Monthly Archives: September 2019

Wales News

Top North Wales chef and college announce first student placement

AN academy created by esteemed chef Bryn Williams and Coleg Cambria has unveiled its first student.

Callum Jones, from Hawarden, has joined the prestigious Bryn Williams Academy.

The 17-year-old, formerly a pupil at Connah’s Quay High School, is passionate about following in his Dad’s footsteps and becoming a trained chef.

He will now study a Level 2 in Catering and Hospitality while gaining valuable experience with Bryn and the at his Porth Eirias restaurant in Colwyn Bay – crowned AA Restaurant of the Year for Wales – and Odette’s in Primrose Hill, London.

Callum, who like Bryn grew up in Denbigh, plans to grab the opportunity with both hands.

“All I ever wanted to do was become a trained chef like my Dad, I just loved cooking and being around him in the kitchen,” said Callum.

“He never had the chances I’ve been given, so I’m doing this for him and would like to thank Bryn and everyone at the college for their support.”

Callum says the backing of his parents and two younger brothers gave him the confidence he needed to apply for the scheme.

“My Mum and Dad are brilliant and have always encouraged me to follow this path; my brothers are also fully behind me, though when it comes to food, they’re my biggest critics!” said Callum.

“To go from preparing meals at home to working at Porth Eirias and studying at Cambria is a big step, but I am looking forward to it.”

He added: “When I sat down with Bryn and spoke to him about being part of the Academy, he was very inspirational and expressed what an opportunity this is.

“I am fortunate and grateful to be the first Coleg Cambria student to take part, it’s a huge privilege and a stepping-stone to my future in catering.”

Bryn shot to fame in 2006, when he took on and beat the best chefs in the country to cook the fish course for the Queen’s 80th birthday celebrations on the hit BBC programme, Great British Menu.

He has gone on to appear regularly on TV and released acclaimed cookbooks Bryn’s Kitchen, For The Love Of Veg, and Tir a Mor, having trained under some of the world’s greatest chefs – including Marco Pierre White and Michel Roux.

“We are showing there can be a progression from school to college to the food and drink industry,” said Bryn.

“I’ve always said, whoever joins the Academy will be part of it for a year, but they’ll have me and the team for the rest of their life.

“Through my restaurants and contacts, they will go on to be a success if they work hard and show how much they want it.”

He added: “That’s what is key for Callum, we want him to get the best out of it. He’s not there to make up the numbers, which is the case with a lot of work placements.

“I can’t teach attitude and discipline, but I can teach everything else. Callum has both and that’s why he’s here, and I can work with that, he has a lot of potential.

“We are going back to basics, instilling old school values. When he leaves, he will have skills, education, knowledge and the world will be his oyster.”

Andy Woods, Cambria’s Deputy Director for Hospitality and Catering, said interest in the Academy is growing as the partnership with Bryn goes from strength to strength.

“There is huge demand for talented young workers in this sector, and by joining forces with Bryn we have demonstrated there is a viable career path,” said Andy.

“We have a vision to create a family of alumni, so in 10 years’ time people like Callum can come back and speak to the students about his experiences and give them advice.

“We are planning for the long-term, not just for the college and the Academy, but for the future of the industry.”

Visit www.bryn-williams.co.uk for the latest on Bryn Williams and his award-winning restaurants.

For more on Coleg Cambria, visit the website: www.cambria.ac.uk

HR News

How to manage diverse workforces – new book published from Steve Butler CEO Punter Southall Aspire

Managing the needs of different generations of workers is one of the biggest challenges facing businesses today. To help them navigate the challenges ahead, Steve Butler, CEO at Punter Southall Aspire announces the publication of his first book, Manage the Gap: Achieving success with intergenerational teams, which is available at Waterstones and Amazon.

The book offers insight into how managers can engage and motivate younger people, effectively manage workers who are older than them, develop a management style fit for all generations, structure business processes, benefits and communications that work for all and successfully support a multigenerational workforce to do their best work.

A Government report[i] earlier this year said that employers are failing to anticipate the implications of an ageing workforce. The Office for National Statistics[ii] projects that more than 24% of people living in the UK will be aged 65 or older by 2042, up from 18% in 2016. Furthermore, organisations are increasingly seeing multi-generations working together, from employees in their 20s and 30s through to those in their 70s and even 80s.

