Dealing With Technology Disruption In The Insurance Industry. Part 1 - A Call To Action
Having ridden the “Fintech” (Financial Technology) wave for the past two years, disruptive technology is starting to encroach on the Insurance Industry. “InsurTech” (Insurance Technology) start-ups are beginning to impact the competitive landscape and will soon feature on the corporate agenda much like Cyber Security is now.
In this article, we discuss Insurance Technology (“InsurTech”), what it is, some of its drivers and why there is now a compelling case to take this phenomenon seriously. We establish a strategic framework that includes Portfolio Management and then discuss some strategic approaches to engage with technology partners and resources. We finally identify what it takes to get the ball rolling: Strategic IT Partnerships.
This article is the first in a two part serial that discusses the future technology implications for incumbent corporates in the Insurance Industry. Part two considers the lessons learnt from the adoption of Technology in the Finance Industry. This serial is written by Jon Baxter, Managing Director of Baxter Thompson Associates and Pang Chiang, Director of Interskan.