In this episode, Scott Grandys interviews Chris Moore, the head of ibott and Deputy Active Underwriter of ibott’s special purpose arrangement (SPA) 1971 at Lloyd’s.
They talk about how to cultivate a culture of innovation and the use of data for common good in the insurance industry.
[00:20] Chris Moore’s background and expertise
[04:03] Culture of innovation
[08:57] Data sharing should benefit everyone
[15:00] Autonomous vehicles disrupting the industry
[28:07] Perceived risk vs actual risk
With a startup mindset, Chris is impartial to doing things differently. His openness to explore new ideas trickles down into the company’s culture. Working in a rigid industry such as insurance has not stopped him from thinking outside the box. A way to spark innovation is through data analysis. By learning from insights, the company can change its approach to better serve its market.
But be careful about collecting data, because people react differently when they know they’re being observed. Only measure behaviors and attributes that would make an impact on the business. What’s more, it’s not enough to provide a price reduction for your service or product in exchange for consumer data. For everyone to benefit, customers should have access to their own data and insights.
Another area where data plays an important role is in perceived risk. Most people think self-driving cars are more dangerous, but that’s not always the case. With the rise of autonomous vehicles, insurance companies need to use actual data to inform their underwriting. Chris predicts that the trucking industry will be an early adopter of this tech, and from there on, autonomous vehicles will continue to disrupt transportation and insurance.