The leader shares his perspective on what’s happening in the insurance technology space
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technology
By Mia Wallace
“It’s always an exciting time to be in the insurance industry.”
During the discussion with Insurance BusinessRobert Rimmele highlights how his role within cloud-first software and data business Ascent shows how the right technology partnerships can offset even the worst challenges and capitalize on the best opportunities in insurance sector.
As co-founder of Tekaris, a German software development house acquired by Ascent, Rimmele has spent many years operating in the insurance and reinsurance sector and has seen firsthand the energy, passion and drive needed to thrive in market. For the “computer guys”, he said, it is exciting to see the interplay of information, data and understanding that make up the ecosystem – and the realization that all of this is rebuked by relationships at the heart of insurance.
As a UK-headquartered business with centers in Germany, Malta, Bulgaria and Portugal, Ascent has not been affected by COVID in the way many other businesses have been, Rimmele said, because the team is used to working remotely and not distance tolerance. to hinder the implementation of his vision. Empathy, energy and courage are the principles at the core of the data-first company, and a combination of elements is required to make the partnerships work for all stakeholders involved.
“The first and most important part of building any great partnership is trust,” he said. “What you’re looking to do is create a partnership that works but it’s also about having a shared vision of where you want your business to go in the industry. Based on that, the sky’s the limit, you can do anything.
Avoiding tech for tech’s sake
There is no doubt that the industry is facing a brave new world when it comes to technology and data-driven innovations that are increasingly readily available. At the same time, however, Rimmele noted that the insurance sector is also facing challenges related to data and AI and all the implications it brings.
“However, what the industry needs to understand is that it’s not enough to have the right tools, you need to ask the right questions,” he said. “If you don’t, you just throw away the technology and you spend a lot of money but you don’t get anywhere. You see this, where there is a lot of investment and it results in half-finished projects that are canceled because it is not clear why it is started first.
“When it comes to data and technology, you need to know where you want to go. At the very least, you need to have clear targets and you need to know what questions to ask and what problems you want to solve solve.”
The challenges facing the insurance market
For Ascent working with a variety of market players, it is clear that each business faces its own risks and opportunities when it comes to using technology. But Rimmele noted that looking at the industry more broadly, some key themes emerged. Among them, he said, is the question of how to get the basic piece right to create new solutions.
When trying to integrate new technologies and build the expertise needed in the environment, he said, market players must really understand the methodological foundations of these solutions and what they are looking for. deliver. Building that expertise on how to successfully implement a project and produce positive results is a challenge for many people – as well as understanding how these solutions should fit into their previous business and not operate as a silo.
“Because you’re discussing these projects at a technical level with the tech people, you’re discussing them at the application level with the underwriters, and you’re talking strategy with the individual executives,” he said. . “But what you need, is to be able to transcend the layers, to understand that they are not disconnected and they must all be united in the end.”
For Ascend, helping people bring these layers together effectively is high on the agenda for 2023, and Rimmele says he’s relishing the opportunity to have high-level conversations with entrepreneurs and innovators in whole market that wants to do things differently.
“The market is ready,” he said. “Everybody’s invested, everybody knows something needs to be done. And they have a good understanding, they don’t wait for us to tell them what their strategy is, they’re just brains. So, we’re very excited to have conversation.”
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