Thriving Amid Digital Disruption: What Insurance Leaders Must Know
Full article with thanks to: imd.org/ibyimd/technology/riding-the-waves-navigating-the-digital-landscape-in-financial-services How ready is the financial services industry to benefit from digital disruption? Findings from the Global Center for Digital Business Transformation’s Digital Vortex survey. The rapidly evolving digital landscape has prompted industries across various sectors to reassess their strategies and perspectives. In light of this, the findings from the latest Digital Vortex survey, the latest version...
The Power of Partnership: How Insurtechs and Insurers Are Joining Forces
Full article with thanks to: mckinsey.com/industries/financial-services/our-insights/insurance-blog/a-new-industry-model-for-insurtech Insurance companies should pay close attention to insurtechs—not because they’re coming to attack, but because they’re coming to collaborate. For established insurers, insurtechs can be digital enablers that drive the adoption of digital technologies along the value chain. To realise the potential, it’s important that both sides focus on the strength they’re bringing to...
Why AI in Insurance Improves, Not Replaces, Human Decision-Making
Full article with thanks to: forbes.com/sites/adrianbridgwater/2024/09/01/insurance-technology-how-insurtech-is-assured Tech is rich in blends. The use of portmanteaus and lexical blend word splintering is as prolific in technology as it is in show business (e.g. Brangelina and other fusions) with terms like DevOps being among the most well-known (developers + operations teams as a unified single entity) pieces of terminology. Aside from all the Ops...
Insurtech: Driving Innovation or Disrupting Tradition?
Full article with thanks to: mckinsey.com/industries/financial-services/our-insights/insurtech-the-threat-that-inspires Incumbents need to keep their eyes out for new entrants that use technology to create a strategic advantage. The size of their share in the next generation of the insurance industry is at stake. New, technology savvy players are entering the insurance sector, bringing the full force of their innovative, disruptive, opportunity-laden power. They will...
How Can Insurers Break Down Silos to Foster Innovation?
Full article with thanks to: forbes.com/councils/forbestechcouncil/2023/06/30/two-ways-ai-can-be-used-to-help-transform-insurance The insurance industry is facing seismic and unprecedented shifts on multiple dimensions. From increasing client expectations to new emerging risks, from the emergence of robo-underwriters to the ever-present question regarding the role of traditional channels, insurance carriers have multiple fronts on which to re-think, re-look and address innovation challenges and opportunities. The culture of...