ITC 2021: From the CEO’s Seat

InsureTech Connect did not disappoint with the energy and buzz of everything new and exciting in insurance.  From insurtechs to technology companies, from AI to traditional insurers.  Everyone who is anyone in insurtech gathered in Las Vegas this week.

In Wednesday morning’s interview with Chubb CEO, Evan Greenberg, we covered a broad range of topics. Here are my top takeaways:

1. Technology: Our best growth years are yet to come. Digitization of insurance isn’t the hard part. We’re challenged with the need for new skillsets, reworking organizational structure, and a shift in culture.
2. Fundamental Culture Shift:  “We used to consider ourselves an underwriting company. Now we are an underwriting and engineering company. It sounds simple, but it means so much more.”
3. Cyber Risk: Having the right people who understand the security and vulnerabilities of systems are key to underwriting cyber risks properly. What we lack (and need to create) is a governing body, which sets standards to which systems and software can be measured against.
4. Modeling: Models are just predictions – not truth. They are the basis for risk taking, but things are changing constantly.
5. Global stage: Like with competition in business, we (the US) need to focus on running a better race.  Completely untangling from China is unrealistic, and there have been benefits on both sides.  If we were to focus on our strengths and bettering ourselves, we will do a better job protecting our own interests.

We’d like to hear from you!

What skillsets do you think we need to source or train more of as we progress in our digital journey?

From a carrier perspective, what do you think it means to now be an underwriting AND engineering company?

Do you agree with Mr. Greenberg on global trade?