“InsurTech” is the term that captures the many and various facets of new uses of digital technology in the insurance industry. Oliver Wyman InsurTech will help diffuse these digital advancements and aid industry leaders to navigate this changing world.
This is a unique moment for the insurance industry, a feeling that hangs heavily in the air when one considers the tremendous interest there now is in technology and its potential impact on founders, investors, incumbents, and customers. Artificial intelligence, sensors, analytics, telematics, open-source software, the cloud, APIs, drones, chatbots, and computer vision are just some of the technologies that aren’t just being imagined, but are being actively funded by venture and corporate investors and being developed in scores of incubators and accelerators.
Consumers are seeing the industry differently, however. They have higher expectations of what insurance can do for them because of what’s possible technologically. Phones equipped with apps and cameras mean these buyers can immediately provide insurers with vital information, putting the pressure on those insurers to respond with like quickness and efficiency.
The paradigm is changing, a situation punctuated by the insurance industry’s strong belief in the necessity of change and the increasing relevance of new technologies to become more customer-centric, cost-efficient, and pivotal to the reinvention of the business of covering risk with fresh business models.
The blog will use various editorial, data, video, and graphic formats to explain, analyze, and forecast InsurTech’s implications. And by all indications, those implications are growing. While the need for efficiency remains, the sky isn’t the limit for improved delivery and underwriting, faster response times and quicker processing. It’s the target. We hope readers will come along with us as we chronicle when and how it’s being hit.