Data the bedrock of collaboration and integration


Collaboration and integration have been buzzwords in insurance claims for a number of years but, according to Michael Porter, SVP International, CoreLogic, what is at the bedrock of it all is data. 

Speaking to Nic Sproul, CCO, ILC, during September’s ClaimsTech LIVE event, Michael said that sharing data is the fundamental aspect of collaboration and integration throughout the supply chain. 

This is particularly true in the property space, where there are typically any number of different parties involved at various points of a claim. 

Michael said, “The ultimate goal is to reinstate the policyholder and keep them happy along the way. To achieve that, insurers now expect suppliers to collaborate more in the value chain because when that happens, value is created – and that value is the data.” 

He explained that, as the data builds up over time, it increases in value as it enables insurers to predict likely outcomes and then improve processes and automate steps. 

“The more data you have, the better decisions you can make,” Michael said. “But we need to get better at understanding that data and what insights we want to gain from it, and to that we all need to be talking about the same thing, at the same time, and in the same way. That means using standardised platforms so everyone can see the data, share it, distribute it and learn from it.” 

Transparency 

This level of transparency is not easily achieved, with each stakeholder driven by commercial incentives and, consequently, employing their own data strategies for their own objectives. But while Michael admitted that creating a sense of joint value is difficult, he insisted that it is possible. 

He said, “The carrot and the stick method won’t work in the long term. Ultimately, you’ve got to create individual value for everyone involved. That can be in terms of profits, longevity, or security.” 

Meanwhile, with the new Consumer Duty shining a spotlight on service, insurers now find themselves treading a line between innovating greater efficiencies while still delivering a personalised service that meets regulatory requirements. 

Again though, Michael believes that good use of technology is the key. 

He said, “Consumer Duty is about being customer centric, and that means giving the customer choice. Technology can be used to customise services and offer choice. You can set expectations at the start of the process and tell the customer what choices they have throughout the claim. If you give them that choice then they’ll feel they’re part of the process.” 

Future 

Looking ahead, he predicted that quantum computing rather than AI will be the most disruptive technology.  

“With AI, you won’t know whether what you’re seeing and hearing is real or generated, and you won’t be able to prove its authenticity,” he said. “Customers will lose trust in it. That’s already happening. But quantum computing is possibly the most exciting and dangerous thing that’s coming.” 

He revealed that Google’s quantum computing lab solved a problem in 200 seconds that would have taken a standard computer 10,000 years. He warned the implications for fraud and data security of this could be substantial. 

Michael said, “We have to completely transform the way we transact, share and protect data.” 

ClaimsTech was held at etc venues, 133 Houndsditch, London, backed by Headline Sponsor CoreLogic, along with Gold Sponsors Entegral, Solera Audatex and Verisk, and Silver Sponsor Synergy Cloud.   

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