Tick-tock: Insurance IT Could be Unrecognizable in Five Years
Matt Josefowicz | October 06, 2015
The good news from the recent PCI Tech Conference is that futurists such as Vivek Wadhwa give the insurance industry at least three to five years before it is disrupted beyond recognition by data, analytics, the Internet of Things, self-driving cars, 3D printing, hyper-aggressive technology companies, and essentially free energy.
The bad news is, many large insurers are still planning five-year technology transformation initiatives to shed their legacy burdens and take advantage of today’s technology.
Insurer CIOs understand the challenge. They need to mitigate the effects of yesterday’s inheritances. They need to address today’s business needs, and they need to prepare the organization for tomorrow. They need a deep understanding of all three timelines and the ability to help others understand.
This requires a new set of skills and new kinds of relationships. As one speaker put it, CIOs need to be communicators and storytellers as well as effective managers. They need visionary business executive partners who are willing to embrace the opportunities that technology creates in their ability to deliver innovative products to changing markets. CIOs also need technology partners who will not just deliver today’s solutions but co-evolve with them to meet tomorrow’s challenges.
“I will invest in any technology initiative that increases our agility,” said one insurer CEO who understands. But far too many CEOs are still at a loss as to how to quantify the value of technology and continue to manage their technology investments as if spending more than five percent of premium on IT were a greater sin than letting the future pass them by.
Meanwhile, while the conference was in session, Google Ventures announced an investment in innovative health insurer Oscar. The clock is ticking in insurance, and it’s not counting down anymore. It’s counting forward.
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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.
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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.
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