InsurTech may not have been around in Charles Dickens' day, but the themes of some of his classic works resonated with what I heard from the international insurance community during my recent trip to London, where the accelerating pace of innovation and transformation was flagged as both a game-changing opportunity and existential challenge.
For example, echoing the opening of Dickens' "A Tale of Two Cities," it can indeed be the best of times for companies with a well-formulated and executed InsurTech strategy, but could also turn out to be the worst of times for those that hesitate, stumble, and fall behind the pack. And in the spirit of "Great Expectations," many of those attending the International Insurance Society's Global Insurance Forum marveled at the gold rush mentality of the past few years in InsurTech, as carriers scramble to place their bets on what they think will be the next, best solution to improve underwriting, loss control, claims, and customer experience.
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