Steve Butler, CEO, Punter Southall Aspire says,

“Over the last few years, businesses have had to navigate a technology revolution that has utterly transformed the workplace. Now another revolution is under way: a demographic one. Dealing with these changes presents significant challenges. Different generations bring with them different skills and attitudes towards work.

“One of the key messages in the book is if you’re going to manage an age diverse workforce and get the very most out of them, then you need to acknowledge how the mindsets and life experiences of different generations affect the way they approach their work and understand how to manage the process of them collaborating.

“As a manager, it’s not just about being there as a hand on someone’s shoulders when things go awry, but anticipating the potential for discord, proactively working out what each employee needs and treating them as individuals. Within any workforce there are Baby Boomers through to Generation Z team members to worry about – all of them with different needs and expectations, and the potential to cause friction with other employees.”

Steve Butler is a Chartered Manager and Fellow of the Chartered Management Institute. He gained his Master’s in Business Administration from Southampton, Solent University and is currently researching for his Doctorate in Business Administration at Winchester University, Centre for Responsible Management. He is a regular writer and speaker on intergenerational working, retirement and older worker business management issues.

Manage the Gap consolidates the learnings of Steve Butler’s blog, which is read by several thousand HR directors, finance directors and business leaders each week. The blog provides helpful examples, management tips, anecdotes and case studies to help business managers and HR leaders build an age diverse workplace helping to eliminate age discrimination and allowing employees to work into later life.

The book builds on this readership with the aim of taking the learnings to a wider audience to help address the UK Government’s concerns about ageism in the workplace.

Manage the Gap is available through Amazon and Waterstones priced at £14.99.

HR News

How businesses can address rising absenteeism

New research from the British Chamber of Commerce and Unum[i] has revealed that two-fifths (43%) of businesses have had employees absent from work for more than four weeks due to ill health, in the last two years.

Over 1,000 businesses of all sizes and sectors were surveyed and it was found the overriding impacts of staff absences are operational (88%), they affect staff morale (76%), with some companies have also highlighted financial (44%) and reputational (36%) impacts from staff absence.

The research also found that most businesses understand the importance of supporting employee health and wellbeing, with 62% offering benefits that look after health such as access to wellbeing support, private medical insurance and healthy lifestyle benefits.

Adrian Lewis, Director at Activ Absence says, “Having staff off sick has a huge impact on business, especially in smaller firms who don’t tend to have resources to cover people’s workloads. It is reassuring however that many businesses are taking measures to proactively look after the health and wellbeing of their workforce as this is paramount in preventing people going off sick.

“Another solution for addressing absenteeism is using technology to track and record sick all leave and make it transparent and open for everyone, which can deter people calling in sick if they are not genuinely ill. Investing in absence management software can also help companies track absence patterns and spot trends. For instance, if someone is consistently off on a Monday or a Friday it may indicate an issue such as depression or stress. The system prompts managers to always do return to work interviews, which enables them to sit down and discuss any issues.

“This can be an opportunity to uncover if something more is going on and offer support if needed. Without the ability to keep track of absence businesses can often be in the dark about what is going on with their staff.”

One company that has been using absence management software since 2017 is JEHU Group, a construction company that operates across South Wales and South West England.

The company was originally started in the 1930s and has 170 employees. Activ Absence’s software was put in place when the company had around 60 employees and the previous manual system had become too difficult to manage for the HR team as it required a great deal of administration.

Gwilym Hughes, HR Strategic Business Manager, JEHU Group explains, “Being able to monitor and track patterns in sickness absence has enabled us to see what issues are affecting our staff and tailor our employee benefit offerings accordingly. We find the sickness absence reporting really useful and use them in monthly senior management team meetings.

“For example, the system reports have highlighted that one common reason for sickness absence amongst our employees is musculoskeletal issues, so we implemented a health benefit for all employees that gives them access to consultations and physiotherapy.”

Adrian Lewis, Director at Activ Absence adds, “Using an absence management system, companies can better manage sickness absence, reduce their sick leave bill and gather important employee data that can inform wellbeing strategies in the future.”

For more information visit: www.activabsence.co.uk

[i] https://www.britishchambers.org.uk/news/2019/09/bcc-and-unum-employee-wellbeing-critical-to-business-success-as-firms-face-staff-absences-due-to-ill-health

HR News

World Heart Day

Cardiovascular disease is the world’s number one killer today but small steps can be taken to help reduce the risk of the condition. Specsavers Corporate Eyecare is supporting World Heart Day and asking employers to play a role in beating heart disease.

