Today’s leading insurance executives know there is no question they must embrace new technologies and business models in order to position their firms for future success. But the road forward is not as clear-cut, and many are held back by legacy systems, out-dated processes and bloated organizations.
In an effort to drive innovation from within, established carriers are increasingly wading into territory formerly reserved for venture capital, competing to acquire, partner with or incubate the next game-changing InsurTech (or Insurance Technology), encompassing the many new technologies and platforms seeking to better integrate digital tools and explore new ways of doing business.
Many of these new technologies aim to digitize the end-to-end user experience across every transaction, concurrently improving customer engagement and operational efficiency. Others promise to refine the underwriting process through the introduction of sophisticated real-time data and artificial intelligence. As the sharing economy expands and customers increasingly rent instead of own assets, incumbents and start-ups alike are introducing new products, such as usage-based models or on-demand coverage underwritten in seconds to cover only a single transaction. The industry is also closely monitoring developments in areas as diverse as blockchain technology and driverless cars.
As firms look to expand their investments, broaden their capabilities, and become more nimble, savvy leaders understand key technology and consumer trends could shift at any moment. Success depends largely on their ability to choose wisely where and how to invest their time and resources.
FT’s inaugural Insurance Innovation Summit will bring together leading executives and industry experts to discuss the best strategies to adapt and innovate in this rapidly evolving industry.