Boston, MA (Nov. 22, 2016) – InsureTech is the buzzword of the moment, with billions of dollars of investment flowing into start-ups focusing on the sector. From the point of view of investors, anything that has to do with using technology in the insurance industry can be labeled “InsureTech.”
Unfortunately, for incumbent insurers attempting to get a better grasp of the space, this broad term is not helpful. Novarica, a research and advisory firm focused on insurance technology strategy, today introduced its “ABCs of InsureTech” framework to help incumbent insurers cut through the noise and understand the real opportunities and threats in this heavily-hyped sector.
“Analytics Arms Dealers and Beneficial Bots have the potential to help insurers transform and compete, and are likely to have a greater impact on incumbent insurers in the short-term than the Digital Distributors and Creative Carriers, which get a disproportionate level of attention because they’re the easiest for generalist investors to understand,” said Matthew Josefowicz, President and CEO of Novarica. “On the other hand, Digital Distributors and Creative Carriers can provide useful examples of how to operate a digital insurer that will be copied by successful incumbents as they transform themselves over the coming years.”
The “ABCs of InsureTech” for Incumbent Insurers (Novarica)
The first two categories, which are focused on helping insurers transform and compete, are likely to have a greater impact on incumbent insurers in the short-term than the direct competitors to existing carriers and distributors. But the latter two categories will offer useful examples of how to operate a digital insurer that will be copied by successful incumbents as they transform themselves.
Desk copies of the brief are available to qualified media. Please contact [email protected] for more information.
Novarica helps more than 80 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its clients include more than 80 property/casualty and life/annuity insurers. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project assurance, and IT strategy. More information at www.novarica.com.