Verisk’s Duffield: Time to change broker culture of “sketchy” data

The London market has “no choice” but to continue with its digitisation journey, according to Morning Data CEO Kirstin Duffield, with the long-overdue process presenting “a fantastic opportunity for brokers, MGAs [and] carriers”.

Speaking to The Insurer TV, Duffield highlighted the importance of “cultural elements” in relation to how brokers approach the data they collect on behalf of carriers.

Duffield took umbrage with “old school” data handling methods within the world of broking, where “very sketchy amounts of data” were used on the basis of “good faith”.

She noted that collecting data on behalf of carriers also presents benefits for brokers, as once the data is collated it can be utilised in other areas.

As an example, she suggested that “in the event of a disaster”, brokers could be on hand earlier to assist a client if they had the right data.

On the subject of who would lead the broker charge with regards to embracing digital transformation, Duffield said that although there is some noticeable “coming around”, larger, more traditional companies would be “reserved” .

For Duffield, it will be the “agile” smaller brokers that will implement the necessary technology innovations at a faster pace.

Life post Verisk acquisition

Duffield also commented on Verisk’s acquisition of Morning Data in May this year.

One of the most rewarding aspects of the deal for Duffield has been “having access to lots of experts in the field and being able to draw on them”.

“You feel less like an island,” she added. “You feel much more as though you're part of a more holistic team.”

Now Morning Data is part of Verisk, Duffield’s main focus for the company has been on the integration of the various products Verisk’s clients use. Her aim is to bind these products into an “ecosystem”.

“Clients want to be able to select from a product range, from a single supplier. It makes life a lot easier,” she added.

Commenting on her outlook for the coming years, Duffield was optimistic about the future of the market.

The coming year will present “probably the biggest change this market has seen in one, if not two generations”, according to Duffield.

However, she was wary of the market relying too heavily on AI to enable this change, emphasising that “AI is not the panacea”.

Watch the nine-minute video interview with Verisk’s Kirstin Duffield to hear more on: