Underwriting Process Architect | Insurance Change Manager | Underwriting Workbench Designer | Panel Moderator & Event MC
Insurtechs: A threat or a partner in innovation? 💭 They may have started as a potential threat, but they are now proving to be a source of inspiration. As noted by McKinsey, insurtechs are challenging traditional models and pushing incumbents to digitise faster and better. Here’s how: 🌟 Higher customer engagement: Insurtechs are transforming customer relationships through seamless digital experiences, and incumbents must follow suit to remain competitive. 📈 Targeting new value pools: Whether it’s peer-to-peer insurance or pay-as-you-go models, insurtechs are finding innovative ways to unlock growth. 🤖 Digital operating models: Freed from legacy systems, insurtechs are operating with agility, lowering costs and speeding up processes. But it’s not all about disruption. Many insurtechs are partnering with incumbents, offering digital solutions that improve the insurance value chain. The key? 🔑 Adaptation and collaboration. What are your thoughts on how insurtechs are reshaping the future of insurance? Let’s discuss!👇 #Insurance #InsurTech #Agile #DigitalAdoption #BusinessGrowth #Innovation #DigitalTransformation #Leadership #Tech #CustomerExperience #Market #Technology #FUSE
Solving Problems using Emerging Technology & Data | Entrepreneur | NED | Award Winner
2moA comment from this week’s Insurance Innovators conference from a McKinsey speaker. Those that are winning are spending some 30% of their budget (not sure which budget to be fair!) on innovation whereas the average within insurance is 1-2%. It’s therefore hardly unsurprising at how slow the pace of change is to adopt new solutions and work with InsurTechs. Having worked with InsurTechs I do have a number of top tips outside of the budget issue!