Navigators’ Lynanne St. Denis: Tech driving optimal efficiency and risk selection

New tech developments and artificial intelligence may be a buzzword for some; however, Navigators’ Lynanne St. Denis sees “so much upside right now” across not only the E&S space but widely the insurance sector as well.

“It's a pretty exciting time for technology and insurance right now,” St. Denis, chief underwriting officer at Na vigators, a wholly owned brand of The Hartford, said in an interview speaking with The Insurer TV.

“W e're really grasping onto it, and it's really starting to drive efficiency and great risk selection,” she added.

In fact, The Hartford has been using artificial intelligence for years on the claims side, said St. Denis. It’s something that’s been a boon for business and allowed claim handlers to better process insureds quicker, she noted.

But generative artificial intelligence – machine-learning technology used to generate content based on the large amounts of data it’s trained on– is where there’s even more s cope and use cases.

Gen AI could be used“ to serve up the most insightful information and impactful data points to our underwriters in a really speedy way,” suggested St. Denis. She imagines the prospects of being able “to identify trends with our data science and analytics really early on, so we can adapt rate and form very quickly”.

“So, there is endless opportunity,” she added.

There are other trends in the business that are seeing a much less radical shift though, and insurers have taken note.

“We're not seeing any changes in legal system abuse,” said St. Denis, adding that the unfortunate part is that misuse continues to grow. She highlights that attorney advertising and nuclear verdicts are among the factors seen without optimal checks and balance.

The insurance veteran is overall upbeat about prospects for the sector still. And despite some decreases around the property market this year, she believes how 2024 closes will decide it all.

“I think we'll have a reinsurance cycle right here at the end of the year,” said St. Denis, noting that only then we’ll“ really see how the future shakes out in terms of the property side”.

Dive into this nine-minute interview with Navigators’ CUO Lynanne St. Denis for a discussion on property market expectations, changing risk s and future upside on the back of generative AI.