The future will see a shift in insurtech decision making: from the IT organization to the business experts
Insurance underwriters, actuaries, claims specialists, and other experts on the business side are just beginning to recognize the many ways that insurtech can enhance the way they do their jobs. In the insurance industry technology specialists still make most of the decisions about how the organization uses technology, but that scenario is likely to change in the next five years, says Max Drucker, CEO of the data company Carpe Data, which leverages alternative data such as social media and online content for insurers.
With the explosion of data that is now available, it will be the business experts who analyze the data and determine the most innovative ways to harness it. Underwriting teams, for example, will be able to provide more tailored products such as consolidated policies that cover all of a customer’s needs in one package and usage-based policies–and even assess damage in a disaster area before a customer files a claim. In short, now that the industry has a wealth of advanced technologies, it needs the experts on the business side to develop new technological capabilities.
Max Drucker spoke with Oliver Wyman at InsureTech Connect 2017 about the shift he foresees as business teams begin to make the technology decisions that have traditionally been driven by IT.