Reshaping decision-making in insurance

How to get started on your own revolution

Reshaping decision-making in insurance

Technology

By Mia Wallace

Later this week, leaders and rising stars from across the insurance market will come together at the 2024 Women in Insurance Summit under the theme of ‘Connecting as a Community’.

Among the line-up of estimable panellists, guest speakers and attendees is Elizabeth Jenkin (pictured), underwriting director at the Lloyd's Market Association (LMA), who will moderate a fireside chat on ‘Insurance’s Digital Revolution’. In discussion with Insurance Business, the insurance leader revealed that she first became aware of the Summit due to its reputation as a leading platform for promoting gender diversity and inclusion in the industry.

You can view the full agenda and sign up for the upcoming Women in Insurance Summit 2024 today.

“I was immediately drawn to its mission to empower and elevate the voices of women in insurance,” she said. “We need this type of platform to not only discuss barriers unique to women but also to showcase the incredible talent we have throughout the whole industry.”

Understanding the impact of insurance’s digital revolution

As for why the topic of insurance’s digital revolution stood out for her, Jenkin noted that this revolution is no longer a future ambition. It's happening now, she said, and the market can't afford to ignore it. “What’s particularly interesting is how this digital shift is not just about automating processes or improving efficiency—it’s fundamentally reshaping the way we make decisions.

“In my 30 years in the industry, I’ve seen firsthand how technology has transformed from being a back-office function to becoming central to our strategic thinking. Data and AI, in particular, have gone from being novel tools to absolute necessities in our workflows.”

What really stands out to Jenkin is how insurance, which is traditionally slow to adopt new technologies, is now reaching a tipping point where these innovations are gaining momentum. The industry is recognising the need to embrace disruptive technologies like AI and automation to stay competitive, she said. “I’ve worked on technology projects both in larger corporations like Aon and in smaller, more agile startups, and I’ve seen how the right digital tools can revolutionize everything from underwriting to customer interactions.

“It’s this blend of practical experience and seeing the market’s growing enthusiasm that makes the topic of insurance’s digital revolution so compelling to me.”

How to navigate the disruptive technology of tomorrow

Jenkin highlighted that balancing technological advancements with strategic business planning requires a long-term perspective.

Technological innovations like AI, advanced data analytics, and automation don’t yield immediate results, she said. They need to be integrated into a company’s overall strategy, which often takes three to five years to execute and even longer to see full benefits. At Lloyd’s, for instance, managing agents blend annual business reviews with longer-term strategic planning.

“While they might have short-term goals, the real focus is on how they can keep a steady ship while continuing to modernise over the next three to five years,” she said. “For example, implementing new technology or adopting a new underwriting model might take 18 months just to set up, and then it could take another two or three years to see its impact on the market.

“So, I see technological advancements and strategic business planning as long-term commitments rather than short-term initiatives. What’s important is that companies remain adaptable while keeping their eyes on the larger strategic vision. As much as we want to be agile, we can’t lose sight of the overall direction and must ensure that technology aligns with long-term goals like entering new markets or improving risk assessment models.”

How can businesses foster a stronger digital culture?

Jenkin said organisations first need to recognise that change can’t happen overnight. Words like “agility” and “innovation” are often overused, she said, but they hold real significance when applied thoughtfully. “Agility, to me, doesn’t mean constantly changing direction—it means being able to adapt while staying focused on the larger strategy.”

In terms of innovation, she said, the insurance industry has always been good at problem-solving. The market might not always talk about it, but a lot of innovation happens behind the scenes, in areas like product development and wording improvements. Innovation isn’t just about AI or flashy new technologies; it’s also about finding better ways to mitigate risk and meet client needs.

Creating a culture that values these things requires empowering employees to take risks, but in a calculated way. “I think it’s crucial that companies give their teams the psychological safety to voice new ideas without fear of failure,” she said.

“Ultimately, curiosity should be encouraged, and leadership needs to model that mindset to ensure it cascades throughout the organisation.”

How to get started on your own digital revolution

Sharing her top advice for those just getting started on their own ‘digital revolution’, Jenkin emphasised the need to, “ask the right questions upfront”. “It’s tempting to dive into new technologies, but without a clear plan, you risk going off track,” she said. “Surround yourself with people who can challenge your thinking and provide guidance. Often, that means bringing in external expertise to help you navigate the complexities of digital transformation.”

Those embarking on these journeys also need to be brave and willing to take risks, but be realistic about the costs involved. Digital transformation requires significant upfront and continuous investment she said, and the costs don’t stop once it’s implemented so it’s important to have patient capital behind you.

“Looking beyond the insurance sector for inspiration can also be incredibly valuable,” she advised. “Other industries may already be further along in their digital journeys, and there’s a lot we can learn from their successes and failures.

“Remember, it’s not always a revolution in the traditional sense. In many ways, it’s more of an evolution—a constant process of improvement rather than a single event.”

View the full agenda and sign up for the upcoming Women in Insurance Summit 2024 today.

 

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