I’m thrilled to sit down with Simon Glairy, a renowned expert in insurance and Insurtech, with a deep focus on risk management and AI-driven risk assessment. With years of experience guiding insurers through digital transformation, Simon offers invaluable insights into how technology is reshaping the industry. Today, we’ll explore the evolving landscape of exposure management, the impact of innovative platforms on operational efficiency, and the growing trend of digital adoption in regions like the Middle East and North Africa. Let’s dive into how these advancements are helping insurers navigate complex risks and competitive markets.
Can you walk us through the key factors that drive an insurer to adopt a new exposure management platform like Verisk’s Sequel Impact?
Certainly, Olivia. The decision often stems from the need to address inefficiencies in existing systems. Many insurers grapple with outdated processes that struggle to handle the volume and complexity of data across diverse portfolios like property or energy. A platform like Sequel Impact offers a modern solution with robust data handling and analytical capabilities. It’s also about staying competitive—having real-time insights into risk exposure can be a game-changer in dynamic markets. Ultimately, it’s about finding a tool that aligns with strategic goals, whether that’s streamlining operations or enhancing risk visibility.
How does the implementation of such a platform transform day-to-day operations for an insurer?
It’s transformative in several ways. For starters, it automates a lot of the manual grunt work—think data entry or reconciliation—that used to slow teams down. This frees up underwriters to focus on strategic decision-making rather than getting bogged down in spreadsheets. I’ve seen cases where reporting times have been cut in half, allowing for quicker responses to market changes. Plus, with consolidated data, teams can access a unified view of risk across different business lines, which sharpens their ability to spot trends or potential issues early.
What specific features of a modern exposure management platform tend to make the biggest difference for insurers?
The standout features are often around flexibility and depth of analysis. Platforms like Sequel Impact can process intricate policy details—limits, coverage structures, and more—and turn that into actionable reports. The ability to customize these tools to fit specific needs is huge, especially in competitive markets where one-size-fits-all just doesn’t cut it. Additionally, the visualization tools are critical. Being able to see risk concentrations on a map or dashboard helps teams grasp complex data at a glance, which is invaluable for quick, informed decisions.
Integrating new technology with existing systems can be a hurdle. How do insurers typically navigate this challenge during deployment?
Integration is indeed a sticking point for many. The process often requires meticulous planning to ensure compatibility with core systems. Insurers need to map out data flows and identify potential friction points upfront. I’ve seen successful deployments where cross-functional teams—IT, underwriting, and operations—work closely to iron out kinks early. When done right, the payoff is significant: reduced manual tasks and seamless access to risk data. It’s not uncommon for challenges like data mismatches to pop up, but with a strong vendor partnership and clear communication, these can be resolved without derailing the project.
Visualizing risk across business lines and regions is a powerful capability. How does this impact strategic decision-making for insurers?
It’s a massive advantage. When you can visually map out risk—say, seeing a heavy concentration in a storm-prone area—it brings clarity to decisions that might otherwise rely on gut feel or fragmented reports. For instance, it can highlight overexposure in a specific region, prompting a shift in underwriting strategy or reinsurance needs. This kind of insight helps leaders allocate capital more effectively and avoid nasty surprises. It also builds confidence with stakeholders, as decisions are backed by clear, data-driven evidence rather than assumptions.
There’s a noticeable uptick in technology adoption among insurers in the Middle East and North Africa. What’s fueling this trend in the region?
The region faces unique pressures that make tech adoption almost inevitable. Rapid economic growth and urbanization mean insurers are dealing with increasingly complex risks, from infrastructure projects to natural catastrophes. At the same time, there’s a push to modernize legacy systems that can’t keep pace with today’s demands. Digital tools offer a way to leapfrog outdated processes and compete on a global stage. Regulatory expectations are also evolving, nudging carriers toward better data transparency and risk management. It’s a mix of necessity and opportunity—insurers see tech as a way to differentiate themselves in a crowded market.
How do advanced platforms support insurers in both preparing for potential events and analyzing impacts after they occur?
These platforms are built for dual purposes—proactive and reactive analysis. Before an event, they help model scenarios, like how a hurricane might impact a property portfolio, allowing insurers to adjust coverage or reserves accordingly. Post-event, they’re just as critical, providing detailed loss assessments by aggregating data on affected policies and exposures. This speeds up claims processing and helps refine future underwriting strategies. It’s about closing the loop—using past events to inform better preparation, which ultimately reduces losses and boosts resilience.
Looking ahead, what is your forecast for the role of digital transformation in the insurance industry over the next decade?
I’m optimistic but realistic. Digital transformation will be the backbone of the industry’s evolution, with AI and data analytics becoming even more central to everything from underwriting to customer experience. We’ll likely see deeper integration of real-time data sources—like IoT devices or satellite imagery—into risk models, making predictions more accurate. But the challenge will be balancing innovation with regulation and cybersecurity risks. Insurers that can adapt quickly while maintaining trust will thrive. I expect the gap between tech-savvy carriers and laggards to widen, so the time to invest in transformation is now, not later.
