The Insider Issue 5 | Page 26

FEATURE " THE AUTOMATION OF SIMPLE TASKS MEANS THAT RESOURCES CAN BE MORE VALUABLY SPENT WHERE THERE IS MORE FRICTION IN THE CUSTOMER ENGAGEMENT DOROTA ZIMNOCH STRATEGY A Top50 global Fintech & Insurtech influencer and #WomeninTech, expert with 20 years of international experience in the financial sector, Dorota helps organisations develop and deliver complex digital transformations, reinvent and relaunch traditional brands, to deliver customer-centric strategies and insights driven value propositions. 26 PHOEBE HUGH MACHINE LEARNING & AI Phoebe is CEO and Co-founder of Brolly, the UK's first artificially intelligent insurance advisory app. Brolly enables customers to have all their insurance in one place, and facilitates easy access to and management of their policy details and documents. The app also claims to deliver contextually relevant insights that will empower customers to make informed decisions about their insurance. CIARA O'GRADY REGULATION A Senior Manager on the Risk & Regulation team at Deloitte, Ciara works on a range of projects within the insurtech and wider market on topics such as insurance mediation; business processes; Solvency II; claims and complaints handling projects and event organisation. An extremely professional, very techni- cally knowledgeable individual, Ciara’s worked within the corporate governance field for almost a decade. HAVE YOU SEEN ANY SIGNIFICANT CHANGE IN REGULATORY LANDSCAPE THAT COULD HELP ACCELERATE THE GROWTH IN INSURTECH? I don’t necessarily think that there has been a significant regulatory change that would trigger immediate accelerated growth in the sector, however I do think there has been more of an appetite by regulators to engage with new entrants using new technologies to promote new insurance service offerings and existing players utilising technology advance- ments to offer their services and enhanced dialogue between regulatory authorities and Fintech firms. While I don’t think that the Irish regulator has taken a stance one way or another on whether Fintech is good or bad for the sector, what I have found helpful in supporting my Fintech clients is that the Central Bank of Ireland has stated what they perceive the benefits and risks posed by the Fintech industry generally to be. VALUE IN THE SHORT AND MEDIUM TERM? For me the key point in this question is the immediate and short term. In order to generate meaningful value and market share, the solution needs to be simple and customer centric. The most adopted technology to date has been robotics. Robotics has generated value through the automation of processes and digitalisation of customer sales. This is likely to see enhancements in the quali- ty of complaints and error management, claims handling, record keeping and more transparent and meaningful information disclosure to customers. Not without its risks, the automation of these simple tasks means that resources can be more valuably spent where there is more friction in the customer engagement and to more smoothly iron out issues that require, for the moment, human intervention. In addition to the above, a particular special interest of mine is the appropriateness and suitability of products being sold to customers. WHAT AREAS DO YOU SEE THERE BEING IMMEDIATE Issue 5 • March 2018 • The Insider LEANNE KEMP BLOCKCHAIN BECKY DOWNING ALTERNATIVE INSURANCE DISTRIBUTION After 20+ years in the tech sector, Leanne turned her mind to expanding horizons and focused on the insurance industry (fintech) as the next deep blue. With the industry undergoing what she describes as a metamorphosis, with an unprecedented scale of innovation taking place, Leanne believes that new technologies represent opportunities to re-think legacy systems. She believe that Everledger, her latest startup, can do just that. CEO and founder of buzzGroup, Becky has a legal background and was recognised in 2015 as ‘One of the 200 Most Influential People in Tech (UK)’ by TechCity Insider. In 2016, she won the WCIT Emerging Entrepreneur Award and also won a silver Stevie Award for her business in the women in small business category. PATRIZIA COZZOLI IOT IRENE VAN DEN BRINK COMMUNITY INSURANCE With a breadth of experience in Investment Banking and InsurTech, Patrizia spent several years in Investment Banking before co-founding Domotz, an award-winning remote network monitoring and management solution. She is also Head of Business Development for Fing, which develops network scanning, network security and Wi-Fi troubleshooting tools built for the Internet of Things. Irene joined InShared after 15 years of innovation and business development for banking and insurance companies in Europe and the Americas. As Director of Business Development she is responsible for the international expansion of InShared and fintech entity OutShared, which provide an insurance-in-a-box SAAS solution to existing insurers or greenfields within the insurance industry. 27 It’s an area that firms continue to get wrong and is, in my opinion, the backbone to con- sumer-related financial services regulation. WHAT ARE THE BIGGEST CHALLENGES YOU SEE THE INDUSTRY FACING WHEN IMPLEMENTING INSURTECH SOLUTIONS APART FROM THEIR LEGACY SYSTEMS AND CULTURE? There is not, nor should there be, different rule sets for technology driven financial services businesses versus existing, more traditional, financial services businesses. While newer regulations and legislation take account of technology developments and seek to address risks posed by same, older legis- lation and regulation is written on the basis of the product or service that is provided. Its application to InsurTech businesses may vary but firms will need to work through its appli- cation to their solution, conscious of what the regulatory/ legislative objective actually is. To read more of Ciara’s interview, visit the blog Issue 5 • March 2018 • The Insider