The fact is that it’s not techno-phobia that’s preventing the industry from exploiting big data, machine learning and automation for growth — it’s uncertainty.
Understanding which of the many emerging solutions will truly bring value to evolving insurance businesses is no small task, but a new report by Matthew Grant and Roi Agababa tackles the issue head-on.
Who's It For?
“Innovation in insurance: lessons for companies on the technology fast track" covers the bottlenecks, solutions, and front-runners in insurance innovation — highly recommended for evolving insurance businesses who want to take customer service and profitability to the next level.
Matthew is the founder of Abernite and a partner of Instech London and a highly respected advisor on insurtech. As an investor with early-stage technology companies, he is sought-after by insurers and brokers to help identify the best technology and data solutions.
The paper covers the challenges of existing legacy systems designed decades ago, why brokers are dissatisfied with traditional software options, and even the workforce issues that create barriers to innovation for today’s evolving insurance businesses — and what to do about them.
The Bottom Line on Evolving Insurance Strategies
While the hurdles are significant, the paper also paints a positive picture of the industry’s future, one where information is sourced directly from clients, complemented by third party tools that check and enhance data by extracting key characteristics from everything from satellites to drones. It also provides a vital checklist for success that every insurer should consider.
If technological innovation is on your roadmap (and it should be), this paper provides an outstanding starting point.