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