Insurtech Has Four Main Area of Focus for Insurers
Rob McIsaac | August 07, 2017
Insurtech activity certainly remains high and Novarica has been working with multiple insurance-focused accelerators in 2017 to keep abreast of developments. The four keys to insuretech activities now are a focus on analytics, operational support, distribution, and what we call competitive carriers.
Each has gained traction and investment and carriers should be aware of the potential for these to disintermediate them, compete with them (for customers or distribution), and/or complement their capabilities though enhanced market offerings. All of these will continue to push the envelope of what’s possible.
Analytics will help to drive automation of relatively lower value activities within critical functions such as sales, underwriting and claims, so the (relatively expensive) human labor force can focus on high value and complex activities. This has material implications for how carriers will staff these functions in the future.
In addition, a range of products will move to direct distribution, perhaps through competitive channels or alternatively through capabilities which carriers will be able to acquire from increasingly capable software vendors. Insuretech will fundamentally raise the expectations bar for what good customer service and experience looks like, creating added competitive pressure for carriers at a time when they continue to face a challenging low interest rate environment.
It won’t be one thing that impacts carriers; insuretech represents a rising tide of capabilities that will have varied impact by line of business and distribution channel.
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