes to bringing new
talent on board. Focus on the personal qualities and attitudes
of the individual rather than their years of experience or
industry background. Diversity in your teams matters, and
ultimately, it all adds up to good business sense.
68 | MODERN INSURANCE

Ohio:
The Heart of Industry
Transformation
INSURTECH
Ecosystem. Community. Omnichannel.
Differentiation. Competitive advantage. These
terms are all necessary for creating a sound
business development strategy.
There’s also another common thread in each of these items;
they all rely on people.
Whether you’re building a company, selling to customers or
buying products, insurance is a highly personalized industry.
Individuals are unique, and because of this, companies need
to meet customers where and when the customer wants to
be met.
With the advent of new technologies, personalization and
targeted outreach are more important than ever. It wasn’t
long ago that ‘insurtech’ was merely a buzzword, and in this
world, AI, blockchain, IoT, and other innovations all require a
human component to serve as a guide and resource.
So, while the future of insurance is changing to bring
technology under the spotlight, attention to high quality
talent will be a necessary part of that change in order to keep
driving the industry forward.
Imagine a world where an autonomous bot, linked to a
customer, searches through a mountain of global data
created by all autonomous bots in the insurance industry.
In that search, the bot finds the best price and coverage
available based on public customer data. The bot will
either renew or cancel, bind new policy, electronically sign,
transfer funds to cover payment, and send notification to
the customer. It’s a very limited interaction from the human.
Oh, and because the interaction is so frictionless, this
happens daily. Sounds pretty far-fetched, right? However, if
regulations allow it, this could very well be a possibility. Apply
this to the claims lifecycle, and you could end up with a very
complicated process for the end user.
In reality, we’re in the middle of futurizing the industry with
technology and innovation, but with the human element as a
huge factor. Companies are testing new things, using existing
processes or data to validate, and piloting in test markets. If
successful, a broader launch is pursued or a partnership is
created with an incumbent. From my perspective, innovation
using data and AI will get us closer to the improved
underwriting and hyper-personalization mentioned above.
In Ohio, we’ve created an environment for collaboration and
success that remains unmatched throughout the United
States. Here, established insurance mainstays bolster industry
start-ups and disruptors to drive innovation. As the fourthlargest
financial services sector in the country and one of
the USA’s most thriving insurtech hubs, Ohio’s ecosystem
encourages partnership and a commitment to moving the
industry forward.
At JobsOhio, we connect and empower companies with the
resources they need to be successful – innovation hubs, talent
networks, industry leadership forums, customized incentives,
tax credits, and much more. It’s a place where collaboration
fosters an environment for growth and success to advance
the industry.
It’s amazing to think of how much has changed in the last few
years. However, there’s still a lot to transform! In reality, we’ve
only seen an innovative toe dipped in the insurance industry,
and I’m excited to see what we can do if we start to dive right
in. What’s more, we have a front-row seat here in Ohio…
Ron Rock,
Managing Director –
Financial Services, JobsOhio
MODERN INSURANCE | 69

