In this AMBestTV episode at the Risk and Insurance Management Society, Inc.s (RIMS) conference in Boston, MA, a panel of senior insurance leaders say the industry would be wise to think about where Amazon might enter the space, then figure out how to beat it there. Click on http://www.ambest.com/v.asp?v=ceopanel419 to view the entire program.
The panel spoke about the impact insurtech is having on the industry, as well as what the industry could learn from technology-driven companies like Amazon.
Where I see more impact is in terms of the property/casualty business being more effective and efficient, using pretty simple robotics to prepare submissions to make sure that we can issue policies more quickly and more accurately, said Lex Baugh, chief executive officer, North America General Insurance, American International Group, Inc.
Take a look at Amazon, a $200 billion company, with earnings between $3.5 to $4 billion dollars per quarter, and a market capitalization of $1 trillion. You compare that kind of view of the world and business model to our industry and it is like night and day¦..That is a force that I think could disrupt and change our business fundamentally, said Kevin Kelley, vice chairman, Liberty Mutual.
Other people that appeared in this episode:
- Cynthia Beveridge, president Aon Broking, AON Risk Solutions; and
- Jack Kuhn, chief executive officer, global insurance, Sompo.
For full video coverage of RIMS, including exclusive executive interviews, visit http://www.ambest.tv/rims19.
Recent RIMS episodes include:
- ˜You Cannot Underwrite Behind a Desk, Says Risk Manager Panel: At RIMS, a panel of risk managers discuss the evolving relationships between insurers, risk managers and brokers: http://www.ambest.com/v.asp?v=riskmanagerspanel419.
- Quickly Evolving Cannabis Business Provides Moving Target, Says Panel: At RIMS, a panel of industry experts said insurers face many challenges in underwriting the changing cannabis industry: http://www.ambest.com/v.asp?v=rims3419.
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