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Beyond Our Wildest Dreams: Insurance IT in 2020

Robert Regis Hyle | July 14, 2015

There is always time to look back and re-examine the failures (and the occasional success stories) that have taken place, but looking forward and planning for the future takes a different kind of energy. Putting regular tasks aside for a time to contemplate better ways of doing things sounds like something an organization should endorse, but too often it results in navel-gazing with little accomplished.

Still, just a bit more than halfway through what has been a most extraordinary decade for insurance and technology, we felt this was an opportunity to examine what lies ahead in the remaining years of this second decade of the 21st century.

So where have we come from in this half-decade? In 2010 we were beginning to emerge from the worst financial crisis in 80 years. IT leaders were finally seen as valuable players in the company hierarchy, but the constant that held back insurance for more than a decade—the replacement of core systems—was still on hold for most carriers because of the tremendous cost concerns.

People were carrying computers in their pockets in 2010, but we had yet to see the full value of mobility and how an entire generation was getting unplugged (except for their chargers, of course). The cloud was some vague concept to many and even the smartest people I’ve met in this industry never saw entire policy systems being available in the cloud.

In the August edition of ITA Pro magazine, we have asked some industry leaders to reflect on areas of importance—such as analytics, claims, distribution, mobility and architecture—and where the industry will likely be with these capabilities five years from now.

Making predictions is never easy, but it can be fun. The beauty of where we are now, though, is that reasonable people can make outrageous claims about the future and we still have a problem tearing those ideas apart because deep inside there one speck of belief that the future is there for almost anything.

I don’t know if we will see flying cars, as Chad Hersh, then a Novarica analyst, spoke about a few years ago at a Majesco users’ conference, but another point he touched on—driverless cars—certainly has a chance to change our world in the 2020s. How wild is it to think drones will be soaring above us to examine property risks for underwriters?

Take your imagination for a spin and you might be shocked at some of the ideas that will come your way. Anyone who thinks otherwise hasn’t been paying attention the last five years.

 

 


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