Insurers seem to be in luck- London, Edinburgh, Birmingham & UK generally, Munich & Frankfurt, Paris not to mention US and APC. Innovation, insurtechs and digital transforming technologies galore.
Yet therein lies the danger!
On a recent tour of US insurers Paul Stanley, CEO of 360Globalnet heard a frequently expressed worry: -
" InsureTech is so fragmented with people addressing discrete parts of a process we insurers are faced with piecing together a "1,000 piece baked bean jigsaw" to make it work whereas in contrast when you present something built for purpose we can see all our future digital functionality in one place and a roadmap that goes beyond ours."
CEO's may well demand that the C-Suite- CIO/CTO, Chief Transformation Officer, Chief Digital Officer C**- digitally transform this year and next. Not to mention anticipate the benefits of AI, Blockchain and so on.
BUT- with: -
- 10, 15, sometimes 20+ legacy platforms inherited from M&As
- Amazon and other GAFAs commoditizing insurance buying, products and prices
- Proliferating insurtech technology solutions .......
INSURERS cannot afford the escalating costs of multiple platforms.
The person in charge of the enterprise technology stack has to cap these costs even whilst being charged with enabling growth.
The answer has to be a platform that can deliver the results the CEO demands this year and next whilst also enabling the innovative roll-out of AI, orchestration of the supply chain and don't forget blockchain in case it's a future game-changer.
The strategic question is then build it yourself or buy a proven, scalable customer & supply chain engagement platform that delivers globally today at a cost you can afford. And with an API architecture that allows addition of the small number of game-changing technologies and/or insurtechs that will ensure you the insurer will be a leader and not a laggard.
All the same, that did not prevent younger startups – such as Ledger, ManoMano and Alan – from closing significant fundraising rounds. With a crop of emerging stars in fields ranging from cryptocurrency to Artificial Intelligence to software as a service, Paris is working hard to become one of the globe’s foremost technology hubs.
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