INSURTECH
The Insurance Industry
at a Crossroads
Being at a crossroads means you’ve reached a stage that requires
a very important decision to go one way or the other, each with
different results and consequences. This is where the insurance
industry stands right now.
Denise Garth,
Chief Strategy Officer, Majesco
Name a pressure and it’s happening. Inflation, supply chain
challenges, high interest rates, lower disposable incomes
and low unemployment, with growing retirements coupled
with declining profitability, increased claims costs and
losses, rising loss ratios, and rising reinsurance prices. All of
these have combined to create a massive wedge, lifting the
industry out of its seat of complacency and into a position
of decision and action. Each pressure makes its own case
for rethinking business operating models and technology
foundations, in order to remain relevant and growing.
Current business and technology frameworks no longer
meet the challenges, demands, and opportunities of today’s
dynamic and fast changing world, let alone the one of
tomorrow. The primary challenge is the significant legacy
debt generated by old operating models underpinned by
multiple legacy core systems, technology architectures, and
archaic business processes.
Attempts to place new technologies on old foundations
haven’t achieved their intended value. Legacy architecture
and operational models are an unstable foundation. Their
weakness is decades of modifications, myriad constraints and
growing business challenges. Operating models are proving
to be inefficient, unprofitable, and experience-constrained.
Layered technology has added complexity that has increased
costs, rather than decreasing them.
The way forward must include both operational and
innovative initiatives to drive transformation of today’s
business model and technology foundation. This can bend
the cost curve that drives profitable growth and efficiency,
creating competitive differentiation for customers and
managing the growing need for talent.
Nearly 50% of insurance industry employees will retire by
2030. Institutional knowledge and expertise is in jeopardy.
Add to this the fact that 44% of Millennials don’t find
an insurance career interesting, even though insurance
offers great opportunities to work in a variety of avenues:
underwriting, data and analytics, cutting-edge technologies,
and more – all things that would seemingly appeal to this
generation. These Millennial and Gen Z job expectations,
including the technology they will use, places further
pressure on insurers.
The cost and impact of legacy debt is now catching up and
pulling organizations down, certainly from a cost, speed to
market, operational and talent perspective. The devastating
combination of retirements and lack of interest by Millennial
and Gen Z creates a real opportunity for rethinking the
business model and technology foundation. Legacy business
models and technology got insurers to where they are today.
They can’t carry insurers safely into tomorrow.
So, what needs to change? Next Gen intelligent solutions
will meet the expectations of new employees, bridging the
institutional knowledge gap and bending the learning curve.
A groundbreaking leap in software design is making this
possible, fueled by the pillars of modern innovation: cloudnative,
API-first, microservices and containerization, headless,
and embedded analytics - including AI and GenAI.
AI and GenAI are awesome tools that have the power to
revolutionize insurance — offering a tailwind for cloud-native
market leaders who embrace AI and GenAI as a competitive
advantage — putting distance between them and those with
legacy, on-premise solutions.
The insurance market is being challenged and reshaped
by colliding forces. They have given the insurance industry
a catalyst — a reason to refocus on transformation, drive
operational optimization, and examine how insurance does
business.
But transformation must be more than just legacy system
replacement. It must be a burning platform for strategic
change of the operating model, and a flexible technology
foundation that will adapt to rapid market changes, create
new experiences, and allow a company’s innovators to
innovate. A new foundation will decrease operational costs,
improve productivity, allow marketing to tap into market
opportunities that will grow the business, and keep the
company prepared for change, wherever and whenever it
occurs.
Forward-thinking leaders recognize the crossroads,
identifying the areas that intersect the operational business
model with the technology foundation in order to drive
optimization, growth, innovation, agility, and long-term
business success. Every insurer and every transformation is
unique, yet each deserves a solution that addresses every
aspect of the business.
Stop investing in the past, and commit to a new direction. No
more patchwork solutions. Build with the future in mind.
MODERN INSURANCE | 71

INSURTECH
Guardians of our Customers’ Future:
Rethinking Sales in Insurance
The fact that our industry is in the grip of a credibility crisis is no
surprise. Considering insurance is often viewed as a ‘grudge purchase’
laden with complex legalese baffling the average buyer, coupled
with premiums that are rapidly escalating due to unchecked claims
inflation, it becomes clear why customers may harbour distrust. Add
to this the perennial perception that insurers proactively avoid paying
claims, and we have the perfect storm.
Ed Halsey,
VP Marketing, Genasys
As an industry, it’s crucial that we proactively address these
misconceptions, acknowledging our responsibility to protect
our customers’ futures. Despite prevalent negative customer
sentiment, the reality is that in many sectors of our industry,
the rate of claims settlement is impressively high (often
exceeding 90%, according to ABI data). Addressing the gap
between perception and reality is essential if we’re going to
improve customer trust and satisfaction. So, where’s it all
gone wrong?
Articulating the benefits
Well, the difficult reality is we’re not very good at sales. You
might argue that insurance is sold, not bought, and we’re a
multi-trillion-dollar global market. In many cases, however, it’s
a legal requirement or enforced obligation – think mortgage
offers enforcing buildings cover, through to contractors
requiring public liability. We don’t need to convince anybody
of anything – they have to buy it.
For evidence of our shortcomings when we actually have
to sell to customers, you need only look at how badly
we’ve failed to articulate the benefits and necessity of vital
coverage, such as cyber insurance. The 2024 Cyber Security
Breaches Survey reveals 74% of large businesses reported
an attack in the last year, while Aviva’s research shows only
36% of businesses have some form of cyber cover. We have
to ask – how good is our industry at selling and reframing the
insurance narrative?
Time to differentiate
When everybody looks, feels and sounds the same, how
is the business-to-business and business-to-consumer
customer meant to decide which insurer to choose?
Customers are met with a sea of logos, names, and
potentially-interchangeable ad campaigns. Insurtech
has bought us some exceptions, particularly with risqué
marketing and hype campaigns. In my opinion however, the
mainstream market remains conservative and too risk averse
to rock the boat, with only a handful of exemplary creative
approaches.
The result? Well, does anybody outside of our industry really
know what each insurance business stands for, and how
they truly differentiate? Ironically, these are the people that
we’re most trying to attract! In the majority of cases, the only
thing that customers can sense check is price, but they lack
meaningful context around an insurer’s point of difference,
and where they sit against the competition. I recently
compared three major home insurers, and they all led with
messaging of prices “from just £X”. Yet on closer inspection,
they were within just £7 of one another without any clear
steer as to what made them stand out against the crowd.
Leading with audacity
We need to stop answering “Why buy?” and start answering
“Why buy from us?”. When you differentiate your offering
with something the customer desires, it’s proven time and
time again that you’ve reframed the conversation away from
price. This is where a number of insurance businesses have
got it right, and they are reaping the rewards waiting for the
rest of the market to catch up.
The foundation for this involves being braver with how you
differentiate in a crowded market. It requires dedication to
upskill Sales teams, getting them to think with sophistication
about how their product will enhance their customer’s
life, and really explaining its value while demonstrating an
awareness of what makes your customers tick. It’s looking
at how we change the way insurance is done to make it
simpler and more relevant, underpinned by a seamless,
personal customer experience from point of sale to point
of claim. Only then can we change the perception of the
annual ‘grudge purchase’ and improve customer trust and
satisfaction.
If we continue to sell insurance with the mindset of a bygone
era, we risk becoming relics ourselves. Instead, let’s lead with
audacity. Let’s redefine our value propositions and prove our
industry is as vital and dynamic as the lives we promise to
protect. Are we simply sellers of policies, or are we guardians
of our customers’ future? The answer lies in our next move.
Let’s be bold.
MODERN INSURANCE | 73

