Global data analytics provider, Verisk, has appointed Reid Stanway as Chief Digital Officer of Specialty Business Solutions.
In this role, Stanway will work with insurance market participants to navigate the increasingly complex world of digital transformation and digital trading.
At the same time, he will also engage with insurance executives and business leaders in the design and build of their digital trading and transformation strategies by leveraging Verisk solutions.
A major part of this will involve articulating the benefits of investing in digital transformation to clients, colleagues and trading partners.
Stanway will also report to Tim Rayner, CEO and President Verisk Specialty Business Solutions.
Stanway joins Verisk from Marsh where he most recently served as the company’s Digital Placement Leader. During his tenure at Marsh, Stanway worked with the global leadership team to lead and execute the business’ digital trading strategy.
Additionally, he also created and scaled the company’s in-house algorithmic insurtech ‘Intuitive’.
Furthermore, throughout the course of his career at Marsh, Stanway served in various leadership and strategy roles, and also acted as an insurance broker in their Canadian offices for its large Mining, Oil & Gas, and Nuclear clients.
Commenting on Stanway’s appointment, Rayner said: “We are delighted to welcome Reid to Verisk. He has built a stellar reputation in the market and his arrival is another major component in our strategy to accelerate our market-leading position. Companies across the industry are beginning to realise the huge benefits that data, analytics and seamless transactions can deliver, and Reid understands first-hand how to work with large multinational insurance businesses on executing these strategies.”
Stanway, added: “I’m thrilled to be joining Verisk at such a dynamic time in the global (re)insurance industry, and in the London market in particular.
“The products that exist within Verisk are amongst the best I have seen around the globe, especially in the sphere of digital trading; yet it is the combination of the Whitespace platform, Sequel Broking, Verisk data sets, and Sequel Rulebook, with the newly created Sequel Hub, which truly make Verisk a gamechanger for our industry.
“We have so much potential to dramatically transform the industry, and it is truly exciting to now be able to do it within a realistic timeframe. The sum of Verisk’s offerings has become an unbeatable toolkit for market participants, and I see it becoming the catalyst for catapulting the sector into systemic transformative change.
“I am genuinely excited to be a leading partner of our industry’s transformation efforts and look forward to empowering brokers and underwriters as they aim to better serve the world’s insureds, in ways we hadn’t previously imagined.
Meanwhile, Tim Rayner recently spoke to Reinsurance News about the future of the market, and all the different kinds of technology and data that Verisk offers to its clients.