Holborn’s Head of Corporate Strategy, Stephanie Gould Rabin, SVP, was quoted in The Insurtech Reveolution, January 16, 2018
Ultimately, “the face of pricing is going to change,” observes Stephanie Gould Rabin of Holborn and the CAS Insurance On-Demand Working Party. “Pricing will become more dynamic and on time, requiring more robust predictive analytics, which will also be facilitated by insurtech.”
Fear of change is another factor, observes Stephanie Gould Rabin, head of corporate strategy and senior vice president of Holborn, a reinsurance brokerage firm. Insurtech “pulls at the heartstrings,” she explains, because “it represents the possibility of a substantial change of how they do business and whether they will have a job.” As a result, she says, “People will obfuscate, deny, criticize and do anything else it takes to ensure their job stays the same.” Rabin is also co-chair of CAS’s Insurance On-Demand Working Party, which covers insurtech’s influence on product, consumer behavior and actuarial practices.
“If we get technology that speeds up payment and changes how claims are settled,” Rabin observes, “actuaries will need to adjust reserving methodologies.”
Snapsheet’s mobile app and dispatch platform help insurance carriers settle claims faster, reducing the average cycle time to fewer than three days from first notice of loss. About 90 percent of claims are processed by photograph. “If we get technology that speeds up payment and changes how claims are settled,” Rabin observes, “actuaries will need to adjust reserving methodologies.”
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