An eye test can aid in the detection of symptoms related to the risks of cardiovascular disease and stroke. This means that employers can play a simple but vital role by introducing eye care for all employees.

During an eye examination, the optometrist is able to view the tiny blood vessels at the back of the eye. If these are narrowed or leaking it may be a sign of high blood pressure, which can indicate an increased risk of cardiovascular disease. High blood pressure is often symptomless but, once detected, it can usually be easily treated with simple lifestyle changes and medication.

Jim Lythgow, director of strategic alliances at Specsavers Corporate Eyecare, commented: ‘A routine eye test, included as a standard part of DSE eye care or most driver or PPE eye care offerings, can reveal signs of high blood pressure and risk of stroke and heart disease. By implementing an eye care policy for all, as part of an overall wellbeing policy, employers can help to keep their workforce healthy.’

To find out more about implementing corporate eye care, visit: www.specsavers.co.uk/corporate

Technology

ABBYY technology selected to drive finance digitisation at Costain

ABBYY, a global leader in Digital IQ for the enterprise, has been selected by Costain, the smart infrastructure solutions company, as the chosen technology partner for its finance digitisation strategy.

As part of Costain’s focus on digital technology solutions, the company has transformed its procure to pay operation, contributing to cost savings at a major infrastructure project in London. Upskilling its finance team, the group successfully implemented an end-to-end solution that can fetch an invoice, capture, identify and extract the essential data within it. It then hands over to the robotic process automation (RPA) bot to post the invoice into the enterprise resource planning (ERP) system.

Using a combination of ABBYY FlexiCapture technology and RPA developed with UiPath partner Agile, the faster process is driving efficiency – with 80% of purchase invoices no longer needing human intervention. This, combined with the addition of scanning delivery notes, has revolutionised the day-to-day work of the dedicated finance team, enabling them focus on value-add activities.

This comes as recent ABBYY research found that RPA and content-centric process automation technologies are maximising productivity and efficiency for UK businesses. Almost two-thirds (62%) of those investing in content-centric process automation have seen improved efficiency, while of businesses using RPA, over half have seen improved efficiency (55%), greater market share and increased revenue (52%). 82% have also seen a return on their investment within a year, demonstrating the ability to quickly realise business benefits. But with less than half of businesses surveyed currently investing in these technologies, many are still lagging behind, while those making the most of automation are already reaping the rewards – for employees and the wider business.

“Collaborative work with ABBYY is part of our continued commitment to invest in technology to transform our finance function. We will continue to seek to use the latest technologies, including artificial intelligence (AI) and machine learning, to make our business as efficient and competitive as possible,”

said Tony Bickerstaff, CFO at Costain.

“Costain’s finance transformation is a model for the industry and we’re proud to be playing a key role in this as its chosen technology partner,” said Paul Goodenough, Head of Enterprise, ABBYY UK.

“Costain’s mission to challenge the norms and spearhead innovation chimes perfectly with our own business goals, and we look forward to supporting this drive for savings and efficiencies in 2019 and beyond. The greatest success will be enabling Costain to achieve its ambitious digital transformation goals.”

Technology

Rackspace aids British Heart Foundation’s mission to beat heartbreak by 2030

Rackspace, the technology services company, has helped the British Heart Foundation migrate to Microsoft Azure and transform the role technology plays within the organisation.

The move to Microsoft Azure accelerates the charity’s goal to create a world free from the fear of heart and circulatory diseases by 2030 with infrastructure that provides a foundation for growth and supports increased fundraising efforts. The website has become increasingly important for driving this mission by housing fundraising campaigns, the online retail business and acting as a source of information for all stakeholders.

Working with Rackspace, the migration to Microsoft Azure, has given the charity a scalable platform that is reliable and has an uptime of 99.9% to capture digital donations from across the globe.

Rackspace Professional Services worked collaboratively with the charity, from designing the solution through to technical implementation. The migration took six months without a minute of downtime. One of The British Heart Foundation website’s recent campaign’s drove a significant traffic spike without encountering any of the issues the website faced in the past.

