Latest / Breaking the ICE / Episode 11 - Conferences, Climate Claims and the Alice AI Suite

Transcript

Episode 11 - Conferences, Climate Claims and the Alice AI Suite · Breaking the ICE

0:02
SPEAKER_01: Hello and welcome back to the Breaking the Ice podcast.
0:06
SPEAKER_01: This is season one, episode 11.
0:08
SPEAKER_01: I'm Elliot Draga, and I'm joined by my co-host Lloyd Overton.
0:12
SPEAKER_01: Lloyd, how are you doing today?
0:13
SPEAKER_01: All good, Elliot.
0:14
SPEAKER_01: How are you?
0:15
SPEAKER_01: Things good?
0:15
SPEAKER_01: Yep.
0:16
SPEAKER_01: Yeah, pretty good.
0:17
SPEAKER_01: Pretty good.
0:17
SPEAKER_01: First and foremost, can we just give a shout out to your little guy who was on the came second place nationally in uh in running?
0:26
SPEAKER_01: That that was fantastic to read, Lloyd.
0:28
SPEAKER_01: Cool, right?
0:29
SPEAKER_01: That's pretty cool.
0:30
SPEAKER_00: Proud pair, I'm for sure.
0:31
SPEAKER_00: Um I can probably told it's told everyone and and their wives at the moment, but that's what you do, right, when they do well.
0:37
SPEAKER_00: But yeah, no, he um he ran the four four by three hundred under sixteen, second fastest in the country.
0:42
SPEAKER_00: So yeah, it was uh it was nice.
0:44
SPEAKER_00: And then to um to kind of be just doing my normal scrolling through the internet and come across a newspaper article with uh with him in it was a surprise because I wasn't expecting that.
0:52
SPEAKER_00: So yeah, that was cool.
0:53
SPEAKER_00: Yeah, he's doing well, he's working hard.
0:55
SPEAKER_00: Did d what what leg of the race did he run?
0:58
SPEAKER_00: He ran the anchor.
0:59
SPEAKER_00: He ran the anchor.
1:00
SPEAKER_01: Oh good man.
1:01
SPEAKER_00: And he feels disappointed because he he got pipped at the line.
1:04
SPEAKER_00: I mean, the guy was very, very good.
1:06
SPEAKER_00: So he was uh they were on their home track at the uh Alexandra Stadium in Birmingham, which is where they'd had the European champs a couple of days before.
1:13
SPEAKER_00: Um but actually they were in they were in second place as the as the third leg was coming in, and they kind of where it's a four by three hundred meter relay, they they kind of aligned the inside line to the the person whose whose teammate is coming in first.
1:25
SPEAKER_00: Teammate got ahead of him, but didn't they didn't swap the the lines.
1:29
SPEAKER_00: And obviously that gives you the advantage when you hit the bend to just kind of use tactics to push them a bit wide and stuff.
1:34
SPEAKER_00: So he was a bit disappointed about that.
1:36
SPEAKER_00: But I mean as a team performance, it was just yeah.
1:38
SPEAKER_00: I mean, 18 teams in it and and they came out second with a silver medal, so that was yeah, superb, superb.
1:43
SPEAKER_00: Yeah, brilliant.
1:44
SPEAKER_00: Well, congratulations.
1:45
SPEAKER_00: Sonny lost my voice uh screaming on the uh in the in the stands.
1:49
SPEAKER_01: Yeah, I bet, I bet, I bet.
1:50
SPEAKER_01: Well, fortunately, voice is back now and we're back for another episode.
1:54
SPEAKER_01: Um, I think you know what, Lloyd, uh I mean, for this week, I wanted to cover off uh just a little bit about what we've got upcoming for the fall.
2:04
SPEAKER_01: Um, I know you've got some some travel and some conferences in in queue.
2:09
SPEAKER_01: I do as well.
2:10
SPEAKER_01: Uh we can touch on those.
2:12
SPEAKER_01: Um we're also hosting a few webinars.
2:15
SPEAKER_01: Maybe we can just chat through what's what's coming up from the company standpoint.
2:20
SPEAKER_01: Um, yeah.
2:22
SPEAKER_01: So where and when are you going to be uh out and about in the world this fall?
2:28
SPEAKER_00: Yeah, so I mean we definitely do from a nice side slightly less events than yourself, Elliot, which uh which is a shame and and definitely somewhat um less glamorous in terms of some of the locations I know you've been to this year.
2:39
SPEAKER_00: Um but we have got the insurance innovators conference in I think November, uh, which is one we've kind of we kind of we've kind of flip-flopped between a few actually.
2:49
SPEAKER_00: So we've done in Sure Tech Insights, Insurance Innovators.
2:52
SPEAKER_00: I went along to Bieber as a as a delegate this year just because there's lots of kind of insurers and clients that not only do we want to be talking to but are working with already.
3:00
SPEAKER_00: So it's always nice to kind of be there and get your ear to the ground to find out what's going on.
3:04
SPEAKER_00: But we really like the insurance innovators conference.
3:06
SPEAKER_00: It's it's kind of there's not too many people there.
3:09
SPEAKER_00: There's enough and there's all the right people there.
3:11
SPEAKER_00: Um and it seems that when we go there, there's a there's a good split of of different kind of um levels of kind of employees throughout an organization.
3:19
SPEAKER_00: So you get to you get to talk to lots of different people and and and it has generated some some reasonable leads in the past.
3:25
SPEAKER_00: And again, we we tend to bump into some of our our clients and partners that we're working with.
3:30
SPEAKER_00: So yeah, looking forward to that one.
3:32
SPEAKER_00: Um is that in London?
3:34
SPEAKER_00: It is in London, it is in London, and it used to be in the oh, what is it used to be?
3:39
SPEAKER_00: It used to be in the QE2 centre in Westminster, and they've kind of moved it now um to kind of nearer to Angel.
3:45
SPEAKER_00: And it's a really good venue, really open, really, really kind of really really busy.
3:49
SPEAKER_00: Well, everyone's kind of located quite well there.
3:51
SPEAKER_00: I I prefer it.
3:52
SPEAKER_00: The QE2 is nice as it is in terms of location and stuff, was just a bit stuffy in comparison.
3:57
SPEAKER_01: What's the format of it?
3:58
SPEAKER_01: Is it is it sort of like you know, conference center with booths and you're walking around?
4:03
SPEAKER_00: Exactly, exactly.
4:04
SPEAKER_00: So so we always do uh do a booth there.
4:06
SPEAKER_00: Um we've done a couple jointly with partners before, tend to just do do them on our own, but uh all of the all of the obvious competitors are there as you can imagine, lots of them lined up.
4:15
SPEAKER_00: We've tended to be a sponsor of this one as well, so we get a pretty good location.
4:19
SPEAKER_00: Um, and then you know you've got your obvious kind of um uh kind of talks and and presentations going on, so it's kind of uh a fits and starts of of kind of activity.
