It’s not just InsurTech startups that have an edge on innovation. Some established reinsurers have developed their own analytics and technology divisions that offer a variety of InsurTech-type solutions for clients.
Executive SummaryHelping property/casualty insurers make better underwriting and pricing decisions with technology and data analytics tools isn't the sole province of InsurTech startups and technology consultants. Reinsurers like Swiss Re are helping carriers to use such tools to grow top lines, enter new markets, and lower loss and expense ratios, explains Eric Schuh, outgoing head of Swiss Re's P&C.
Swiss Re, for example, set up such a unit in mid-2017, called P&C Solutions, which aims to help clients to improve profitability by enabling them to make better underwriting and pricing decisions using various tech and data analytics tools. Indeed, its Solutions business is now one of the reinsurer’s three business pillars along with “Core” (or “normal” reinsurance for risk management purposes) and “Transactions” (tailored and structured reinsurance).
While capabilities existed prior to the formation of P&C Solutions, Swiss Re decided to bring its technology and analytics functions under one umbrella that focuses on entrepreneurship, explained Eric Schuh, global head P&C Solutions, in an interview with Carrier Management.