insurTech – Future or Fantasy?

Executive Director, Nick Limb, talks about his love for technology but scepticism of insurTech without human support

I love technology!

As anyone who knows me would steadfastly confirm, I’m a total tech geek. Anything that could be remotely described as electronic gadgetry will be in my possession and if it comes with an Apple, Android or Amazon sticker all the better. I have them all and constantly update to the latest versions whenever they are released.

Since childhood, I’ve been an avid reader of anything I could get my hands on, be it encyclopaedias or dictionaries to the Famous Five or Secret 7.
So when Sir Tim Berners-Lee, together with a few clever Americans invented the Worldwide Web, it was like alchemy to me that so much information was available at the touch of a button. When laptop computers, then smartphones and tablets appeared, the joy of having the knowledge of the world in the palm of your hand was an indescribable joy.

The dilemma I have though, is how to encourage and adapt this into our business, when fundamentally, I believe that specialist personal experience, knowledge and instinct are still vital tools in the underwriting of risk.

I was taught the old fashioned way.
Learn the business, understand the concept and nature of risk, eidetically memorise the policy wording and always look after the customer because if you don’t, someone else will.

The challenge therefore that I, and all of my colleagues at NMU face over the next few years, is combining these worlds. The aim being to use technology to support our business and our people, ensuring our skills are both improved and adapted upon so that our business is efficient and our products are in demand.

To read Nick’s full blog, click here.


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