Mary O’Callaghan, Director of Technology Engagement at the British Heart Foundation said:

“As our IT set up moves from being a service provider to a core part of how we achieve our organisational objectives, both the wider business and the IT team itself has had to adopt a different mindset.”

“A true partnership has been formed with the Rackspace Professional Services team who have supported us at every step of the process with unbiased expertise, deep platform knowledge, and a strong understanding of our operating environment.”

Adam Evans, Director of Professional Services, EMEA at Rackspace said:

“It was crucial for us to work collaboratively with the British Heart Foundation to bridge the gap between its existing platform and an infrastructure ready to support its 2030 goal. Our Professional Services team got to know the business inside out before designing and delivering the infrastructure, automation and migration which was crucial to meeting the charity’s business objectives”.

Lee James, CTO, EMEA at Rackspace added:

“To achieve such an ambitious and important mission, the British Heart Foundation needed to totally transform the role technology played within the organisation. Beyond the cloud migration project, we’re proud to be helping the organisation with ongoing strategic guidance on how to use technology to improve the overall stakeholder experience, scale fundraising efforts, and ultimately, work towards its promise of beating heartbreak from heart and circulatory diseases.”

The British Heart Foundation is the largest independent funder of research into heart and circulatory diseases in the UK, which it supports through voluntary contributions, physical stores, and its online retail business. As part of its strategy to 2030, the charity wants to drive advances across the spectrum of heart and circulatory diseases, preventing these conditions from developing, as well as enabling those with existing conditions to lead better, longer lives.

Technology

Cybersecurity Awareness Month: a reminder to keep your data secure this October

To commemorate this year’s Cybersecurity Awareness Month, which commences in October, UK Tech News spoke with a variety of industry experts to get their thoughts and advice on the topic of cybersecurity risks and best practices:

Tim Bandos, Vice President of Cyber Security, Digital Guardian:

“Long gone are the days when all but the biggest data breaches would make the headlines of non-IT press. That’s because we’ve become increasingly desensitised to security stories. Today, it takes something huge to turn heads. Whether it’s 300,000 files and directories stolen by a former Tesla employee or the 600 million Facebook passwords ‘hidden’ in plain text, only these most egregious lapses in data security seem to set alarm bells ringing.

“Data protection solutions can help prevent data loss, but maintaining a successful security program is largely dependent on employee awareness and their ability to comply. By teaching employees how to make decisions about the use and protection of data, they’re in a better position to make better judgments on their own around data in the future.”

Michael Scheffler, AVP EMEA, Bitglass:

“Public opinion on the cloud has come a long way in recent years, with most security professionals now accepting that it’s no less secure than the traditional, in-house way of doing things. Allowing data to move beyond the traditional network perimeter can cause concern for many executives – if not properly secured, it can leave an enterprise vulnerable to data leakage, malware, unauthorised data access, and regulatory non-compliance.

“As adoption of cloud-based applications and services continues to grow throughout the business world, organisations need specialised security technology that is capable of protecting sensitive data wherever it is stored or accessed. The enterprise needs end-to-end security across all devices, locations, and users, as well as complete visibility throughout IT infrastructure. Fortunately, recent years have given rise to a variety of new security technologies that are designed to tackle the cloud’s unique challenges.”

Todd Kelly, Chief Security Officer, Cradlepoint:

“Securing Internet of Things (IoT) devices and data for business use cases is one of the hottest topics during Cyber Security Awareness Month this year. At its core, IoT represents a huge expansion of the network edge, with each deployment potentially covering wired broadband, public and private LTE, WiFi, and LoRA WAN connectivity. In the not too distant future, we’ll see IoT deployments take advantage of 5G connectivity as well. The good thing is the industry and governments have started efforts to better define the inherent security controls and best practices that will help, over time, improve the overall security of IoT deployments. But that will take some time to gain mass adoption in the market.

“IoT devices and routers are a major source of attacks for cybercriminals and nation state attackers. According to Symantec, in 2018, 75% of botnets were router focused. IoT security can be daunting for many businesses, and there are a number of important areas that everyone who has deployed or is considering deploying IoT applications should consider. Devices typically do not have layered security features or secure software development and patching models integrated with their solutions. On top of that, many IoT devices cannot be accessed, managed, or monitored like conventional IT devices. Depending on the use case and vendor, there can be numerous OS, management and API-level interfaces and capabilities to manage.