4:28
SPEAKER_00: So you tend to get that kind of early morning rush where everyone's grabbing a coffee and just settling in and in, and then you get those kind of periods where people are come out from talks and come out for lunch and things like that, and you'll get lots of people come up and have a chat with us.
4:40
SPEAKER_00: So yeah, no, I I I love doing that.
4:42
SPEAKER_00: It's good.
4:43
SPEAKER_00: It's great to meet new people and it's it's normally a good energy about it.
4:46
SPEAKER_00: How's the content?
4:47
SPEAKER_01: Because I I know the Insure Tech Insights, I I went uh a number of years ago, but the content was was surprisingly quite good.
4:55
SPEAKER_00: It is, yeah.
4:56
SPEAKER_00: I mean, uh again, Insure Tech Insights, it's just it's so big now, right?
5:00
SPEAKER_00: That there's literally like 10,000 people that attend that thing.
5:04
SPEAKER_00: I mean, that the conference hall itself is absolutely huge.
5:07
SPEAKER_00: So I guess by comparison to insurance innovators, which is is certainly a bit smaller, just feels a bit more personal.
5:13
SPEAKER_00: I think the the insure tech insights got a little bit big.
5:16
SPEAKER_00: The actual area where the the people were exhibiting was kind of lots of smoke and lights and stuff.
5:20
SPEAKER_00: I almost felt like I was walking into a nightclub.
5:23
SPEAKER_00: Um this is definitely a bit more corporate and a bit more airy, which you know, let's face it, you know, we work in uh insurance.
5:29
SPEAKER_00: I I don't think anyone's gonna start cracking out um any kind of dance floor moves um in any conference suites that I'm that I've been into.
5:36
SPEAKER_00: So yeah, I think for me, this one's just a a bit more personal and and I think people are a bit more accessible.
5:42
SPEAKER_00: But yeah, the content, the content's really good.
5:44
SPEAKER_00: Although what I would say is, is of all of the the kind of conferences I've been to, certainly over the last couple of years, it's all of the obvious things being talked about AI, automation.
5:54
SPEAKER_00: It's just a a recurring theme in almost all of the uh the conferences I've been to.
6:00
SPEAKER_01: Yeah, yeah.
6:01
SPEAKER_01: Wow.
6:02
SPEAKER_01: Unavoidable, right?
6:03
SPEAKER_01: It's so uh ever present for everyone now.
6:06
SPEAKER_01: Um yeah, interesting.
6:08
SPEAKER_01: Okay, so you guys have that one in November.
6:10
SPEAKER_01: Uh I'm not gonna be there.
6:12
SPEAKER_01: Um we have uh do we have a booth?
6:16
SPEAKER_00: We do, yeah, we've got a booth.
6:17
SPEAKER_00: Uh we're sponsoring again.
6:19
SPEAKER_00: Um we might look to do something which includes a partner too.
6:24
SPEAKER_00: So we've can't we've done uh a kind of joint um booth before with Publicist Sapien who we do a bit of work with.
6:30
SPEAKER_00: Uh those guys uh have done some work with with the ice platform previously.
6:34
SPEAKER_00: Um so it was nice to kind of share some space with them and talk about how we might be able to work together.
6:39
SPEAKER_00: Um so yeah, I think the intention at the moment is just is just doing on our own, but uh yeah, we'll see how it pans out.
6:44
SPEAKER_00: We're still in kind of planning mode.
6:45
SPEAKER_00: There's a an internal session in a couple of weeks just to work out exactly who we're inviting, what we're doing, what we're talking about, and and obviously what we're keen to show.
6:53
SPEAKER_00: I think um I think this year we'll definitely be doing a bit more of a push around obviously the Alice suite of AI products, which which were obviously still kind of stormy and forming last year, uh, whereas obviously now they're they're kind of in production with a client and and obviously a big uh a big area of uh of focus for us as an organization.
7:12
SPEAKER_01: Yeah, and that's just uh I mean for anybody that's listening, if you're gonna be at that event as well, uh it's November 3rd and 4th.
7:19
SPEAKER_01: I just looked it up.
7:20
SPEAKER_01: Uh November 3rd and 4th at uh at the QE uh no, where is it, Lloyd?
7:26
SPEAKER_01: Run me again.
7:27
SPEAKER_00: It is in Angel.
7:28
SPEAKER_00: I can't remember the name of it actually.
7:29
SPEAKER_00: Let me um you might see it there.
7:32
SPEAKER_00: I can't I can't never remember the name of the uh the location.
7:35
SPEAKER_00: Yeah.
7:36
SPEAKER_01: Yeah, but November 3rd and 4th.
7:39
SPEAKER_00: Leave that with me, and by the end of the podcast, I'll tell you exactly where it is.
7:43
SPEAKER_01: You mentioned you mentioned Alice, though, the Alice suite.
7:47
SPEAKER_01: Um we've got some webinars that we're gonna be hosting as well.
7:51
SPEAKER_01: Um I think it might be a good opportunity for us to plug those.
7:56
SPEAKER_01: Um I think the Alice Claims one is the first one that we've got coming out.
8:00
SPEAKER_00: It is indeed.
8:01
SPEAKER_00: Um, and as I understand it, seeing uh an email that was kind of floating around the other day, really good um attendee list so far.
8:09
SPEAKER_00: I think we've got about 60 odd people that have signed up to join us on that.
8:13
SPEAKER_00: Uh so again, we should um we should kind of put some kind of link to that or some kind of a way of people joining if there's anyone listening to this that wanna be involved in that, because uh we'll be talking about all things Alice as part of that.
8:27
SPEAKER_01: Yeah, we'll sort that out after.
8:28
SPEAKER_01: Do you want to do you want to give a bit of a description of of what well, okay.
8:32
SPEAKER_01: So in general, I mean Alice is our AI suite.
8:35
SPEAKER_01: Um, it's a proprietary tool set that we've built, and it covers both platforms, the the Nordic platform, the ICE platform.
8:45
SPEAKER_01: Uh it covers the entire value chain, if you will.
8:49
SPEAKER_01: So, you know, we have uh products in the suite that are for sales, for policy servicing, for ethanol, first notification of loss.
9:01
SPEAKER_01: Um, and then you know, again, we've got this Alice claims tool.
9:06
SPEAKER_01: Um, do you want to give a bit more of a background on on what it does and what people can expect?
9:13
SPEAKER_01: Yeah.
9:14
SPEAKER_00: Yeah, for sure.
9:15
SPEAKER_00: So uh so I mean uh you're absolutely right, Elliot.
9:17
SPEAKER_00: We've got a a kind of number of components to the the Alice suite, some which we're we're working with um some external partners on, such as our kind of Alice sales and service tool.
9:26
SPEAKER_00: We've got uh an ethanol um solution which is there to kind of assist people in that in that kind of real key part of making a claim, so where you're just gathering all of that initial information.
9:37
SPEAKER_00: Um that Alice ethanol tool is is assisting people in in being able to do that.
