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InsurTech Amplified Podcast Ep. 06: “At the End of the Day, It’s About Delivering Value”
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Federato’s Co-Founder and CTO William Steenbergen recently sat down with Michael Waitz, host of the InsurTech Amplified podcast for an insightful discussion about the role of technology and machine learning in the insurance industry. The conversation kicks off with William discussing the use cases for machine learning in insurance, emphasizing that it should be a tool to enhance human capabilities, not replace them. William and Michael also discuss the fundamental difference between being a technology vendor and a true partner to insurance clients, and how the latter approach is the key to delivering long-term value to insurers.
On this episode of the InsurTech Amplified podcast, William talks about how machine learning models can optimize the portfolio objectives defined by actuaries and portfolio managers. William explains that often insurers misunderstand their exposure to certain risks (e.g. wildfires and natural catastrophes), underscoring the need for better, more proactive underwriting and risk management tools.
William discusses the role of user experience (UX) in designing effective solutions for underwriters, and how moving from traditional tools like Excel to more intuitive and streamlined user interfaces can help insurers streamline workflow, improve underwriting productivity and outcomes, and aid in attracting and retaining talent. He also discusses the journey Federato is on to use AI and machine learning to enhance the human capabilities and judgment of underwriters and guide them toward the best actions to build a balanced and well-managed portfolio.
Key Takeaways
- The importance of getting the right people in the room and aligned to make an underwriting transformation project successful
- “Everyone has a plan until you get kicked in the face.” – the failure to operationalize data models and strategy often leads insurers to grossly underestimate their risk exposure
- How Federato is using machine learning and optimization to address accumulation and portfolio management problems within the world of insurance
- Why data lakes aren’t the answer to solving insurance carriers’ data challenges caused by a tangled web of different data sources and multiple policy administration systems
