Insurtech Insights panel: Tech can boost client transparency along with improving expense and loss ratios

By Chris Munro

June 6 - (The Insurer) - Carriers have a significant opportunity to utilize technology to not only improve their expense and loss ratios but also to provide meaningful insight to clients by showing precisely what factors are impacting the price of coverage.

That was one of the key takeaways from a wide-ranging panel discussion during the Insurtech Insights USA 2025 conference in New York on Thursday.

David BurtonPerry, senior vice president and head of large property at Vantage, said “there’s a real opportunity” to use the increased insights that technology has provided to analyze risk to provide clients with greater transparency and insight into what is considered when pricing their business.

“(That way) they’re seeing more than just ‘you have a warehouse, so you need to think about this’, but it will be more tailored, risk-specific and specific to their facilities,” he explained.

Carriers can use technology to also offer greater transparency around what is driving pricing and how losses can be prevented, suggested BurtonPerry.

“There's a huge opportunity for our industry to share that and create value that goes beyond just risk transfer,” the Vantage executive said.

“I think that's the future of what we're trying to do is to become a knowledge company that's sharing information back, as opposed to we just absorb the risk and issue a policy,” BurtonPerry added.

Manmeet Singh Bawa, senior manager at Deloitte, said with technology, insurers can “transform from being a risk compensator to a risk preventer”.

However, he said there has to be a recognition that carriers cannot do this alone and in-house, with outside support needed.

That means insurers will have to sift through and find the right partners and product propositions to match the complexity of risk in the market.

Even though it can be used to improve the client experience, Aman Gour, cofounder and CEO of FurtherAI, said technology will continue to have an important role in streamlining and improving insurers’ operations.

“(Technology) will improve a lot of things across every industry, but in insurance it will substantially reduce the expense ratios and improve the loss ratios,” he said.

“It's about finding the use case with a strong business value and then iterating on top of it. The iteration will still be required to perfect it to your workflows (and) to your solutions, but just getting started (by implementing technology) would be my recommendation,” Gour added.