“With the expanding diversity of business IoT use cases along with their associated IoT devices, architectures, vendors, management platforms and disparate security capabilities, customers should look to invest in enterprise IoT platforms to simplify the number of tools, devices and architectures needed to meet the business benefits for IoT use cases in the enterprise while reducing cyber risk.

“Using existing network-based security solutions may not be sufficient. Instead, organisations should look at using expert cloud-based management platforms and software-defined perimeter technologies, which effectively address the security risks inherent in IoT deployments and provide network-wide policies and visibility. IoT security will remain one of the most important enterprise security issues for many years to come. But while businesses should always be mindful of potential threats, by addressing these early and with the right technology, they can be confident in their IoT deployments now and into the future.”

John Ford, CISO, ConnectWise:

“The simplest thing SMBs can do to protect themselves from cyber-threats is to enable multifactor authentication. Essentially, that means having more than just a password. Most people use it all the time and never even think about it. “For instance, when logging into your bank account from something other than your primary computer, and the bank sends a text message to your phone with a code. You enter the code and you’re in. That’s all multifactor authentication is. In cybersecurity, we call it “something you have and something you know.

“While there are all kinds of complex products and technologies companies use to protect themselves – many of them excellent – the fact is, most ransomware attacks can be prevented by this easy-to-deploy process. Yet, multifactor authentication has only recently become widely adopted, despite having been around close to 20 years.”

Eltjo Hofstee, Managing Director, Leaseweb UK:

“NCSAM is a time to pause and take stock of security practices, revising or enhancing to ensure as robust a security posture as possible. As a cloud hosting provider to over 200 UK customers, Leaseweb constantly reviews its security checklist against the UK government’s 14 Cloud Security Principles to uphold compliance and best practice across all aspects related to security in the cloud. From data in transit protection, supply chain, operational, and personnel security to the provision of a governance framework, secure user management and service administration, Leasweb’s security plan and measures provide reassurance for customers of adherence to the highest standards in secure cloud service delivery.”

Sascha Giese, Head Geek, SolarWinds:

“With every passing year, the public sector is becoming increasingly aware of the onslaught of cyberattacks it faces, with an increase in the number of organisations reporting over 1,000 cyberattacks in 2018 compared to 2017, as revealed this year through a SolarWinds FOI request. Public sector IT professionals are working every day to ensure the data their department holds is kept secure. While tools and technology are of course the most solid defence against security threats, public sector IT pros should also consider the following three steps to achieving a stronger security posture: leadership setting the right example; regular and effective training for all teams; and ensuring security policies are revised frequently to keep up with the latest threats.

“U.K. government IT professionals are trusted with data by citizens, and so to give them confidence this information is being kept safe, organisations in this sector must adhere to strict security policies. And, to keep on top of security, having initiatives supported by everyone—not just the IT team—are the crucial part of the puzzle.”

Steve Nice, Chief Security Technologist, Node4:

“In this day and age, a cyber-attack is unfortunately more of an inevitability than just a mere threat. So, businesses need to accept the fact that mitigation technology is a necessity. This Cyber Security Month, it’s important for organisations to recognise how to strengthen their security to prevent potentially devastating attacks from harming them. It’s the responsibility of the IT team to ensure that the business’ security is up to speed, and so a Vulnerability Testing programme can help the team understand where the weaknesses are and support these areas. This means that valuable time – and money – can be saved from being spent on unnecessary security infrastructures before knowing where the holes in the defence really lie.

“However, it’s not just the technology that needs to be supported. Regardless of how many layers of protection IT teams implement, the weakest link is the people involved. Managing this is essential in any cyber security strategy, so it’s vital to ensure that all employees are fully up-to-date with the latest security protocols and processes in the company. This is a key part of cyber security, and even more so because the human element is the hardest to control and measure effectively.”

Technology

REVEALED: The top 10 ways facial recognition will transform our lives

RS Components has revealed the top ten ways in which facial recognition technology could transform our lives.

Facial recognition has become much more prevalent in our everyday lives as many of us use it daily to unlock our smartphone, but how else is this futuristic technology transforming our lives? RS Components have created a graphic showing the 10 ways facial recognition is transforming different industries and our lives. You can view all the predictions in full in this graphic here.

