During a special blog series featuring Tapoly's CEO Janthana Kaenprakhamroy, AAIS sat down to discuss the challenges insurance companies are facing right now while trying to be more efficient. Insurers are under pressure more now than ever due to rising loss costs. As loss ratios have gone up, there is also an increased pressure on expenses as they attempt to be more efficient.
Janthana explained some of the biggest issues putting pressure on companies right now, what some areas are that companies can in fact become more efficient, and how Tapoly can help insurers become more efficient.
When asked about the challenges insurance companies are facing when trying to be more efficient Janthana answered, "My top two issues would be having to do with the people, and the second aspect is the legacy systems and technology." She also shared that a lot of specialized risks are difficult to have a specific system built for such a bespoke risk. A part of it is the nature of the risk and you can't automate, and the second part is the actual value change and the multiple players that have to take part in the value change. That means a lot of data is captured and not properly joined up and shared making it extremely difficult to automate, difficult to innovate when you have that.
When asked what she identifies as the biggest challenge for companies, Janthana said "profitability". She explained that "a lot of insurance companies are hard hit by the market, capacity and profitability has reduced during the last few years and COVID certainly impacted profitability for insurers. Optimizing balance sheets and making sure you get maximum profit is becoming essential for companies."
Where can companies focus to become more efficient? Janthana easily answered with "technology and people". "You have to be able to break the cultural barrier in order to bring automation, innovation and new systems into place," shared Janthana. "You will see a lot of insurtech companies that are doing really well in this market are the ones focusing on the entire operational efficiency to reduce claims."
How can Tapoly help companies be more efficient? Janthana said, "Tapoly is a digital license platform and that means we can provide end to end technology solutions to solve some of the operational challenges that insurance companies have and also the innovation piece. Our technology is built using the latest tech, we have A.I. in some part of our technology that helps with pricing, underwriting and customer services, marketing and sales." To learn more about Tapoly and the services that they provide, please visit tapoly.com.
To view the full interview from Janthana, please click the video above.