9:42
SPEAKER_00: We've also got um uh a kind of assistant capability that sits in the in the kind of back office of the of the claim solution, which is effectively an agentic tool which is making decisions and and helping advisors that are utilizing the ICE claims platform to be able to kind of interrogate information that might exist as part of that claim, as part of potentially a policy that's linked to it, um, and be able to kind of provide real-time information a lot quicker than actually what I think you know tradition is in the sense, you know, in the claims arena where you know you'll get some information, you'll go away, you'll take a look at the file, you'll assess some information and then get back to the client.
10:21
SPEAKER_00: This is a way of really being able to kind of do that a lot, lot quicker by using that kind of agentic and intelligent AI tool to assist.
10:29
SPEAKER_01: Yeah, I think uh as of right now, uh yeah, tons of tons of folks have already signed up for this.
10:34
SPEAKER_01: The webinar itself is gonna be October 7th.
10:37
SPEAKER_01: Uh, I just looked it up.
10:38
SPEAKER_01: October 7th at 9 a.m.
10:41
SPEAKER_01: Eastern time.
10:42
SPEAKER_01: Um, but we'll share some details in the in the notes um for this episode if if anybody else is interested in signing up for it.
10:49
SPEAKER_01: Um but yeah, the webinar is going to be walking through the product, what it does, and some real life use cases of it.
10:55
SPEAKER_01: So um yeah.
10:57
SPEAKER_00: Should should be an interesting uh one to attend.
11:01
SPEAKER_00: Yeah, no, looking forward to that one.
11:02
SPEAKER_00: It's just uh, I mean, from my perspective, you know, you see it as just a private consumer looking at AI on the outside, seeing how everything's just moving and developing and changing all the time.
11:14
SPEAKER_00: Um, but I mean I think the exact same thing's happening for us, right?
11:17
SPEAKER_00: You know, we're we're kind of developing these tools, we're tweaking them on almost a real-time basis, they're becoming more advanced, they're becoming more useful.
11:24
SPEAKER_00: Um, so actually, yeah, no, I think you know, get along to that webinar, come and take a look, come and talk to us at the Insurance Innovators Summit.
11:31
SPEAKER_00: I'm sure we'll be uh we'll be showcasing some of that capability and would be delighted to talk more about it.
11:37
SPEAKER_00: And and just uh to help, I did do a little bit of googling while we were talking there, and it's the Business Design Center in in Angel in London.
11:44
SPEAKER_00: So yeah, it's uh it's a cool place, cool venue.
11:47
SPEAKER_00: Yeah, good.
11:48
SPEAKER_00: Good, good, good, good.
11:49
SPEAKER_00: At least I'm not gonna get there now.
11:51
SPEAKER_01: Well, you you buried the lead here.
11:52
SPEAKER_01: You you mentioned that I was gonna be at all these exciting, exotic places.
11:56
SPEAKER_01: Uh my next trip is to New Jersey in the United States.
12:01
SPEAKER_00: So well, New Jersey's I love New Jersey.
12:04
SPEAKER_00: It's my favorite TV show ever, is New Jersey, The Sopranos.
12:08
SPEAKER_00: So Yeah, yeah.
12:09
SPEAKER_01: Well, good shout, good shout, great show.
12:11
SPEAKER_01: Uh yeah, so I'm down in New Jersey uh in a couple weeks for the uh USTIA um board meeting, and they have uh it's called Spark, so it's sort of like uh a mentorship program that they're starting up, and and so they're hosting an event there.
12:25
SPEAKER_01: Um Crum Enforcer is hosting it, so their offices are in New Jersey.
12:30
SPEAKER_01: Um that's where we're gonna be.
12:32
SPEAKER_01: Um I don't know what the weather's gonna be like.
12:34
SPEAKER_01: Uh it's either gonna be unbelievably hot, um, and maybe we can talk about climate risk later on in this episode.
12:43
SPEAKER_01: Um, or or it's gonna be, you know, sort of cold and raining off the Atlantic coast there.
12:47
SPEAKER_01: So uh yeah.
12:49
SPEAKER_01: I am I'm in New Jersey end of this month.
12:52
SPEAKER_01: Uh and then I'm over at your offices uh September 30th, I think.
12:57
SPEAKER_01: I head over for a couple days.
12:59
SPEAKER_01: Um so that regular quarterly meetup where we jockey back and forth uh between London and Copenhagen.
13:06
SPEAKER_01: I I do prefer um I do prefer uh the the infrastructure of the trip to and from London.
13:14
SPEAKER_01: It's just there's so many more flight options.
13:17
SPEAKER_01: Um I can I can come and go quickly.
13:20
SPEAKER_01: Um and it's nice that you guys have the shower at the office as well, because I typically just will do a red eye and then roll right into the the day.
13:28
SPEAKER_01: Um yeah, so that's that's at the end of October.
13:32
SPEAKER_01: Uh and then a week after that, I'm in Montreal.
13:34
SPEAKER_01: So Aeon, um, one of the big uh insurers and reinsurers globally.
13:39
SPEAKER_01: Um, but they have uh obviously uh Canadian operation.
13:44
SPEAKER_01: Uh they've got a big office in Montreal, and they're hosting a reinsurance conference.
13:48
SPEAKER_01: So um I'm gonna go out there um and try to get a beat on what's happening.
13:54
SPEAKER_01: Um probably we'll talk a little bit about travel, um, travel and health, but uh because there's always you know, there's a ton of movement in the parametric space on on the travel side.
14:05
SPEAKER_01: So it's always an interesting topic of conversation at these conferences, but uh yeah, looking forward to that one.
14:11
SPEAKER_01: That's October 8th to 9th in in Montreal.
14:14
SPEAKER_01: Um, and then I get to uh a few uh exotic locations or really the same location just twice.
14:22
SPEAKER_01: So uh I'm going to Istanbul at the end of October and beginning of November.
14:28
SPEAKER_01: Uh so the first one is for the IAG, uh the International Assistance Group, their global conference.
14:35
SPEAKER_01: Um we're actually speaking there, we're presenting.
14:38
SPEAKER_01: Uh so that's October 27th to 30th in Istanbul.
14:44
SPEAKER_01: And then I fly home for a day.
14:47
SPEAKER_01: Uh I take my kids trick-or-treating, and then I get on an airplane and fly back to Istanbul for the uh ITEC Global Conference.
14:55
SPEAKER_01: So that's our big uh travel insurance conference for the year.
14:59
SPEAKER_01: The IEG and the ITEC typically like coordinate destinations um or locations for where they're gonna host.
15:07
SPEAKER_01: And the thought is that most of the folks that are going to the IAG conference are also going to ITEC, as I am.
15:14
SPEAKER_01: Uh I I don't think they plan for anybody to go home in between.
15:19
SPEAKER_01: Um, but it just, you know, you know how it is with work and travel and and you try not to miss the the milestone stuff.
15:27
SPEAKER_01: So I thought I've got 24 hours, I can, you know, do a little laundry and brush my teeth and and get back on an airplane.
