“Brokers and underwriting agencies have typically not had the scale to make significant investments in upgrading technology solutions, making it hard for them to deliver the benefits this can bring to their clients.”
That’s the view of David Farrer (pictured), the new CTO of insurtech firm BAIS and a firm believer in technology’s ability to streamline insurance workflows. With more than three decades’ worth of experience in roles including data processing manager, software consultant and business analyst, Farrer said that he “brings a depth of experience across a range of technology sectors, as well as a strong grasp of insurance and financial services” to the role.
Farrer told Insurance Business that one of his initial points of focus will be to “develop a comprehensive roadmap to move our flagship insurance platform, iBAIS, forward over the next three to five years.”
“The ongoing stability, data integrity, and security of our clients’ information on our cloud-based platform is paramount, as is making the technology easy to use,” he added.
From Farrer’s perspective, the Australian insurance industry “is facing a number of core issues in relation to profitability and providing shareholders with an adequate ROI.” Key to ensuring positive claims experiences and profitable underwriting are effective technology platforms.
“Lots of work has been done to progress innovation in the industry,” Farrer noted. “Many companies now have a significant opportunity to realise the benefits of an integrated back office and customer-facing solutions and to provide clients and insurance partners with technology they can truly rely on.”
“Today’s insurance technology gives brokers and underwriting agencies, in particular, the opportunity to further digitise their businesses, enabling big process and efficiency gains,” he said.
Farrer admitted that “few organisations have expertise in both insurance and technology”, which can make it difficult for a holistic technology vision to be taken up smoothly throughout an entire company. Regardless, 2021 promises to be “an exciting year” for BAIS, which will soon be launching a significant upgrade to its iBAIS system.
“iBAIS is a large toolbox with many capabilities, and it often surprises people when they see what is achievable in a short time frame with limited investment cost,” Farrer stated. “We plan to spend more time working with our customer base to explain exactly how the platform is geared to help them achieve their desired business improvements and efficiencies.
“Having both technology and insurance experience makes the conversations with our insurance clients far more focused on their business needs, not just on a piece of technology.”
