Summary:
Rose Hall, Senior Vice President and Head of Innovation Americas at AXA XL, discusses the importance of innovation in the insurance industry and how it goes beyond just technology. She shares her journey from construction to risk management and explains how she transitioned into an innovation consulting role.
Rose emphasizes the need for a holistic approach to risk management and the integration of innovative technologies to help clients reduce risk. She also highlights the role of underwriting and claims in the evolution of the industry, as well as the importance of maintaining stability and discipline while embracing innovation.
Takeaways:
Innovation in insurance goes beyond just technology and requires a holistic approach to risk management.
The integration of innovative technologies can help clients reduce risk and improve their business outcomes.
Underwriting and claims play a crucial role in the evolution of the industry, particularly in the shift towards predict and prevent.
Insurance companies need to maintain stability and discipline while embracing innovation to ensure their viability and support for businesses in the long term.
Sound Bites:
"Stop thinking about insurance and risk management as being the same thing."
"We're virtually weaving them in together for maximum effectiveness."
"Risk is constant, continuous, and holistic."
Chapters:
00:00 Introduction and Background
08:18 The Importance of a Holistic Approach to Risk Management
25:39 Breaking Down Separations and Embracing Continual Risk Management
Keywords:
insurance innovation, risk management, technology, business model, client service, ecosystem, underwriting, claims, predict and prevent, holistic approach