15:35
SPEAKER_01: Um so that'll be that'll be a a good two-week stretch.
15:39
SPEAKER_01: Um, but I'm looking forward to Istanbul.
15:41
SPEAKER_01: I've never been.
15:42
SPEAKER_01: Um and like I said, I mean the IAG global event, it's it's very much travel assistance, medical assistance focused.
15:49
SPEAKER_01: Uh and they do roadside assistance as well, um, with under their umbrella.
15:54
SPEAKER_01: And then iTech is is I mean, it's the it's the biggest global travel insurance event.
15:59
SPEAKER_01: There'll be over a thousand people there.
16:01
SPEAKER_01: Um and I mean everybody from uh you know, underwriters, distributors, assistance companies, uh providers like us, so vendors, um, you know, different tech solutions, uh, and then obviously the actual medical providers.
16:17
SPEAKER_01: So the hospitals, air ambulance companies, they they typically attend that as well.
16:21
SPEAKER_01: And that is that is sort of the standard booth format.
16:25
SPEAKER_01: Like we'll have a booth in the trade show floor, uh, we'll be doing live demos.
16:30
SPEAKER_01: Um again, I mean, that's you know, trying to generate leads, that's that's the main focus of it, right?
16:36
SPEAKER_01: Um so yeah, excited for that one.
16:39
SPEAKER_01: It's uh it's uh it's that I think it's a three-day, three or four days of of just sort of non-stop demos.
16:48
SPEAKER_01: Um and it's exhausting.
16:50
SPEAKER_01: Like we'll typically do over a hundred in those three or four days.
16:54
SPEAKER_00: I think you know, yeah, you mentioned we might talk about climate.
16:58
SPEAKER_00: I mean, uh my you know assumption of all the things you just said there, we need to be thinking about a private jet for the company, um, the amount of uh flying around that we're doing.
17:05
SPEAKER_00: So a few more sales, bringing the ice jet.
17:08
SPEAKER_00: Uh not sure that's uh that the right way to uh to tackle the current uh current kind of climate issues.
17:14
SPEAKER_00: Yeah, yeah.
17:15
SPEAKER_00: Well that's it.
17:15
SPEAKER_00: But no, that's a lot of flying.
17:17
SPEAKER_01: I I think I one thing I would mess it, uh sorry, one thing I would mention is just uh obviously if if anybody else is attending uh any of these events, uh feel free to reach out to us.
17:28
SPEAKER_01: Um certainly, you know, on my side, the IAG and the iTech ones, um happy to provide some presentations or demos at the event.
17:37
SPEAKER_01: So yeah, if anybody's gonna be there, let us know.
17:40
SPEAKER_01: Um and look forward to connecting when we're out there.
17:43
SPEAKER_01: Uh let's let's pivot a little bit.
17:45
SPEAKER_01: Yeah, I mean you you mentioned you brought up climate.
17:47
SPEAKER_01: Um I was doing a little bit of market research here in Canada, and the topic that has jumped off the page.
17:55
SPEAKER_01: I mean, there was a couple, and I'm just curious to get your thoughts in terms of you know, are there any parallels with the the experience of insurers in the UK?
18:05
SPEAKER_01: But uh the the catastrophic claims in Canada due to or trending as a result of climate change have have been insane the last couple of years.
18:20
SPEAKER_01: And and particularly it's uh the wildfires that are causing uh you know pretty devastating outcomes.
18:28
SPEAKER_01: Uh it was traditionally always the west coast of Canada, the Pacific Coast, and the Rocky Mountains there.
18:34
SPEAKER_01: Uh we saw this summer.
18:35
SPEAKER_01: I mean, I there was one one day in July where it looked like uh, I mean, yellow skies, not orange, not gray, it was yellow.
18:44
SPEAKER_01: And there was a wildfire that had broken out um in Sudbury, Ontario, which is sort of five, six hours north of me.
18:52
SPEAKER_01: Um, but but that was the sort of area of effect.
18:55
SPEAKER_01: Uh and and for an entire day it was sort of yellow skies.
18:59
SPEAKER_01: Kids couldn't go outside and play.
19:01
SPEAKER_01: Um, and obviously, I mean the communities that are are a lot closer there are living through these sort of devastating outcomes.
19:08
SPEAKER_01: So yeah, that was just in in in again, trying to get a pulse on the Canadian market.
19:14
SPEAKER_01: That was the number one trend that jumped off the page.
19:17
SPEAKER_01: Um what are what are you guys experiencing?
19:20
SPEAKER_01: What are insurers experiencing in the UK?
19:23
SPEAKER_00: I think that's an interesting, you know, the one the the example you've given actually.
19:27
SPEAKER_00: I mean, you know, one thing I noticed certainly this year, and and we were lucky enough to to go on holiday outside of the UK, and I'll come back to the UK, but we went to um we went to the west coast of the US actually, and we did a driving trip.
19:38
SPEAKER_00: And we went to a lot of those places, such as kind of Yosemite and areas of, you know, stunning, stunning parts of the US.
19:46
SPEAKER_00: It was an amazing trip.
19:48
SPEAKER_00: Um and we were thinking, my God, you know, those guys out there had had the a similar sort of um summer to us, just really dry, really hot.
19:56
SPEAKER_00: I mean, we went to Death Valley and they were saying, you know, we're not far off at the moment, the the world record temperature here, which is the temperature that gave them the kind of mantle of being the hottest place on earth.
20:06
SPEAKER_00: So it just feels like it's not just us, it's not just the UK, it's not just Canada, it's it seems to be happening everywhere now.
20:11
SPEAKER_00: We get in these kind of real kind of global events.
20:14
SPEAKER_00: Um but one of the things I was kind of pleased about is that actually while we were there, we didn't seem to have any of those like wildfires.
20:20
SPEAKER_00: You know, the the the conditions seemed prime for it, but we didn't we didn't have it.
20:24
SPEAKER_00: Uh and then two weeks later we'd we'd kind of driven down the the, I think it's called the Pacific Coast Highway, Highway One, through a place called Big Sur.
20:31
SPEAKER_00: Uh and actually where we we went, there was a huge fire literally two weeks after we left and it tore through there and you know so bad that it actually closed that road.
20:39
SPEAKER_00: Um so you know, personally, it was interesting wanting to well not wanting to see it and and not seeing it, and then for it to have happened two weeks later.
20:47
SPEAKER_00: So, yeah, you know, it w we're on a kind of precipice with a with a lot of this stuff.
20:51
SPEAKER_00: I think from a UK perspective, you know, especially in relation to insurance, I think, you know, you actuaries and and claims information and data, you can you can start to forecast things that are going to happen.
21:03
SPEAKER_00: You can start to make sensible decisions, you can start um to kind of get a grip on how you insure this type of stuff.
21:09
SPEAKER_00: But actually now, you know, we're we're getting such big events on such a large scale that are just almost so difficult to predict.
21:18
SPEAKER_00: I think that's making it really, really hard.
