The short answer is: “The seeds are sprouting”.
“InsurTech” is in its third year of driving digital transformation. At the outset, there was significant interest in using new technologies to improve the existing insurance programs and assist in developing new products and services. However, some cynics, and other just plain normal folk, have become weary with promises of disruptive improvement that hasn’t actually materialized.
Is ‘transformation’ just around a few corners, or a longer stretch? Join recognized experts and your colleagues on November 7 at InsurTechTO 2018 to cast your ballots.
So, here we are now….
There are experiments in new technologies that are altering manufacturing, distribution, and service sectors. However, it’s fair to say that the majority of P&C insurers are still conducted through standard insurance programs and with existing distribution channels.
There are growing areas that are serving new demands. For example, in the personal lines environment, Metromile and Lemonade have defined new methods for underwriting using algorithms in place of underwriters. Trov has developed coverage for mobile properties (e.g., laptops) that mainstreet companies have ignored. And Hi Marley developed a platform which transformed customer interaction and streamlined claims processes.
And these examples are more than small, incremental, disconnected changes. Up until last year, Amazon (the big dog) had left insurance outside its many product sets. That is changing. About 6 weeks ago, we posted on “Insurance vs Amazon“. To cut it short, Amazon is looking at personal and commercial insurance and are prepared to trial in different jurisdictions. One product – Amazon Protect – has been released globally.
So, is this the final turn onto digital?
The leadership insurers and distributors are investing heavily. At the same time, extant organizations are playing two hands, holding on to the traditional methods as well as the new approaches.
There are new organizations that have by-passed the previous moves, some of which are getting close to profitable. And expertise in digital is growing in a number of hi-tech cities (Toronto being one). So there are heavy bets that we will see fully digital organizations.
The question is when.
We will drive momentum in a content-rich day …
Insurance-Canada.ca has developed an information-rich, interactive day at InsurTechTO on November 7, 2018, at the Toronto Sheraton Centre. Here’s a sample of sessions:
Sharon Ludlow, Executive in Residence, Global Risk Institute, will be providing the keynote, focusing on ‘Disruption in the Insurance Industry: Are We There Yet?‘ Sharon has conducted a comprehensive analysis of the state of disruption in insurance and will address critical elements, including:
- Have we really seen disruption in the insurance industry?
- What does the end game look like?
- Insurers and brokers are investing heavily in digital transformation, but will it be enough?
- New entrants are changing the landscape rapidly, and yet there is no clear winner.
David Kelly, the Founder & Architecht of BobTrak, Inc.., is a long-tenured solution architect and thought leader. Having worked on dozens of projects, David can provideaccurate, high-performing, and maintainable systems to solve complex and data-intensive business problems.
And David understands, better than most, that Analytics is the key to operational efficiency and enhanced revenue when data can be brought together from disparate systems.
Beyond the information-rich presentations, we have set up interactive sessions, including a Pitch Competition, which will highlight start-up InsurTechs who will ‘pitch’ to a judging panel, led by Andrew Lo. There will be high level interaction and a great prize.
What do you think?
The movement to digital insurance is still underway. But the complexity of insurance has thrown some challenges to standard organizations and InsurTechs as well.
However, insurers, InsurTechs, and supporters are pushing hard on new, customer-friendly insurance ecosystem.
Where do you think this will land, and when? You can let us know at InsurTechTO!
