Chris Longo to Present at InsureTech Connect 2018

Topics: InsureTech

Christopher Longo, AmTrust’s Executive Vice President and Chief Operating Officer, will be presenting at this year’s InsureTech Connect taking place October 2-3 at the MGM Grand in Las Vegas, Nevada. This annual gathering is the world’s large InsurTech event, regularly seeing over 6,000 attendees. The majority of the attendees are C-level executives and the event features more than 250 guest speakers.

Chris joined AmTrust in 2001 and has been the Chief Operating Officer since 2016. He served as Chief Information Officer from 2006 to 2017. Prior to joining the Company, Chris served in a number of functions with Credit General Insurance Company including a commercial lines underwriter, actuarial analyst and regulatory compliance officer.

Chris will be speaking about the hype around ‘big data’ analytics in the insurance sector. Big data refers to extremely large sets of data that are used to reveal trends and patterns, especially in relation to human behavior. According to a 2015 survey conducted by Willis Towers Watson, 42 percent of executives from the property and casualty insurance industry said they were already using big data in pricing, underwriting and risk selection, and 77 percent said they expected to do so within two years. This upward trend in big data use will have a major impact on the insurance industry, including an improved ability to forecast claims and better understand customers’ needs to tailor coverages for them.

But big data comes with its fair share of challenges as well:
  • The means by which the data is harvested can be unregulated and potentially controversial (for example, the Cambridge Analytics scandal)
  • Difficulties in handling and analyzing an unwieldy amount of information
  • Fairness in its use when applying it to rates/underwriting (such data used to create a “profile” which is then used to calculate potential insurance – an example being credit scores used to determine risk in a car insurance quote)

Read more about how InsurTech is shaping the insurance industry in a future article by Chris.

This material is for informational purposes only, summarizes coverages and services that may be available in a policy, and is not legal or business advice. Neither AmTrust Financial Services, Inc. nor any of its subsidiaries or affiliates represents or warrants that the information contained herein is appropriate or suitable for any specific business or legal purpose. Readers seeking resolution of specific questions should consult their business and/or legal advisors.

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