21:20
SPEAKER_00: Uh did the heat did did the heat the heat waves of this summer, I mean, did they have any sort of claims impact?
21:26
SPEAKER_00: Good question.
21:26
SPEAKER_00: I think I think I think it will probably start to come to light a bit afterwards.
21:31
SPEAKER_00: I mean, you know, where we where we certainly see issues you know over the last few years in the UK from an insurance perspective, and and I go back to when I was, you know, working in in kind of household underwriting, you know, we'd gone from the the days of sort of subsidence being a major issue, which which you know over time turned things like the subsidence excess from from a low excess to a bog standard 1,000 pound excess, because it was, you know, it was an expensive claim, it happened a lot, it was normally an uh you know an effective weather, you know, dried out ground and things like that.
22:00
SPEAKER_00: And all of a sudden subsidence just didn't become a thing because we wasn't seeing a lot of that anymore.
22:03
SPEAKER_00: And actually the big the biggie for for certainly UK householders was kind of escape of water claims where we were seeing more freeze events over the over the kind of winter period where you know actually you can probably deal with those things better if you're better prepped and prepared with things like the tips that they now give you, i.e., make sure your pipes are lagged, make sure you run your heating at 15 degrees, if it gets too cold, let me you know, leave the loft hatch open, all of those great bits of advice that insurers are really good at now at kind of proactively giving you off the back of learning that this is a problem and we need to manage it.
22:35
SPEAKER_00: Um but I mean I think you know again we we might be coming back around to this whole kind of subsidence type issue.
22:40
SPEAKER_00: I mean, you know, the ground is just so dry out there at the moment, and and that's gotta have some kind of impact on claims, it must.
22:46
SPEAKER_00: And fire, of course.
22:48
SPEAKER_01: Well, listen, I'll quantify it for you in Canada because the numbers are pretty staggering.
22:52
SPEAKER_01: Uh and again, I mean, we're in 2026, so these are as of 2025.
22:57
SPEAKER_01: Um 2025 was the 10th costliest insurance claims year on on record.
23:04
SPEAKER_01: Um and if you look at the decade of 16 to 25 compared to the prior decade of 2006 to 2015, uh 37 billion was paid in catastrophic climate claims as opposed to 14 billion the prior decade.
23:20
SPEAKER_01: Right?
23:20
SPEAKER_01: So that's two and a half times uh nearly yeah, yeah, two and a half times uh experienced change across decades.
23:29
SPEAKER_01: And looking at the big ones, the big events from the last two years, absolutely a couple wildfires, hailstorms, and flooding, and particularly flooding in downtown urban centers in Canada.
23:44
SPEAKER_01: So Toronto, Montreal, Vancouver, Calgary, um, where you've got a very dense population, there isn't enough stormwater runoff, uh, you know, opportunity when you get really extreme uh rainfall, and it just, I mean, again, it you know, it can it can absolutely tear through um subfloor and and and downstairs uh or underground uh you know parts of the city.
24:10
SPEAKER_01: Um so yeah.
24:11
SPEAKER_01: And and we actually, again, these are 2025 and 2024 numbers.
24:16
SPEAKER_01: We've had, like I said, a couple of wildfires in 2026.
24:19
SPEAKER_01: We just had a massive rainfall a couple weeks ago where there was entire streets flooded in Toronto.
24:24
SPEAKER_01: So um yeah, it'd be interesting to see how 2026 trends.
24:28
SPEAKER_01: Um so yeah, I mean, you know, clo climate's here and it's it's obviously impacting uh how insurers and reinsurers are gonna write contracts in the future.
24:40
SPEAKER_00: You hit the nail on the head there, really, in terms of you know, you've had a big event there.
24:43
SPEAKER_00: And I think that the challenge now with with what climate is doing because of these huge swings is it's creating extreme events.
24:51
SPEAKER_00: So, you know, whereas whereas before you'd have like uh well, wet winter, you know, we weather's weather, it happens.
24:57
SPEAKER_00: But now what's happening is you get these extremely dry summers, and then all of a sudden we're we're seeing the same thing here in the UK.
25:03
SPEAKER_00: The rains are now starting to come, but the ground is so dry, you know, it's just it's gonna take an age for that water to really be able to kind of settle and start seeping back into the ground.
25:13
SPEAKER_00: So actually now, if we see one of those kind of extreme flood type events on the w on the ground like it is right now, it's gonna just cause chaos.
25:19
SPEAKER_00: It's gonna cause absolute chaos.
25:20
SPEAKER_00: And I think, you know, it's not we look at this from a kind of personal and household perspective, but actually it's a f it it's it affects commercial organizations as well.
25:29
SPEAKER_00: I mean, I went to a number of places this year just to have lunch, and it's like, you know, we're not doing hot food at the moment because it's just so hot out there we can't have the ovens on.
25:37
SPEAKER_00: Um geez, wow.
25:38
SPEAKER_00: Or, you know, we've had some real issues with uh with the supply chain of being able to get stocks and supplies to us.
25:43
SPEAKER_00: We're just not making these five things that are on the menu.
25:45
SPEAKER_00: Well, okay, well, I'll go to another restaurant that does.
25:47
SPEAKER_00: You know, it it affects all of these kind of knock-on type things.
25:50
SPEAKER_00: Kids are school.
25:52
SPEAKER_00: I mean, I've never known my kids ever be sent home for for hot weather.
25:56
SPEAKER_00: Um, I mean, with I can remember back in my day there was the couple maybe a couple of days where you might got sent home because the boiler went uh went went on the blink.
26:03
SPEAKER_00: But you know, there was two days this year and my kids got sent home for the the just the extreme heat in the classrooms.
26:08
SPEAKER_00: And and in the in the UK, probably different to Canada, Elliot.
26:11
SPEAKER_00: You know, the the schools aren't air conditioned, you know, we're just not geared up for it.
26:15
SPEAKER_00: So I think it's, you know, what do we do to gear up for it?
26:17
SPEAKER_00: How do we prepare for it?
26:18
SPEAKER_00: And actually, what do we do to prevent it?
26:20
SPEAKER_00: And there's obviously the the things we can do from an insurance perspective by giving good advice around how to to stop a flood event or stop a fire event and and and things like that from happening and lower that risk.
26:31
SPEAKER_00: But actually, what can we do from a societal perspective to to kind of you know make better decisions and and try and reverse reverse this because it's becoming clearer now that it is a problem.
26:41
SPEAKER_01: Yeah, yeah.
26:42
SPEAKER_01: And again, I think I think you know, from the insure-reinsurer standpoint, um these are long tail events.
26:49
SPEAKER_01: So I mean, looking at the sort of decade cycles I think does uh you know, now you forecast out into the future, uh, and what's the reinsurer's stance on the climate for the next 10 years, right?
27:04
SPEAKER_01: It was 37 billion for this last decade, you know, as they're writing these long-term contracts with insurers, you know, they're naturally gonna be pricing in a much higher expected claims payout.
27:16
SPEAKER_01: Um, and and it's a trickle-down effect, right?
