Some of the most interesting work in technology is taking place in insurance. Recently, legacy insurers have started paying much more attention to newcomers, recognising that teaming up with technology firms can be a game-changer. "InsurTechs" have gone from being a perceived threat to the industry, to becoming a core part of how we work. We now all need to invest the time in understanding this part of the industry.
When insurance companies start exploring InsurTech, they often zoom in on the tech first, looking for new systems to revolutionise procedures such as claims processing. The latest technology such as API-enabled architecture is an essential part in enabling more niche organisations to interact with incumbents; once again PwC’s alliance partners have a role to play here.
Insurers are often concerned that InsurTech innovation has a high risk of failure. That’s not the risk to worry about. I’m more concerned when carriers don’t tie their investments to a specific, competitive edge, or if they work with companies that don’t live up to the brand promise.
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