Is it harder to get attention for a data monitoring tool amid all the insurtech noise?
DQPro Founder Nick Mair was interviewed by InsTech London Partner Matthew Grant for the mighty InsTech London Podcast. Here are the highlights.
Still giddy from the news that DQPro Founder Nick Mair’s podcast made it to the InsTech London leaderboard of most popular downloads, we’ve pulled together the key quotes and highlights from the interview by Matthew Grant, which went live at the start of 2020.
We think the popularity of this podcast is in part a reflection of the fact that data quality is finally coming under the spotlight as a key topic of debate when it comes to modernising insurance businesses, and ensuring the Future at Lloyd’s initiative under Blueprint One doesn’t stall.
The rewards for those who get it right are more efficient processing, more accurate underwriting, automatic regulatory compliance and – ultimately – the platform for more profitable, data-driven businesses.
But for those who still rely on manual, ad-hoc checks and balances as we move forward into an ever denser world of data and reliance on remote working, there is a risk of poor data spreading through systems which can damage business in many ways.
Nick told the InsTech podcast:
“There are data disasters happening pretty much all the time, several big ones a year. Some you hear about in the press, but there’s stuff that happens below the surface.
Some of our fastest sales have been where someone has an internal issue with the potential to cause problems. They recognise they need software to prevent that happening going forward, so we help them reduce the risk significantly and deal with it in a better way.”
And awareness about data quality as a key business side issue, as well as a back office challenge, is increasing, Nick said.
“If you look at the London market, there’s a bell curve in terms of awareness and adoption. Large carriers with innovation arms like AXA XL, Hiscox and Brit are doing interesting things and tend to get what we do slightly faster. Other companies are still struggling to work out what innovation means or are just trying to stay alive in the current market.
What’s common to all of them is that they need a foundation of great data and controls in place to be able to use everything InsurTech promises. Whether that’s artificial intelligence or predictive analytics, you can’t realise the capability until you’ve got that firm confidence in the underlying data.”
And the Future of Lloyd’s Blueprint One plan has a firm focus on putting data quality at the heart of the market – a fact Nick welcomed but added that the proper incentives need to be in place to make this a reality.
“I’m quite positive about the ‘Future At Lloyd’s’. The fundamental position is the London market has to change if it’s going to survive and move successfully into the next few decades.
Data is one of the key foundations, but the big challenge Lloyd’s has is that it’s in control of where that data comes from and who produces it. The market needs to think about how to incentivise the broker to provide great data. The further upstream they can solve that problem, the better for everyone down the chain who consumes that data.”
New innovation roles have been created across the market, and insurers have long had dedicated professionals exploring how to imbed innovation in their business – Nick offered some advice to help make life easier.
“Any carrier that’s serious about innovation needs to make sure someone is responsible for dealing with innovative opportunities. Someone who understands what that means, who understands how start-ups work and the processes and constraints of which they work by.
The other aspect is around procurement. Start-ups have to deal with a very traditional, large company process. We’ve had 200-page contracts and heavy legal involvement. There must be a lighter way of doing things, especially when just running a pilot.”
A huge thank you to Matthew and the InsTech London team!