ITIC REVIEW HANNAH LIAM
DAN
JONES
GRAY
HYDE BILLY
WARNER
THE POWER OF DATA
Liam Gray, Head of Research & Partner Management at Startupbootcamp InsurTech; Hannah Jones, Head of Business Development for Claims Rated; Billy Warner, Senior Underwriter of Travel Insurance at Collinson Group; and Dan Hyde, Partner at Penningtons Manches
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ollowing a networking lunch break, the afternoon sessions of ITIC UK were based on the theme of ‘the power of data’. Liam Gray from Startupbootcamp InsurTech kicked proceedings off with a presentation that focused on the changes that are occurring in the insurance industry thanks to the influence of accelerator companies. By bringing together insurers and technology firms, he said, a startup ecosystem is developing that will foster change and innovation. Hannah Jones from Claims Rated discussed how insurers could use data to change the perception that the general public has about the industry. Through obtaining and publishing real customer reviews, she said, potential clients could make use of this data to make informed decisions about the policy they want and be sure of the services they will receive. “Let the claimants educate the customers,” Hannah concluded. Billy Warner was next to take to the stage,
and gave attendees insights into how they can use anonymised, travel-specific data to create customer personas that can aid the personalisation of products. Using enhanced data, said Billy, enables insurance providers to create an ‘insurance ecosystem’, which should result in benefits for customers, providers and clients. To round off the afternoon, Dan Hyde, Partner at Penningtons Manches and author of Cyber Security: Law and Practice, discussed the (then) upcoming General Data Protection Regulation, giving details of what it means for insurers holding customer data, and what the repercussions could be for those found to be contravening the new regulation. There was a discussion afterwards that centred on how the regulation would be enforced for international firms, with Dan concluding that there will undoubtedly be test cases brought before courts that will determine more clearly how the regulation will be applied.
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