The Next Phase Of The Insurance Industry: Data, Technology And Career Growth

Discussing the next stage of the digital transformation in the insurance marketplace for 2023 is Gallagher Bassett's international expert Paula Creedy. Explore the upcoming technology trends, data and pursuing a career in the insurance marketplace.  

The insurance industry has entered the next stage of the digital transformation and with technology trends tipped to be one of the biggest topics in 2023, it’s important to know what this means for insurers. GB’s international expert and Operational Excellence Program Director, Paula Creedy, sat down to offer insights into all thing’s insurance – technology, data, and pursuing a career in the insurer marketplace. 

Q1. How did you get started in the insurance industry?

Paula Creedy (PC): Almost by chance. Having spent most of my career in wholesale banking in New Zealand I moved to a more regional location in Australia where a new Insurer had setup. My first job there was selling policies over the phone, so it’s fair to say I started at entry level. It was a great experience and as they grew, I had the opportunity to move into the claims space and haven’t looked back since.

Q2. What are some of the industry trends you think are going to impact our clients/insurers?

PC: Everyone’s obviously talking about AI and the ability to service their customers cost effectively using it. I think this will be incredibly powerful in the industry but there is also some danger there in that we lose sight of the people on the receiving end of the technology. Increasingly the customer base will demand more personalised service and only so much of that can be delivered by AI. I think it’s important that the industry manages to retain the human factor in the customer journey.

Q3. What are some of the tools you have seen our clients use that get you excited about the future of data and analytics?

PC: I’m a big fan of effectively used Power BI. Most modern claims system these days provide a lot of data at your fingertips. The real challenge is in harnessing that in a way that business users can use to efficiently drive focused decision making. It’s a less is more approach, where the less is incredibly carefully edited and curated.

Q4. The industry has experienced a lot of change over the past few years – have you seen changes in the types of decision-support tools our client leverage?

PC: There’s definitely been a change in the desire for data over the last few years in the industry. The traditional bordereaux still serve a purpose, but clients are becoming increasingly sophisticated in this space, wanting access to more detailed data and hiring data analysts to drive risk and claim analysis.

Q5. When supporting our partners with data, analytics, and tools, what matters most?

PC: What I think matters most is unpacking what you’ve been asked for, understanding what’s driving that request and taking it to another level by not only servicing the request but helping the client further with whatever business outcome/s they are trying to achieve.

Contact our team today and find out how we can support you this year.