Use of data ‘crucial’ for brokers and insurers as world changes at ‘faster pace’

The integration of data between systems will be “crucial going forward” as the world changes at a “much faster pace”.

That was according to Chubb’s UK and Ireland property and casualty chief underwriting officer Hilda Toh, who felt insurers and brokers needed to work “collaboratively” to meet everyone’s needs.

Speaking during a seminar entitled What’s coming for brokers, she said: “The requirement for data, the need for data integration between our systems and our broker systems, that’s going to be crucial to all of us going forward.

“The world is changing at a much faster pace – the last 10 years seem to have gone by a lot faster than the prior 10 years.

“That pace is going to continue. So, we have a lot of work to do collaboratively to ensure that we can meet everyone’s needs.”

AI growth

The comments came as the growing use of data science continues to transform the way the insurance industry analyses the risks it covers.

Recently, it was reported that insurer Zurich had been experimenting with ChatGPT and exploring how it can use artificial intelligence (AI) technology for tasks such as extracting data for claims and modelling.

And Tapoly chief executive Janthana Kaenprakhamroy felt AI was a “good thing” and would bring “a lot of opportunities”.

She added: “It does not mean job loss, it only means that we just have to retrain and do other things that we would enjoy doing and let AI do things that we don’t really want to do.”