27:18
SPEAKER_01: That's gonna get passed through ultimately to the consumer.
27:21
SPEAKER_01: So, you know, we want to renew our home insurance, we want to renew our auto insurance, uh, it's gonna touch everything, right?
27:28
SPEAKER_01: Um yeah.
27:30
SPEAKER_00: And let's face it, that's that's where the data's coming from, right?
27:32
SPEAKER_00: You know, so you've got these long tail kind of claims that are taking long periods of time to play out, they then rely on that to make decisions.
27:39
SPEAKER_00: So, you know, what what more can insurance now be doing um from a kind of forward-looking perspective?
27:46
SPEAKER_00: You know, we we know this this data over here is really good stuff and it's gonna give us lots of really, really important data that we can make decisions on.
27:52
SPEAKER_00: But actually, what what what can we look at before the events even happened?
27:56
SPEAKER_00: How can we start modeling some of this stuff?
27:57
SPEAKER_00: What sort of technology and capabilities out there to to help with that, which I'd be really keen to see.
28:03
SPEAKER_01: What's what's happening on the commercial side over there?
28:05
SPEAKER_01: Um, commercial rates, uh so again, I mean, contrary to the conversation that we've just had about you know climate and the sort of uh retail impact of of that risk and those payouts, commercial rates are dropping here.
28:19
SPEAKER_01: Um competitive landscape is a lot, a lot, I mean, it's it's growing significantly.
28:25
SPEAKER_01: Um I think commercial is one area where we're seeing a lot of insure tech disruption as well.
28:30
SPEAKER_01: Uh so a lot of new entrants uh across the market with innovative underwriting practices.
28:37
SPEAKER_00: Um it's driving rates down.
28:39
SPEAKER_00: Yeah, commercial's an interesting one because you know, primarily, I think, you know, certainly the period of time I've been at ICE, we've always been very successful and heavily focused in that kind of personal line space.
28:49
SPEAKER_00: Um, however, over the last few years, commercial's just becoming more and more of a of an area that people are entering because I think, you know, sort of personal lines is cut throat, right?
28:58
SPEAKER_00: In the UK, motor insurance, very, very difficult to make money.
29:01
SPEAKER_00: It's a volume plate to hopefully get into other things.
29:03
SPEAKER_00: Uh, and historically it's it's been a difficult one to make a solid underwriting return.
29:07
SPEAKER_00: So actually, you know, I think commercial is becoming an area where people think there's more opportunity here.
29:12
SPEAKER_00: And and we are seeing some um some opportunities.
29:16
SPEAKER_00: We signed up a really cool insurance company that are looking to kind of embed further MGAs in that commercial space.
29:22
SPEAKER_00: So we've started to enhance capability in in commercial across the ice platform.
29:27
SPEAKER_00: Um, and again, we've we've got a we've got a couple of prospects that we're talking to as well as as clients now in that space.
29:32
SPEAKER_00: So we definitely see it as a as a growth area.
29:35
SPEAKER_00: I think you know, one of the the great parts certainly of of ICE is is the fact that it's configurable by design.
29:41
SPEAKER_00: And and again, this isn't the sales push guys with podcasts, but we're we're we're keen to tell you this stuff.
29:46
SPEAKER_00: But you know, we can adapt question sets, we can we can adapt the platform very quickly to be able to support it, which is exactly what we've done.
29:52
SPEAKER_00: And of course, there'll always be the odd feature enhancement and things that need to be done to to kind of just uh attend to a certain nuance within a a kind of certain line.
30:01
SPEAKER_00: But yeah, I mean I think I think commercials uh is one to watch and and one to one to certainly you know push from a nice perspective.
30:09
SPEAKER_00: And then of course, sat behind all of that, you know, as as you well know, Eddie, we're part of the Actress group who are who have got a hell of a lot of experience in that kind of commercial space and and are arguably the uh the dominant force in in open market broking in in SME and commercial.
30:24
SPEAKER_00: So a great company to lean on.
30:26
SPEAKER_01: Actually, always releases sort of end-of-the-year uh um uh data trends.
30:33
SPEAKER_01: Um I'd be curious to see how those correlate with with what I'm seeing here in Canada because it is sort of, I mean, seven consecutive quarters of declining commercial rates across the board.
30:44
SPEAKER_01: Um that's that's not an insignificant period of time to have sort of consistent results.
30:50
SPEAKER_01: Um I feel like there was probably a bit of slack built into the commercial market, right?
30:56
SPEAKER_01: I mean, margins were high, as you as you said, margins were higher than in personal lines.
31:01
SPEAKER_01: Um and I feel like it wasn't uh it took longer for technology to have a uh consumer impact on commercial insurance.
31:12
SPEAKER_01: There was still a lot more of the sort of standard traditional practices.
31:16
SPEAKER_01: Now you've got innovators, you've got disruptors that are entering the market, and they may not be necessarily taking business from the incumbents, but they're forcing incumbents to innovate and to change.
31:29
SPEAKER_01: And that's creating operational efficiencies, which again is is creating margin.
31:34
SPEAKER_01: Um, and then that puts downward pressure on prices, right?
31:37
SPEAKER_01: Because where you've got excess margin, you can then afford to you know provide these year-on-year rate discounts.
31:43
SPEAKER_01: So um, yeah, commercial is an interesting one to watch.
31:46
SPEAKER_01: I will say just uh uh an interesting sort of asterisk to the Canadian market on the commercial side is there's a tremendous amount of uh price uncertainty in the Canadian commercial market due to tariffs.
32:02
SPEAKER_01: Uh we don't know from one day to the next uh what the price of things are going to be.
32:07
SPEAKER_01: And it's I mean, 80% of our trade is with the US, right?
32:11
SPEAKER_01: So uh one day there's a 50% tariff on auto parts, which cars cross the border eight times before they're finished.
32:19
SPEAKER_01: Um, you know, and the next day there's not.
32:22
SPEAKER_01: And then the next day there's uh, you know, uh Bombardier, uh big aerospace manufacturer, just got hit um with sort of targeted tariffs.
32:32
SPEAKER_01: So uh, you know, these are ultimately going to have an impact on um commercial claims and and and then obviously uh you know the renewal cycle, but there's just so much uncertainty in in not knowing what the actual cost of things is going to be.
32:49
SPEAKER_01: Um it's it's creating uh uh a really unique uh operating environment here for a lot of small medium-sized businesses.
32:59
SPEAKER_01: So one to definitely keep an eye on as well.
33:01
SPEAKER_00: I think just uh that's a really good that that's kind of prodded me actually to mention something in commercial.
33:06
SPEAKER_00: I mean, you know, commercial typically is is is um is well supported by the broker community, right?
33:13
SPEAKER_00: You know, it's something where you know a broker really comes into their own and being able to kind of help a business or or even a kind of salt trader work out exactly the type of commercial insurance they need.
33:21
SPEAKER_00: You know, this is certainly more complicated, I think, than some of the the personal lines products where uh where actually you know utilising a broker is uh is of real benefit.
