Having worked in Insurance for (dare I say) almost 20 years, it's always struck me how some of the shared challenges of the industry almost never get solved. Old favourites like legacy migration, DUA, data/reporting consolidation, hardware refresh, always seem to be core in-flight projects, forever thrown on the pile of ’too hard’.
There has always been a part of me that thinks this industry takes some weird comfort in the shared inefficiencies of Insurance Technology, and 'why should we tackle a problem to make things smarter if our competitors all have the same challenge'.. and then we talk about it endlessly at industry seminars to reaffirm and agree our shared misconceptions.
These days the world has moved on; customers have higher, more immediate demands and expectation on service is through the roof. Other industries have transformed through disruption and Insurance is the last one to move. It's evident that some of the larger carriers are moving towards exploring new technologies to make efficiencies, get better insight, give better service, etc. but are they moving fast enough? While still running with technical debt, legacy systems, and 'the way things have always been', is the Insurance industry resting on their collective financial laurels, and thinking any new InsureTech upstarts could be acquired or flattened? Can these huge, often slow-moving businesses be nimble enough to stay in the game?
With globalisation, tech giants getting involved, and start-ups rethinking the Insurance model without history or baggage, the world of managing uncertainty is feeling a little risky for the old guard.
Perhaps it's time to take another look at your business goals, without the thought-fog of how the business got to where it is and the good/bad tech decisions it made on the way.
Maybe the time has come to find a trusted partner for another point of view ..before it’s too late.
However, according to the research it is not just start-ups that are creating innovation challenges within the sector. Four-in-ten respondents say that increased competition from their existing competitors would create significant challenges over the next two years