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New Insurance Technology: Enthusiasm and Uncertainty

Rod Travers | April 11, 2016

When considering how insurance carriers view new technology, I would characterize the feeling on the business side as a combination of enthusiasm and uncertainty. Business-side stakeholders are often the champions of new technology because it can transform capabilities, improve results, and create competitive differentiation. 

At the same time, too many insurance technology initiatives have a reputation for not delivering as promised and business stakeholders know this from past experience. 

Here are some guiding principles for implementing new technology successfully:

  • Avoid the “silver bullet” syndrome. Technology is an enabler, not a business model.  No technology will solve fundamental business flaws.
  • Invest in a future-state design effort as a precursor to new technology. Otherwise you’ll speed up outdated business processes and you won’t get the results you or your CEO expect.
  •  Manage new technology implementation as a business transformation effort and put change management front and center.  It actually takes less time, costs less, and produces better results when you approach it this way.

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