"Many people miss that, while insurance looks old and antiquated on the exterior, it is actually quite modern and vibrant on the interior."
Nick Lamparelli Insurance Thought Leadership.com Feb 10 2017
Avoiding hype and generalisation Nick Lamparelli makes the case why VCs looking to make investments in insurtech better choose the right ones.
The ones that will enable the insurance carriers to meet the challenges of digital transformation of:-
- The customer journey and UX
- Balancing the contradictory goals of speeding up claims settlement whilst identifying potential fraud
- Increasing productivity in operations
- Combining online platforms with legacy systems of record.
Nick highlights a number of insurtech companies with viable products and platforms for innovative insurance carriers to which I would add 360Globalnet.
Insurance seems to be the latest in a string of industries caught in the crosshairs on venture capital. With the success of Uber and AirBnB, VCs are now looking for the next stale industry to disrupt, and the insurance industry carries the reputation of being about as stale as they come. The VCs view the needless paperwork, cumbersome purchasing processes, dramatic claims settlement and overall old-school look and feel of the industry and think they can siphon those trillions of dollars of premium over to Silicon Valley. It seems like a reasonable thesis. The problem is, it’s not going to happen that way. Insurance will NOT be disrupted. While insurance looks old and antiquated on the exterior, it is actually quite modern and vibrant on the interior.