Manan Sagar, CEO of Gallagher Bassett (GB) UK, joined the team in February of this year and is committed to driving superior outcomes for GB’s clients and customers. In the third and final part of his interview series covering technology and innovation in the insurance industry, Manan discusses the potential of emerging tech tools (not just AI), that have got him excited about the future. He also addresses the topic of the very real threats that are presenting themselves alongside new technologies like AI, and importantly, the steps that GB is taking to protect its customers, fortify its systems and abide by regulations as the regulatory landscape also evolves at an increasingly rapid pace.
Q: What type of tech tools are you seeing emerge in the industry, and what excites you about them?
Several emerging technologies are particularly exciting! I would be remiss not mention Artificial Intelligence (AI) and Machine Learning as it is definitely the most prominent and commonly spoken about. These technologies are being used to automate various processes, improve underwriting accuracy, and enhance customer experience, but there are other areas of technological advancement that are developing at an equally exciting pace and that have the potential to impact the insurance industry and its customers for the better.
For example:
- Internet of Things (IoT): IoT devices, such as connected cars and smart home sensors, are generating vast amounts of data. Insurers can leverage this data to offer usage-based insurance, assess risk more accurately, and prevent losses by providing proactive alerts and recommendations. Telematics technology, often used in auto insurance, is an example of IoT that has already gained traction and allows insurers to collect data on driving behaviour, such as speed, acceleration, and braking. This data enables insurers to offer personalised premiums based on individual driving habits.
- Blockchain: Blockchain technology has the potential to revolutionise insurance by providing secure, transparent, and tamper-proof record-keeping. It can streamline claims processing, reduce fraud, and enable efficient data sharing between insurers, reinsurers, and other stakeholders.
- Data Analytics: Advanced data analytics tools help insurers analyse vast amounts of data to gain insights into customer behaviour, identify trends, and make data-driven decisions. Predictive analytics can be used to assess risk more accurately and enable near real-time risk management.
- Robotic Process Automation (RPA): RPA automates repetitive and rule-based tasks, such as data entry and claims processing, freeing up human resources to focus on more complex and value-added activities. It improves efficiency, reduces errors, and enhances customer service.
These are just a few examples of the tech tools that are generating excitement in the insurance industry. The adoption of these technologies has the potential to transform the industry, making it more efficient, customer-centric, and innovative.
Q: What are some of the tech threats you are seeing that make you concerned?
The rise of sophisticated fraud, including the use of deepfakes to create fake photos and videos, is a significant concern. These technologies can be used to deceive insurers and manipulate claims processes.
Q: How is GB protecting their clients from these emerging threats?
We protect our clients by investing in the latest fraud detection technologies and maintaining rigorous security protocols. Our approach includes continuous monitoring and updating of our systems to stay ahead of potential threats. Additionally, we educate our clients on best practices for cybersecurity to help them safeguard their own data.
Q: With evolving regulations in the UK, how is GB preparing for the AI advancement?
Gallagher Bassett is committed to staying ahead of regulatory developments concerning AI. We closely monitor changes and adapt our practices to ensure compliance while leveraging AI to its fullest potential. This proactive approach ensures that we can continue to provide our clients with cutting-edge solutions that meet all regulatory requirements.
Q: How can GB clients use AI data to make their processes run more efficiently?
AI data can help our clients automate routine tasks, gain deeper insights into their risk profiles, and better understand customer behaviours. By integrating AI into their processes, clients can streamline operations, reduce processing times, and make more informed decisions, ultimately enhancing their efficiency and effectiveness.
Q: When supporting GB partners with AI tools, what matters most?
While user-friendliness and reliability are critical, the most important feature is security. Ensuring that our AI tools are secure protects our clients’ sensitive data and builds trust. We prioritise robust security measures to safeguard against emerging threats, providing our clients with peace of mind as they leverage AI to improve their operations. Our goal is to empower our clients with technology that not only enhances efficiency and effectiveness but also ensures the highest level of data security.
The future of the insurance industry is bright, with technology playing a pivotal role in driving innovation and improvement. At Gallagher Bassett, we are excited to be at the forefront of this transformation, continually seeking ways to enhance our services and deliver superior outcomes for our clients. If you would like to discuss how our data tech can improve your claims management, contact us today.
If you missed part one of the interview series where Manan discussed industry trends, or part two where he delved into the potential for AI to improve the customer journey, you can catch up here and here respectively.
