Executive Injects Tech Into Highly Regulated Insurance Sector

By The Wall Street Journal

Maarten Ectors, chief innovation officer of Legal & General, says he’s able to address more pressing insurance business problems with technology. Ectors says the first step in innovation is creating a factory in which projects begin with a handful of people and a small budget to keep the risks low for the company. Regular show-and-tell sessions are held every two weeks to brainstorm and provide feedback. The development goes through several phases and is tested internally to see if the technology works, he explains. The teams developed in-house the use of artificial intelligence to analyze images of damaged items like TVs for claims, a move that can speed up transactions, customer satisfaction, and productivity, says Ectors. Andrew Challenger, vice president at Challenger, Gray & Christmas Inc., adds that legacy insurers are looking for institutional technology knowledge to speed up the process of going digital.

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20 May 2019

Tagged in: innovation, insurtech, investments, regulation, startup

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