The insurance industry has not been historically known for innovation.
This may be an unfair characterization — insurers have in the past been at the forefront of leveraging technology and data to uncover insights about…well, mostly risk, but it was still innovative at the time.
And, while previous technology investments served insurers well for a long time, they have now become millstones around their proverbial necks — weighing them down as they try to deal with a rapidly shifting marketplace. This shift, driven from the outside-in, is a key reason for the emergence of InsurTech, which in turn is creating a wave of innovation in insurance.
|Digital strategy that aligns with business strategy
As an industry steeped in risk avoidance, evolution is fine, but revolution — with rapid change and disruption — creates uncertainty and potentially increased risk. At the heart of this revolution is a shift to the digital age. Unfortunately, many insurers do not fully understand or embrace this shift, creating a gap between insurer capabilities and market expectations.
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