PriyaPatel
TLDR:
Key points from the article:
- 48% of respondents cited dependence on legacy systems, slow adoption of advanced technology, and high costs as barriers to innovation in insurance pricing technology.
- Several pricing platforms like PlacingHub, PPL, and Aon’s Pricing Platform are addressing these issues with cost-effective solutions and enhanced capabilities.
Article Summary:
A recent poll from Reinsurance News highlighted barriers to innovation in the insurance industry’s pricing technology. The poll showed that 48% of respondents identified dependence on legacy systems, slow adoption of advanced technology, and high costs as major barriers. Despite these challenges, companies like Ebix Europe and Aon are introducing new pricing platforms like PlacingHub and PPL to address these issues while enhancing capabilities.
PlacingHub, launched by Ebix Europe, offers a transaction cost model with the lowest transaction fee in the market. This platform aims to reduce costs associated with electronic placement platforms. PPL has shown strong performance following enhancements and remediation initiatives, despite challenges during the transition to the Next Gen platform. Aon’s Pricing Platform has been updated to provide enhanced visualisation, automation capabilities, and geospatial mapping technologies.
Overall, the insurance industry is facing challenges in adopting innovative pricing technology, but companies are actively working to overcome these barriers and improve efficiency in pricing and underwriting processes.
