Memo from the Future: “InsurTech Erased Your Business Model”
Life in the Slow Lane – Optimizing the Existing Business
It isn’t that insurers aren’t moving. Insurers have always been steady promoters of progress, embracing new technologies and ideas. Insurers have focused on operational optimization by seeking better processes, more ways to accurately assess risk and improved methods for using data. At this point, however, insurance movement around innovation and InsurTech disruptive threats is slow. Too many are focused on internal operational pressure points rather than external customer pressure points (which startups are heavily focused on). It is a bit too methodical and way too ‘safe.’ There is very little sense of urgency. Insurers are acting too much like insurers – being risk adverse.
Tara Dilzer Alexander
Director, Marketing Communications and Creative Services