Profile: Ola Jacob of Alesco Risk Management
How long have you worked in the industry?
Four years and six months.
What interests you about innovation?
For me and my career in insurance so far, innovation has always been about being willing to challenge the status quo, even if only with a rallying voice. Being at the forefront of an industry movement (to modernise and digitalise) is something I am very passionate about.
My approach is similar to the Nike slogan ‘’just do it’’.
Why did you join the Shadow Innovation Council*?
The strongest message for innovation in our market is the benefit of collaboration during the innovation process and between different generations. Diversity of thought leads to positive synergies. That’s what this council embodies so how could I not get involved?
* The Innovation Shadow Council is a subsidiary of the Innovation Council. Developed for young insurance professionals, it looks at new ideas and solutions to deliver to the London Market to benefit all stakeholders. The Innovation Shadow Council also offers networking opportunities, professional support and evaluates and makes recommendations for proof of concept considerations to the Innovation Council. Contact email@example.com for more information.
What’s the most exciting InsurTech business today and why?
Lemonade, a US based InsurTech is really exciting as it is actually two companies: it is a risk-bearing insurance company and a brokerage firm. When you buy a policy from Lemonade, the 20% fee goes immediately to the brokerage firm. The remaining 80% stays with the insurer.
The firm incorporates Artificial Intelligence (AI) and robotics processing techniques into the claims handling process. Recently, it managed to pay a claim in three seconds with zero paperwork. AI Jim, Lemonade's claims robot (no human was involved in the process ….), reviewed the claim, cross referenced it with the policy, ran 18 anti-fraud algorithms on it, approved the claim, sent wiring instructions to the bank and informed the claimant that the claim was closed in this impressively short period of time.
This is the first recorded claim paid using both AI and robotics with no human involvement.
Is there anything you’re working on independently you can share?
One of my ideas is I-cubed, a digital platform to harness and grow solutions and ideas to improve the London Market.
What are your predictions for change for 2017 in the London Market?
In 2016 Insure-Tech bloomed with a flurry of start-ups and incumbents really recognising the potential threat they could pose in the future. What surprised me was the openness to embrace innovation in 2016 and the increased investments we saw in the great new concepts that entrepreneurs developed. There was a real need for partnerships where the understanding of an insurance contract was lacking. I think that means we will see more and more acquisitions of proven start-ups in 2017. Then we can go two ways - will the restraints of the backing corporate hinder acquired start-ups; or will their network and experience amplify the wave of insure-tech for 2017?
An eventful April and May for Innovation
Innovation provides a snapshot of some of the innovation-focussed events that took place in London over the last month.
LM TOM Innovation has been supporting and attending various events in the London Market that are exploring new ways for the insurance market to work better, smarter and faster.
The first Machine Learning Symposium on 3rd April was hosted by Artelligen and Marker Study Group and gave delegates an introduction to the technology and provided insight into how this technology is being used across industries today with a special focus on insurance.
The Market Minds Future Leaders Debate held on 5th April with its theme “Make Insurance Great Again!” was well received with over 250 practitioners attending. An engaged audience posed many challenging questions to the panel which included market experts from Guy Carpenter, XL Catlin Accelerate, Beazley and Hiscox Futures.
On 22nd May Instech London, LM TOM and SME Commercial are holding a: “Who's doing what with InsurTech” event at the Steelyard near Cannon St, London. Save the date in your calendar and standby for invitations.
You can also sign up to our partnership event taking place this evening which LM TOM is hosting with Willis Towers Watson’s (WTW’s) Young Professionals at the WTW auditorium. The event: “Our Industrial Revolution: What Does It Mean for Us?” will focus on how to prepare for the complete digitisation of the London Market. The event is open to anyone in the industry and you can register here. Spaces are on a first come, first served basis.
Quick Tech – a bite-sized review of the most influential technology impacting the insurance market
Machine learning is the subfield of Artificial Intelligence that gives computers the ability to learn without being explicitly programmed.