In this episode of The Insurance Technology Podcast, Reid speaks to David Wroe about why decisions made early in the evolution of the insurance industry have kept it from reaching its true potential. Tune in for David’s take on where and why collaboration initiatives failed and the tremendous impact it’s had on standardization and automation across the industry.
- David’s journey into insurtech (2:12)
- The birth of interface and AL3 (4:52)
- A consortium of 7 insurers built AMS (7:45)
- The thread of opposing solutions (9:50)
- Factors of AMS growth (13:20)
David has spent his career in the insurance industry with a focus on technology. He was very involved in the creation of the first agency carrier interface, the formation of ACORD AL3, and the birth of IVANS. For many years he was the Chairman and CEO of Agency Management Services now Vertafore. He was the Senior Vice President and Chief Technology Officer for CNA Insurance Companies in Chicago. Today, as President of Clareworks, he remains very active consulting with and sitting on the boards of a number of private equity backed technology companies in the property and casualty insurance space.
“If there's one thread that's gone through this whole history of the industry, it's going to be what I'll call the permutation and combination problem of carriers, lines of business, and vendors in company unique data. How can we get to a point where you can get scale, trying to handle all these unique extensions to the basic data for each of the lines of business? And that's a problem that's carried right up through this day.”
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