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Another Cycle for Insurance and Technology

Robert Regis Hyle | August 29, 2017

Insurance has gone through several business and technology cycles in the last two decades and with the infusion of not just insurtech tools but with companies looking to reimagine the industry we can safely say we are in the midst of yet another cycle.

It is almost a tradition in the insurance software world for companies to develop products with the sole purpose of marketing their product to a similar but larger company. How else could you explain the number of policy administration systems that inhabit our universe?

Today’s developers have followed that path, but on a smaller scale to the point where insurance companies have joined the development party—many even joining together to finance a start-up company with a great idea.

It is easy to be impressed by what insurance accelerators are doing today. They have become the new marketplace for technology tools that can lift aging or even newer systems to a higher level of performance at a fraction of the price of dumping their current platform and investing in a new one.

This revolution may not match what the internet did for the insurance industry, but with sharp minds on both ends of the scale we should see great results taking place for years to come.

 


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