When presenting at DIA last year, I commented on just how far the industry has come in recognising the opportunities for insurtech and adopting smart digital techniques in such a short space of time relatively speaking.
According to Celent’s most recent innovation outlook for insurance, 69% of the insurance innovation leaders surveyed have been actively pursuing an innovation agenda for somewhere between 2 and 3 years (interestingly coinciding with the length of time that DIA has been running – I wonder if there is a connection?), with 11% having only just started. To me, this stat implies that we are no longer at the start of something new. Instead, we’re slap bang in the middle of a movement.
And with that added maturity, I guess it should come as no surprise that the questions obsessed about by the industry are no longer focused on ‘how to engage with insurtech?’, ‘what internal capabilities do I require?’ or ‘will they eat my lunch?’, and instead more directed towards understanding the source of value and execution. Simply speaking, conversations today are far more focused on “show me the money” than they were back in 2015.
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