Hyland TL 9 7 2018
Follow Us
ITA MEMBERSHIP

IT LEADERSHIP

IT LEADERSHIP

Flow of New Technology Can Overwhelm

Mike Fitzgerald | April 05, 2016

I am sensing a good deal of change fatigue when I present on emerging technologies in insurance. From comments made, questions asked, and body language read, I perceive that IT people in most insurers are overwhelmed with the continuous flow of new technologies.

The frenetic excitement and urgency which accompany them also contributes to shell shock. In most organizations, the benefits from administration system renewal have not been fully realized, so routine maintenance and never-ending regulatory changes continue to absorb 60 percent or more of their effort.

The majority of insurers have not built processes and organizational structures to handle this flow of new technology. Without a deliberate approach in place, the response is reactionary, and contributes to frustration and disappointment.

However, this is beginning to change in a few firms. A good example is the recent interest in Blockchain technology. While this is being pursued aggressively by banks and securities firms, insurance applications are only now coming into focus.

Insurers with innovation laboratories and/or deliberate, fast-cycle development processes are using them to evaluate the possibilities with this new technology. AXA and Allianz, for instance, recently announced that their innovation teams are partnering with selected start-ups to look at the opportunities in this space.


Featured articles

MT 4 10 2018 Large RHS

Hyland MR 9 7 2018

ELECTRONIC CHAT

The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.

ITA LIVE 2019

The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.

ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.

Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!

BLOGS AND COLUMNS

only online

Only Online Archive

ITA Pro Buyers' Guide

Vendor Views

Partner News