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Hélène Stanway | Judge for the InsurancePOST: European Insurance Technology Awards.

Our Advisory Director, Hélène Stanway, is a judge for the InsurancePOST: European Insurance Technology Awards. These awards celebrate the use of market-leading technologies developed by the insurance industry across underwriting, regulatory, operational, data and claims.

Technology Innovation continues at a pace in the Insurance Industry across both personal and commercial lines. Innovation from smaller-scale incremental change to disruptive, all move our industry forward to be more efficient, make better decisions and drive towards profitability.

We don’t have a technology innovation problem in our industry, we have an adoption problem. When judging these awards, I focused on those that have also been successful in the implementation and use of the solution, not just a shiny new technology.

Hélène Stanway – Advisory Director

Challenges vs Success

The insurance industry is facing multiple challenges:

London Market Blueprint 2 – how can we evolve processes to be more digital and collect more data earlier than today?
Profitability – greater insights into the tangible and the intangible for better decision-making and risk selection.
A shift from a product-led to a service-led industry – no longer is it enough to ‘just’ pay claims. The industry needs to add additional value to insureds through a risk mitigation and prevention lens.

In every case, successful outcomes combine:

A diverse team – cross-functional, cross value chain, new partnerships.
Deep understanding of data – making sense of what is meaningful from the data deluge.
A combination of process and technology change – not simply overlaying a technology on an existing process. Technology requires a level of process reinvention to truly harness benefits.
Superior user experience – the shift in focus towards useability and insights on an equal footing to new data entry field or piece of functionality.

It’s Important to Celebrate Success.

For every innovation and success story, there are multiple ‘failures’ or learnings, blood, sweat and tears shed, navigating Chief Prevention Officers and organisational politics, budgets, uncertainty, the list goes on.

Praise to those who have persisted, demonstrated resilience, and are challenging the status quo for the better.

The European Insurance Technology Awards want to celebrate the success of insurance market-leading technologies that promote innovation by addressing the most pressing business, regulatory, operational and technology needs. Collaboration, regulatory compliance and managing the various risks/challenges the market participants face daily, while also allowing them to maximise their operational efficiency and transparency are some focus areas the awards are concentrating on.

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