Many of us using facial recognition technology every time will use our face to unlock our smartphone – a study found that we use our phones around 52 times per day. Whilst it has transformed how we access our phones, facial recognition technology is also being used in a number of industries outside of tech to improve the service that companies provide customers with.

See below how each industry could be impacted by facial recognition.

Retail – Some stores in China recognise the shopper as they enter using facial recognition, with RFID tags on the items, cameras scan the items and their face at the end of the shop to charge items to their account.

Hotels – At hotels facial recognition can be used to allow guests to check-in, enter their room and receive a more personalised stay with recommendations tailored to them.

Marketing and Advertising – Adverts are becoming more tailored as facial recognition can analyse facial expressions and share adverts which align with how we may be feeling.

Banking – Facial recognition is used by banking apps to allow users to log in securely, and at ATMs to allow customers an additional layer of security and eliminate the need for a PIN.

Air Travel – To help streamline the paperwork needed to board a flight, some airlines are trialling facial recognition to enable passengers to embark on the aircraft.

Automobiles – Facial recognition could be used to not only unlock the car but also to tailor driving preferences such as seat distance, temperature and preferred music.

Education – Facial recognition is being used by some schools to improve safety. The technology analyses the users face to identify whether they are allowed on campus.

Ride-Hailing – Face-scanning is used by those driving a taxi. Drivers use a selfie to access their account which then allows them to begin the journey and could be used to verify passengers too.

Food – Fast-food chains are using facial recognition to identify customers and allow them to not only pay for a meal but also provide them with recommendations on meals they may like.

Consumer Electronics – Our everyday electronics may be savvier in the future, as they use facial recognition to aid those who are blind or partially sighted by using a wireless camera which reads texts and identifies faces.

The technology identifies users by scanning facial structures, expressions and face contours to identify users and is often used to improve security and access to restricted content such as personal mobile phones or banking data for example.

Whilst the technology is set to improve how companies operate and make the user experience more efficient in certain industries, many have concerns over privacy and facial recognition leave many divided over its use in the modern-day

Which of these uses of facial recognition technology would benefit you most?

Technology

The imperative for AI adoption in the insurance industry

David Sexton, VP & Head of Insurance Practice, UK and Ireland, Cognizant, discusses why AI is set to transform the insurance industry

The impact of Artificial Intelligence (AI) is spreading, probably further than many people thought it might. The next industry to be fundamentally transformed by AI is insurance. From product development, underwriting and claims, to customer service chatbots, risk assessments and quotations, technology is being deployed across the sector to provide faster, more accurate services. What is interesting, however, is that while some major insurance companies are investing aggressively in AI, many are moving slowly, unsure of how best to deploy these technologies.

As Cognizant’s recent AI survey shows, only half of insurance executives consider AI technologies to be ‘extremely’ or ‘very important’ to their company’s success, lower than for any other industry, such as financial services, healthcare and manufacturing. Looking ahead three years, only 36% felt AI would be very important, again lower than any other industry.

This lack of awareness around the importance of AI is worrying as new entrants to the market start making an impression. These insurtechs, a term used to describe new digitally focused entrants in the market that are using technology innovations to increase savings and efficiencies, are using AI capabilities to introduce a new range of innovative products. These include instantly customisable life insurance and on-demand property coverage.
Consequently, traditional insurance companies are now facing unexpected competition. It is critical that they pick up the pace when it comes to technology investment and adoption, or face being left behind.

Enhancing the customer experience

Most insurers already using AI technology have focused their investment on customer service projects such as chatbots. This allows them to automatically capture customer information and respond to enquiries. Our research found that the best applications for chatbots in insurance include product management, marketing, underwriting & policy acquisition, policy servicing and claims management. Moreover, the research also found that insurance executives who were familiar with existing AI projects at their companies most often cited ones related to customer service (56%). This is likely because chatbots allow customers to receive personalised product recommendations and quotations almost instantly, giving consumers and business customers the ability to purchase most insurance products online in minutes. For example, the chatbot Amelia is used by insurers such as MetLife to combine machine learning (ML) with natural language processing (NLP) to make decisions based on real-time conversations.

Whilst many may worry about AI taking jobs within the industry, these technologies are actually enhancing many jobs carried out by humans. For example, call-centre representatives can receive information based on data from technology to assess the sentiment and mood of a discussion whilst a call is in progress.

