Fast Forward?

Sharon S. Schwartzman

The notion of speed in the insurance industry today is a bit schizophrenic. When referring to bringing new products to market, it's viewed as a good thing–the reason being a first mover leverages the opportunity to gain competitive advantage (for more, see “Beat the Clock”). It's odd, though, that same thinking rarely enters into the IT equation. As often repeated, insurers are more apt to be technological followers rather than leaders. This is understandable–tighter budgets of recent years, scars from failed projects, or the industry's well-known risk aversion can throw fear into the bravest technological pioneers. Or it's possible there truly are no business needs or opportunities to warrant such risk taking.