Microsoft's insurance chief says the industry must embrace new powerful software tools

Firms that embrace powerful new software tools will have a competitive edge in the insurance industry, Microsoft said at this week’s Insurance Times forum.

Gordon Ejsmond-Frey, Microsoft’s director of insurance, said the latest software could greatly speed up the handling and settlement of claims.

Ejsmond-Frey said new systems for data tracking were “incredibly powerful tools that could make a profound change to help business”.

However, he said more and more firms would need to outsource their handling of IT because of its increasing complexity.

The need to invest in the correct systems was paramount, as those were likely be embedded in the IT architecture for the next five to 10 years.

He praised consolidator Towergate as an example of “leaders in the market” for the way it had used IT systems to help with its consolidation process.

Ejsmond-Frey told the forum audience: “Technology can have a fundamental part to play to make sure you can understand risk, analyse it, and respond to it.”."