33:30
SPEAKER_00: Um and again, you know, in that complication, you also need platforms that are able to support the different nuances that exist in in those in those um commercial opportunities.
33:39
SPEAKER_00: But one of the things I'm definitely seeing through talking to people, talking to prospects, having kind of demonstration calls and things like that, is there seems to be a bit of an uprising with with regards to to kind of MGAs now that are coming out into the marketplace because they're actually going after specialty type commercial opportunities.
33:57
SPEAKER_00: So those specialty MGAs that are saying, well, it doesn't quite fit in this box over here, which is the traditional broker box.
34:04
SPEAKER_00: It's definitely not over here, but we've got something here.
34:06
SPEAKER_00: We think we think this is a real opportunity, and it might have arrived out the back off the back of something that you've just said there, Elliot, in terms of just a difficult trading environment or something that's going on geopolitically or something like that.
34:16
SPEAKER_00: But actually, we need we want to do it.
34:18
SPEAKER_00: We think there's an opportunity uh for covering the cli the client and for us making making a commercial return.
34:23
SPEAKER_00: And hey, we need a platform to do it.
34:25
SPEAKER_00: So we're definitely seeing a lot more of that.
34:27
SPEAKER_01: Yeah, well, and and it's and it's it's uh it's ever present for the consumer, right?
34:31
SPEAKER_01: I mean, consumers are seeing it every day on the news, they're reading about it every day, but they're also living it, right?
34:36
SPEAKER_01: So when when it it almost makes it uh an obvious product to roll out, right?
34:43
SPEAKER_01: Um anything interesting on personal lines on your side of the Atlantic?
34:47
SPEAKER_01: Personal lines, I think what what would I say on personal lines?
34:51
SPEAKER_00: I mean, you know, we did a lot of a lot of talking with our colleague Mark.
34:55
SPEAKER_00: I mean, it personal lines at the moment, it's it just seems to be all about pet.
34:58
SPEAKER_00: I mean, pet is everywhere.
35:00
SPEAKER_00: Um, it really is.
35:01
SPEAKER_00: Um so yeah, you know, I see a lot of uh and even again, if I go back to me being a consumer, I'm being bombarded more now with stuff with regards to to pet insurance than I am anything else, um, which is which is unusual.
35:15
SPEAKER_00: And and I guess, you know, it's I think it's a big volume play, pet.
35:19
SPEAKER_00: And I can remember back in the day, you know, insurers trying it and backing out, and and some big insurers trying it and backing it out at actually that are now going back into the market.
35:27
SPEAKER_00: I don't know if that's whether data's better, underwriting, uh, you know, expertise and knowledge is better, or actually whether you know the price is just more realistic compared to what it used to be.
35:38
SPEAKER_00: Because one thing I would say is pet insurance now is is definitely more expensive than it than it was 10 years ago.
35:43
SPEAKER_00: And and you know, I've got first hand experience at how much it it costs to insure my my dog ten years ago versus my new dog now.
35:51
SPEAKER_00: Um and it's definitely changed.
35:53
SPEAKER_00: Yeah, yeah, that's interesting.
35:54
SPEAKER_00: That's definitely one to watch.
35:56
SPEAKER_01: Yeah, yeah, again, I mean, I think you know, North America is not quite there yet.
36:00
SPEAKER_01: Um I I have no doubt it will get there, but but not quite there yet.
36:05
SPEAKER_01: The big big big story over here is fraud.
36:08
SPEAKER_01: A ton of personalized fraud and and quite a bit of growth uh in in um uh you know across the board, whether it's um whether it's you know home fraud, uh, you know, false fine claims documents, uh auto fraud.
36:25
SPEAKER_01: It's become quite organized here, which is what you know is causing insurers' concerns.
36:31
SPEAKER_01: Uh I know that there's a lot of interest in new technology that's sprung up, but I think what a lot of those independent tech solutions are running into the problem of is a lack of shared data.
36:43
SPEAKER_01: And so there's now much more like in 2024, 2025, a lot of the regulatory bodies across Canada.
36:51
SPEAKER_01: So Canada obviously has sort of national regulators, they also have independent provincial regulators for all the provinces.
36:57
SPEAKER_01: Uh, and and they've started to collaborate a lot more to figure out how they can um provide a better uh data privacy framework for insurers to help combat this because uh it is becoming again quite significantly organized.
37:13
SPEAKER_01: Um and it's I mean, we've got five billion in projected fraud losses in 2025.
37:20
SPEAKER_01: Uh and that that's just fraud.
37:22
SPEAKER_01: That's not you know your standard run-of-the-mill claims, right?
37:25
SPEAKER_01: Um, and and it's trending upward.
37:28
SPEAKER_01: Uh so it feels like the fraudsters are becoming uh more sophisticated at a pace that's outpacing what the regulators and what independent uh companies can keep up with, right?
37:41
SPEAKER_01: So we've gotta start to work more closely together to help combat this.
37:46
SPEAKER_01: Um but that's the big story here.
37:48
SPEAKER_01: And it again, like I said, I mean, it's it's pretty much rampant across all personal lines.
37:53
SPEAKER_01: Uh it's not unique to auto or home or or life or health or anything like that.
38:00
SPEAKER_01: It's it's you know, there's obviously the the uh the use cases are unique in each of those scenarios, but it it's it's uh you know it's pretty ubiquitous that every line is is feeling the SERP pressure.
38:13
SPEAKER_00: Yeah, I mean it's you're right.
38:14
SPEAKER_00: I mean, the UK is a pretty advanced insurance market and and fraud is is definitely a big problem.
38:20
SPEAKER_00: It's been a big problem for a long time.
38:22
SPEAKER_00: And and that can be from just a sort of innocent fraud, actually.
38:25
SPEAKER_00: And and how can you be saying to yourself, how can you have innocent fraud?
38:28
SPEAKER_00: But it can be just somebody, you know, tweaking a few bits of information on on an aggregator website to to slightly game their insurance policy and and get a get a few pounds off.
38:37
SPEAKER_00: I mean, there's a there's a guy here in the UK got a TV program, and he was effectively kind of giving people information and ways in which they can do that.
38:45
SPEAKER_00: Um we saw huge spikes in traffic actually on on the ice side of things from from quotes that we uh we were seeing go through the platform with some of our partners.
38:54
SPEAKER_00: Um but you know, ultimately that's you shouldn't really be doing that.
38:58
SPEAKER_00: Uh and actually, you know, there's there's motor's quite a relatable line of business, you know, with staged accidents and exaggerated injury claims.
39:06
SPEAKER_00: And I appreciate that those things can happen across other lines too.
39:09
SPEAKER_00: But you know, the the big thing about fraud that we all need to be mindful of is that you know ultimately everybody ends up paying for it.
39:16
SPEAKER_00: Um, you know, the insurer loses money, it it feeds through to the cost of claims, ultimately it's going to feed through to the cost of premiums, um, you know, because this this whole system is connected really in terms of reinsurance and and and it you know, and it just keeps going round.
