Insurance runs on data which has to be moved between counterparties. Insurers, brokers, MGAs and many others still rely on spreadsheets (or worse) to do that, which causes friction and errors. In this episode, Robin Merttens talks to Dave Connors, Founder and CEO of distriBind, about why he set up the company and how they are working with insurers and others to provide a way to move beyond spreadsheets at the pace that suits them best.
Topics include:
- Avoiding million-dollar mistakes through more robust data transfer
- Why spreadsheets for data transfer doesn’t work
- Validation and reconciliation
- Why the industry has found it so difficult to wean itself off spreadsheets
- Common data standards – does the industry need them?
- The benefits of being in the Lloyd’s Lab
- What the future holds
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Continuing Professional Development – Learning Objectives
InsTech is accredited by The Chartered Insurance Institute (CII). By listening to an InsTech podcast, you can claim up to 0.5 CPD hours towards your CPD scheme.
By the end of this podcast, you should be able to meet the following Learning Objectives:
- Describe some of the negative impacts of transferring data when using dated systems
- List some of the advantages for businesses evolving into a digital world
- Identify the key pieces of information required to create maximum efficiency when processing data
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