Last week, I was privileged to share the stage with Ari Libarikian, Senior Partner and Global Leader of the Insurance Practice at McKinsey at Insurtech Connect 2024, the world’s largest gathering of insurance leaders and innovators.
During our session, Ari and I discussed how the unprecedented innovation that is occurring within insurance, driven by the combination of sweeping technological innovation and a dynamic and rapidly transforming risk landscape. Below are several of the themes that Ari and I discussed:
· As we’re all experiencing in our day to day lives, we’re living in a dramatically changed world… Economic uncertainty, political tensions, war, technology disruption and AI, the global energy transition, information traveling faster than ever before. The risk landscape has not only transformed, but it is in a constant state of evolution.
· Risks are evolving faster today than in the past, and there is even more interconnectivity in our societies and economies – so the impacts of risk run broader and deeper, with increased complexity.
Against this backdrop, innovation is needed and can take on multiple forms:
· Introducing entirely new products and capabilities. For AXIS, this includes our recently launched Wholesale Cyber, Inland Marine, and Life Sciences units.
· Creating customized products and solutions that are tailored directly to meet the needs of our customers. Offering bespoke solutions is core to being a specialty underwriting leader – a source of pride and differentiation for AXIS.
· Investing in new technologies and capabilities that enable us to bring solutions faster to the marketplace.
There is a great deal of positive and needed transformation happening throughout the insurance industry. At AXIS we are elevating all aspects of how we operate and go to market through our “How We Work” transformation program. This includes:
· Increasing our investment into converting that data into structures that will allow for advanced insights, to guide our pricing and portfolio strategies, mitigate losses, and increase returns.
· Becoming an increasingly AI-enabled specialty insurer. We see opportunity to leverage AI at every step of the underwriting process from submission and ingestion to quoting and renewals. This includes driving faster and more informed decision-making, improved internal connectivity and knowledge sharing, and ultimately an improved customer experience.
Thank you to Ari for our discussion, and for all the enriching and engaging conversations that we enjoyed last week with our industry friends and partners at ITC. We are together working to build a strong and vibrant future for our industry and the organizations, stakeholders, and communities that we support.
AXIS was on the ground at Insurtech Connect 2024, the world’s largest gathering of insurance leaders and innovators.
During the conference, #AXIS President and CEO Vincent Tizzio sat down with Ari Libarikian, Senior Partner at McKinsey & Company to discuss how AXIS leverages technology to enhance our market position and prepare our business for the future.
Thank you to all our partners and stakeholders for an enriching series of discussions as we together prepare our industry for a dynamic and exciting future.
#SpecialtySolutionsElevated
