The insurance industry is behind with its transformation and adoption of technology and digitalisation.
Sound familiar?
A headline we have read so many times over the years. Having worked in the industry for the best part of 30 years, it feels like I have heard that message for at least half of that time.
Ironically, it has taken a pandemic for some organisations to take a leap of faith from the traditional trading platforms and join the party. According to recent research by ACORD there are still less than a third of the world’s largest insurers that are to fully embrace digitalisation, with nearly 15% of them having not even started integration into their businesses. The value of the current landscape for digital insurance is estimated at US$100 billion, the GDP of more than 61 countries.
Each year that passes the gap is getting wider and wider, which in turn causes its own challenges. Some organisations are now finding it much harder, and slower to catch up, especially where there is a need to have technology-based strategies in place to beat off competition, retain and recruit the best people…and to try and keep up with the regulators. So, what is stopping us from streamlining the amazing insurance market that we love so much and is the envy of the world? Fear of the unknown perhaps?
When we are at home, or on the train to work and we fire up an app on our devices to purchase something we expect a fast experience. We expect the technology to be smart and intuitive and not to be filling in the same data repeatedly. And we certainly don’t accept anything that is remotely unsafe and leaves us exposed to any kind of risk, financial or other.
So why don’t we feel the same when it comes to keep managing our counterparty ecosystem?
How many boxes do you really need to tick?
- Fast – as quick as your broadband provider will allow, delivered to your doorstep/browser.
- Smart – one step ahead of you with automated, intelligent software.
- Safe – as houses. Front and back doors locked, so you can sleep at night.
Fear of the unknown? We do it most evenings or on the train ride home. What’s different?