39:30
SPEAKER_00: So, you know, we need to continue doing things to to try and you know prevent this and stop it.
39:35
SPEAKER_00: But to your point, actually share that, share that information, share that kind of knowledge, share that experience on on how we can uh we can help people in potentially other territories where we don't see it as much.
39:45
SPEAKER_00: And and I've again I've I've kind of seen that first hand.
39:48
SPEAKER_00: I worked for a syndicate that was acquired by a Japanese insurer, and they came and spoke to us in the in the UK and and and we had a Q ⁇ A session, it was really interesting.
39:57
SPEAKER_00: And and they said, you know, any questions?
39:59
SPEAKER_00: And I said, Yeah, you know, what what are you guys doing in Japan to kind of tackle fraud?
40:03
SPEAKER_00: And and the answer was well we don't have we don't have fraud.
40:05
SPEAKER_00: You don't write, you know.
40:07
SPEAKER_00: And culturally, culturally was the biggest thing.
40:09
SPEAKER_00: So actually the the feedback was just culturally, we just we don't have it.
40:13
SPEAKER_00: Um I'm sure they'll I'm sure there'll be a period where they get it and and they'll have to deal with it.
40:18
SPEAKER_00: But yeah, it was quite interesting to hear that.
40:20
SPEAKER_00: But yeah, you know, certainly something tackle.
40:23
SPEAKER_01: Well, and we haven't even talked about or brought up cyber, right?
40:25
SPEAKER_01: But again, I mean cyber risk uh and cyber claims are I mean it's growing exponentially here.
40:32
SPEAKER_01: Um I would say maybe cyber is is the the equivalent of pet on your side, uh, because cyber is growing quite a bit.
40:39
SPEAKER_01: Um but it's growing out of the uh loss experiences that that people are are um you know living through, right?
40:47
SPEAKER_01: And and so the product is becoming ever more present, um, insurers are taking an interest in it, it's more mature than it was, you know, at Inception a decade ago.
40:56
SPEAKER_01: Um but it's it's also more mature because again, it's it's becoming uh much more realistic, much more tangible for uh the everyday consumer.
41:08
SPEAKER_01: Um like you hear about it daily on the news, data breaches.
41:16
SPEAKER_01: Um but then as a consumer, you know, you read you read stuff about you know passwords getting uh hacked or leaked, or um, you know, again, it's just it's happening so often that I think the the product is is becoming much more tangible and realistic for consumers to understand the the need for it in their portfolio.
41:36
SPEAKER_00: See, I mean cyber scares the life out of me.
41:39
SPEAKER_00: Um, you know, I I really I really feel for the underwriters that are trying to kind of work it out because you know, what is it?
41:44
SPEAKER_00: What what are they insuring?
41:46
SPEAKER_00: How how how much is it gonna cost?
41:48
SPEAKER_00: You know, it it's not just insuring against someone's password being stolen, it it's it's you know, it's the damage that it can do to to business and infrastructure because we just live in such a connected digital world now.
41:59
SPEAKER_00: You know, we're so reliant on on kind of IT and and and cyber capability.
42:04
SPEAKER_00: So yeah, I mean it'd be interesting to see where it goes, but it is it's a real risk and definitely one that needs to be thought about for sure.
42:12
SPEAKER_00: Yeah, yeah.
42:13
SPEAKER_01: Um yeah, I mean I think that was that was pretty much you know the call's notes that I wanted to get through today.
42:19
SPEAKER_01: Um any anything else, any any final thoughts before we uh wrap this one up?
42:25
SPEAKER_00: No, I think we've we've probably just about covered it.
42:27
SPEAKER_00: I mean, one thing I did find quite interesting talking to somebody the other day was was kind of AI.
42:31
SPEAKER_00: I mean, I'm I'm loving the whole AI thing, you know, watching watching it play out personally from a business perspective.
42:38
SPEAKER_00: But actually, I'm talking to a few people now that say, you know, initially it was like, right, let's think about AI in in relation to how can we improve process.
42:47
SPEAKER_00: Great idea.
42:47
SPEAKER_00: What you know, who who wouldn't do that?
42:49
SPEAKER_00: Um, you know, is there any kind of efficiency gains off of those improved process?
42:53
SPEAKER_00: We know that that's obviously what what businesses will think about and do.
42:57
SPEAKER_00: But actually, what it's doing now, talking to more and more people, and and I sort of bumped into a friend of mine the other day who's actually uh head of underwriting for a large UK insurer.
43:06
SPEAKER_00: And he said, Yeah, he said, you're right, Lloyd.
43:08
SPEAKER_00: He said, you know, everybody's a lawyer now.
43:10
SPEAKER_00: So you know what they're finding is is you know they're paying out claims or they're they're making claims offers, and uh and the kind of consumer now is taking that that information, plugging it into a into a piece of AI and saying, What do I need to do here?
43:23
SPEAKER_00: You know, without any kind of guidance at all.
43:25
SPEAKER_00: What should I do?
43:26
SPEAKER_00: What should I go back with?
43:27
SPEAKER_00: And and the AI is producing like a five, ten-page document and saying, Oh no, don't accept that.
43:32
SPEAKER_00: Send this in, you know, they've got to review it, they have to read it.
43:35
SPEAKER_00: So even if they went back and said, actually, you know, nope, that's the offer, that's what you're gonna get, and these are the reasons why.
43:40
SPEAKER_00: Somebody's had to spend another two and a half hours kind of acting, you know, working on this case that previously they would have just gone boom, bump, as you check in the post.
43:49
SPEAKER_00: So yeah, it's uh it's interesting to see how on the flip side it's it's kind of working against them a little bit.
43:54
SPEAKER_01: Yeah, generative AI is very good at generating.
44:01
SPEAKER_01: We'll leave it there.
44:02
SPEAKER_01: We'll leave it there.
44:02
SPEAKER_01: All right, Like, uh, hopefully you enjoyed this one.
44:05
SPEAKER_01: Uh it's good uh good to just chat through what's what's uh new and exciting, both with us and and what's happening in the market.
44:13
SPEAKER_01: And uh yeah, be back next week with another one.
44:15
SPEAKER_00: For sure.
44:16
SPEAKER_00: And uh and when we post it, we'll definitely uh post some information in relation to those webinars.
44:20
SPEAKER_00: Uh yeah, webinars and events.
44:22
SPEAKER_00: Come see us, come talk to us, uh always have the channel.
44:25
SPEAKER_01: Absolutely.
44:25
SPEAKER_01: All right, Lloyd.
44:26
SPEAKER_01: Have a good week.
44:27
SPEAKER_01: We'll talk to you later.
44:28
SPEAKER_01: Thanks, Eddie.
44:28
SPEAKER_01: Good to see you.
44:29
SPEAKER_01: Yeah, take care, everyone.
44:30
SPEAKER_01: Bye-bye.
44:31
SPEAKER_01: Thank you.