Black Box Underwriting - Opportunity or Threat? Jill Murphy Regional Marine Manager, Starr Underwriting Agency (Asia) Ltd, Melbourne, Australia
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1 Black Box Underwriting - Opportunity or Threat? Jill Murphy Regional Marine Manager, Starr Underwriting Agency (Asia) Ltd, Melbourne, Australia
2 Introduction To be resilient and sustainable - we must first remain relevant To Clients To Shareholders As a profession to attract young practitioners
3 Implications of technology 1. How can technology assist us manage our portfolios and deliver better underwriting results? 2. How will we remain relevant and responsive to our clients? 3. With so many career options open to young people these days how will we attract and train the underwriters of tomorrow?
4 Insurers who anticipate and plan for change can create their own future Insurance 2020: Turning change into opportunity PWC January 2012
5 Affordability and flexibility of technology is creating new opportunities. Automation is essential if they are to remain competitive and defend market share. Mitchell Wasserman, President & CEO, Oceanwide
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9 Investopedia explains 'Black Box Model' The "black box" portion of the system contains formulas and calculations that the user does not see nor need to know to use the system. Black box systems are often used to determine optimal trading practices. These systems generate many different types of data including buy and sell signals.
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11 Black box Predictive Modeling Tools Catastrophe Modeling Accumulation Tools Risk Assessment
12 Corporate functions Compliance Matters Sanctions Screening Accounting and Credit Control Functions Sales and Distribution Training
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14 Model calculations Garbage in-garbage out paradigm GARBAGE DATA PERFECT MODEL GARBAGE RESULTS PERFECT DATA GARBAGE MODEL GARBAGE RESULTS
15 How can technology assist us manage our portfolios and deliver better underwriting results
16 Data Internal the quality and depth questionable data bases too small to be useful External Where is the accurate data on shipping casualties and the cost to us as cargo insurers?
17 Are you obsessed with data? Understand attritional losses Justify ratings and quantify other underwriting decisions It is an underwriters role to understand risk
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20 Our changing world Globalization and Containerisation Smaller packages delivered Just in Time Small Medium Enterprises (SME s) driving force of the modern economy Influencing insurance industry changes Defining the future of a sizeable amount of our business as cargo insurers
21 Our changing world Direct to Customer Channel Less face to face interaction An integration of Products Increase in simplicity and speed of transactions
22 How do we remain relevant and responsive to our clients?
23 Automation Commoditization / Standardization Minimal Advice Ease and Speed to Market Multiple Distribution Channels Cost Efficiencies Increased Sales Efficiency Gains v Increase in Smaller Claims What risks should be automated Increased Profitability??
24 Black box technology It is just a distribution channel! Risk selection and pricing adequacy are still our responsibility!
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28 How will we attract and train the underwriters of tomorrow?
29 Claims Generalized and Centralized Claims Teams Principles of marine are being ignored Claims Department detached Are we learning from our mistakes as underwriters?
30 Training It is each generations responsibility to promote and enable the transfer of knowledge from senior to junior underwriter Technology presents us with new challenges not encountered by our predecessors
31 Taxi Driver Bookkeeper Paralegal Air Traffic Controllers Parking Meter Attendants Travel Agents Interpreters and Translators
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39 Cargo Underwriter?
40 Thank You
41 Black Box Underwriting - Opportunity or Threat? Jill Murphy Regional Marine Manager, Starr Underwriting Agency (Asia) Ltd, Melbourne, Australia
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