Faster, more accurate underwriting

Across the insurance industry, AI technologies can now also be applied to a wider variety of data sources to improve the accuracy of risk assessments and quotations. For example, these tools can automatically analyse real-time data from security systems or by using drones when underwriting homeowner-insurance applications.
Looking to car insurance, AI tools can be used to conduct analyses of telemetry data and provide insight into driving behaviour to inform car insurance quotations, such as how fast the customer drives on average, how quickly they accelerate and whether they drive faster than the speed limit. Zurich Insurance Group, for example, has partnered with the Swedish insurtech, Greater Than, to allow it to analyse a potential customer’s driving data compared to a set of reference profiles created from more than a decade’s worth of collected data, allowing the company to customise and personalise their customers’ premiums based on the individual’s driving behaviour.

Reimagining the claims process

The claims process is just another area in which AI can be applied to automatically audit thousands of open claims when action can still be taken, rather than reviewing of a sample of claims after they have closed. As such, insurers will be able to move beyond the traditional reactive model of paying claims after a loss and be able to adopt a proactive, preventive model of helping customers avoid losses in the first place. For example, commercial property insurers can use the data generated by smart buildings to help their customers reduce the risk of fire or water damage, and the data generated by telematics devices in vehicles can allow car insurers to provide customers with feedback on their driving behaviour.

Now is the time to adopt AI

AI can, and is, revolutionising insurance. It is being used in every function of a business to transform the way organisations operate. As highlighted, established players have two choices – either ramp up their investment to compete with new, disruptive insurtechs, or partner with this innovative competition to access the technology, unencumbered by legacy systems and processes. If they want to compete in a market driven by the customer experience, then getting on board the AI bus is the only way to ensure they do not get left behind.

Technology

New Data Shows Lackluster B2B Commerce Experiences Drive Away Buyers

Elastic Path, the leading provider of enterprise API commerce solutions, today launched a new report that reveals most B2B sellers believe they are investing enough in modernising their digital commerce systems, yet nearly half are losing customers due to a lackluster commerce experience.

The report, Solving the B2B Commerce Puzzle, shows that while 91% of respondents agree their company is investing enough money and resources into improving the digital customer experience, those investments are not making the intended impact. Forty-five percent of respondents have lost a customer due to the quality of their commerce experience, and 80% anticipate a negative impact on customer acquisition in the next year if they do not improve. This illustrates that many B2B sellers are investing in ineffective systems and practices.

Most B2B e-commerce sites today are simply B2C-like digitised catalogs. The world of B2B buying and selling, however, is almost nothing like its B2C counterpart. Longer sales cycles, multiple channels of interaction, and contract-driven product assortment and payment options require technology that can handle the complexity inherent in B2B commerce. Legacy platforms designed for B2C sales will never enable this type of selling.

“In the B2B spaces, it’s either innovate or die,” said John Bruno, VP of Product Management at Elastic Path. “B2B commerce is due for a revolution. B2C commerce tools do not work for B2B businesses, and they never will.”

B2B Buyers Have Come to Expect More

The report comprises data from hundreds of B2B commerce decision makers and shows that in the B2B commerce arena, seamless buying experiences offering the right combination of digital tools and human interactions are more important than ever for buyers.

As B2C sellers make strides in improving the commerce experience for consumers, B2B buyers expect the seamless online and mobile purchasing experiences they use in their personal lives, plus the ongoing consultative support they trust from their vendor representative.

“When customers are given the buying experiences they expect, they buy more and remain customers for life,” said Harry Chemko, CEO of Elastic Path.

“This study makes it clear that the missing piece of the B2B commerce puzzle is a purpose-built system designed specifically to enable the complexities of B2B buying and selling. B2B sellers should abandon the B2C-like methods hamstringing sales and implement solutions that empower the business to meet increasingly higher customer expectations.”

Additional Findings

82% of respondents agree that a failure to improve their commerce experience will negatively impact customer retention in the next year.
57% of respondents believe the digitisation of commerce will cause their companies to decrease the number of salespeople they employ, while 66% of C-suite respondents feel the same.
53% of respondents that have achieved profit margin growth in the last few years strongly agree their growth is due to investments in digital buying and selling tools, while 61% percent of C-suite respondents feel the same.
52% of respondents believe Amazon business poses a threat to their companies.

Elastic Path collected data for this report from 300 B2B e-commerce decision makers, with 25% of respondents being in the C-suite.