Utilizing Technology to Answer Tomorrow’s Questions
It is no secret that technology has evolved rapidly over the past century, improving communication, medicine, businesses, education, manufacturing, construction, among other many different fields. In a recent sit down with Rose Hall, Vice President and Head of Construction Innovation at AXA XL, she gives insights on how technology is the key to advancing Risk Management. Through the Construction Ecosystem, AXA XL is helping customers advance risk management and drive technology adoption by:
1. Educating the industry and enabling Tech adoption and Implementation
2. Bridging the gap between Construction Technology, Risk, and Insurance
3. Cultivating a collaborative network, focused on advancing the industry through the fourth industrial revolution.
Educating the Industry and Enabling Tech Adoption and Implementation
According to Rose, the Construction
Ecosystem at AXA XL was created “to help drive technology adoption and advance
risk management through partnership, innovation, and invention.” To do this, the
wide world of tech needs to be narrowed down into something meaningful. AXA XL is
currently tracking more than 420 construction technologies, conducted
one-on-one interviews with more than 120 tech companies and chose to partner
with a select group of 35. The vetting process includes evaluating the
viability of the technology, the maturity of the tech and the business, the
partnership approach of the leadership, their willingness to provide a discount
or preferred term for AXA XL customers, and the risk-reducing capabilities of
the solution.
These are essential factors that
should be evaluated when choosing tech partners to make sure the customers find
the technologies that are best fit for their specific business.
Bridging the Gap Between Construction Technology and Insurance
Staying ahead in the insurance
market means keeping up with changing risks of the tech-enabled construction
jobsite. AXA XL is combining construction technology with innovation to develop
new underwriting classes of that meet our customers’ unique needs, and reward
tech-savvy contractors for their innovation. AXA XL aspires to lead the
industry as the innovative insurer for the innovative contractor.
Creating a Collaborative Environment to Enhance the Industry, and as a Result Better Preparing the Insured
In our interview, Rose states that some of
their contractor customers struggle with “pilot purgatory” and are keen to know
what their peers are doing as well as share their experiences with their peers
in an effort to advance the entire industry. To help support this effort, AXA
XL created the Innovator’s Circle, which is a round table consortium of the
innovative leaders from top contractors who convene
to develop and share best practices, solve problems and advance innovation in construction
using design thinking methodology. Additional supporting resources and programs
offered by AXA XL are: Technology Adoption Maturity Index (TAMI), curated
technology trial programs, Tech Champions and Ambassadors, and their Tech Tapas
webinar series (to learn more about these, listen to our podcast).
By getting the top leaders of
any industry together, we are bound to come up with several solutions to the
most common problems in the trade.
Through
advancing innovation and tech adoption, risk management can progress, and
carriers, as well as insureds, can benefit as construction projects become more
profitable and less risky. If you are willing to keep learning, maintain an
open mind, and listen to others, you are bound to see growth. Technology has
evolved because people are eager to learn more while keeping an open mind on
how it is impacting those around them. To learn more about innovation, technology,
and risk management, listen to our podcast with Rose Hall, Women in Leadership:
Utilizing Technology to Answer Tomorrow’s Questions.
Links:
Connect with Rose on LinkedIn
Follow AXA XL on LinkedIn
Visit AXA XL on the web here
Email Rose at rose.hall@axaxl.com
Connect with Valerie Bono
Connect with Mike Diercksen
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