INSURTECH
Redefining the
Future of Insurance:
Empowering
People Through
Technology
Tim Hardcastle,
CEO and Co-Founder at INSTANDA
In a rapidly evolving insurance landscape where the
wave of democratising technology is well advanced up
to the proverbial shoreline, advances in automation and
Artificial Intelligence (AI) means what was once a wave is
now a tsunami.
Of course, this tsunami is seen as both a positive and
negative, arguably in equal measure.
On the one hand, there’s a fear that AI and automation
will lead to widespread job displacement within the
insurance industry. More positively, others state that these
technologies should be used to empower employees and
encourage them to achieve more than what was previously
possible.
By automating routine and time-consuming tasks, insurers
can free up valuable resources, enabling people to
concentrate on professionally fulfilling tasks where they
can add significant and intelligent value.
Let’s take INSTANDA as an example. By empowering
insurers to manage data in real time, design customised
questions, and handle ratings across various products
and geographies (all without extensive in-house
development resources), business users are allowed to
enhance operational efficiency, customer experience,
and profitability. This level of adaptability grants insurers
control over their operations the likes of which has been
previously unattainable, fostering a culture of innovation
and agility.
Creating Data-Driven Cultures
Leveraging data for insight is another example of where
technology can enhance operational efficiency. The
insurance industry is replete with data, yet much of this
invaluable resource remains untapped due to silos and
fragmentation. Therefore, the challenge resides not only
in collecting data, but in transforming it into actionable
insights. Herein lies the potential of automation and AI
to serve as a linchpin for data-driven decision-making.
Underwriters, for example, are already using technology
to leverage vast amounts of insightful data, enriching their
capacity to make well-informed decisions.
Many insurers are also optimising their broker distribution
channels, allowing new business quotations to be
uploaded in any format, which are then processed and
organised for underwriters to review. This not only
enhances the efficiency of the underwriting process, but
also elevates the role of underwriters by relieving them of
mundane tasks. The transformational impact on a team
and individual level can be quite profound.
Cultivating the Right Skills
Of course, central to harnessing the power of AI and
automation is the need for skilled individuals capable
of understanding, developing and maintaining new
and emerging technologies. Unlike previous industrial
revolutions, the pace of technological change today does
not afford the luxury of a gradual adaptation. The baseline
of what technology can do is changing all the time, and so
insurers must be in lockstep.
The insurance industry needs people to manage the
data estate and interact with that data in a completely
different way. This necessitates a shift in mindset and
the acquisition of new skill sets focused not just on data
mining but on transforming data into meaningful insights.
Consequently, the insurance industry must look beyond its
traditional boundaries to attract talent with the necessary
cognitive skills to drive innovation.
Looking Ahead
The integration of AI and automation is not just about
staying relevant. It’s about technology and people
working symbiotically to drive improved efficiency, better
decision-making, personalised customer experiences, and
innovative risk management strategies.
For insurers, the message is clear. The future is not about
technology replacing people; it’s about enhancing their
capabilities, empowering them to innovate and add value
in ways that have been previously unimaginable.
74 | MODERN INSURANCE

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