The future of insurance
Illustration for Raconteur, independent publication in ‘The Times’
Published on July, 2016
Insurers have shared risk information since the 18th century. But today the vast experience of the insurance sector cannot be harvested for analysis because the market is a modern Babel through its reliance on multiple incompatible data schemas. Insurers receive risk data in thousands of incompatible formats with 148 insurers, 242 brokers and 4,389 agents in the network of trading parties in Lloyd’s and London Market.
With an estimate of 388,000 risk and claim bordereaux being shared between these parties each year, the amount of disparate data is growing exponentially. With no common standard applied across the market, the number of data schemas is vast, and this incompatibility makes it nearly impossible for companies to test insuretech systems quickly and efficiently.
Key words from the article:
ecosystem, infrastructure, connection,
market, data, network, integration