I think the most intriguing outcome from my discussion with Stacey was realizing that, while the fundamentals for insurance will always be the same, we can still do a lot to innovate the industry through emerging technologies. At the same time, many people don’t understand the amount of technology-enabled solutions that already exist in the insurance space. So it’s not always about what is available, but how we use it.
For example, the digitization of insurance has enabled the proliferation of data - how can we use this data to be more transparent in things such as pricing and coverage? How can insurers use data to leverage personalization as a real differentiator for their business? Are we developing, investing in, and adopting future technologies fast enough to optimize the data we have?
Recently, we’ve seen a “democratization” in insurance where customers have more leverage in the buying journey. As a result, more and larger insurance ecosystems are emerging, and partnerships are critical to creating a competitive advantage through the sharing of data, among other benefits. We also see that the hardening market has and will continue to influence the future of InsurTech. Therefore, data-driven transformation and disruption are crucial to success in today’s insurance landscape to prepare for the future.
And though change is necessary to compete in today's market, risk, of course, is still a concern. So how can organizational leaders feel confident when investing in digital resources?
At Bindable, we have many partners who are in the "test and learn" phase of their insurance roadmap. We strive to enable both new entrants and legacy players to think more strategically about their businesses and experiment to see what activities will support long-term growth all while committing to low capital, resource, and time investments. Because of this, many of our partners are able to test new technology, gather novel data sets, and evolve their insurance strategies to remain competitive in an ever-evolving landscape, without worrying about wasted resources or making unnecessary changes.
Be sure to watch the full podcast here to learn more about our takes on the industry now and into the future.
Want more insights? Check out our recap of InsureTech Connect to learn more about what else we’re seeing in the industry.