Insurance Speak: InsurTech for the 21st century
CEOs John Brisco and Todd Buchanan of Coherent, a technology firm, discuss the challenges and opportunities as insurers focus on InsurTech investments.
The global economy, a pandemic that has forced millions of employees to work remotely and a rapidly evolving technology landscape are just a few of the reasons why InsurTech is playing a much greater role in the industry today. Insurers have been making significant investments to update their legacy systems and bring an increased level of service to their customers for years, and those efforts were significantly expanded over the last several months.
The latest Insurance Speak podcast features a conversation with John Brisco, global CEO and co-founder of Coherent, an insurance technology company, and Todd Buchanan, Coherent’s U.S. CEO.
Some of the InsurTech trends predicted to grow during 2021 are artificial intelligence, machine learning, predictive analytics, blockchain and chatbots. According to Strategy Meets Action, 66% of P&C executives believe that machine learning will impact commercial claims and 53% see the potential it has for personal lines. The implementation of new technology has major implications for insurers and their policyholders.
“Insurers are building a roadmap for the future,” explains Buchanan. “Technology provides an immediate benefit and gets them away from their legacy systems.” However, he stresses the importance of being able to integrate any legacy systems into the new technology.
For many carriers, one of the major questions surrounding the implementation of new technology is, “should we build or buy the new system”? Brisco believes it is critical to look at what technology can solve their problems. “There is a very clear business problem or opportunity you are trying to solve. Why do you need the technology? Knowing that is key. Once you know that you can identify what you need.”
InsurTech solutions will be one of the major topics at the America’s Claims Executive Virtual Leadership Forum and Expo from May 4-6. For more on the implementation of insurance technology, listen to the podcast above or subscribe to Insurance Speak on Spotify, Apple Music, Google Play or Libsyn.
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