The IN2 team attended this year’s INSURETECH INSIGHTS conference in London. Focusing on helping developers of insurance relevant AI, Machine Learning and smart automation integrate their solutions with traditional insurance environments.
Today, a huge gap is emerging between the pace of innovation, driven by insuretecs and the mass adoption of such new tools, solutions and experiences, which can only be delivered through traditional insurers with large existing customer bases.
Simply put, insuretecs are learning that it’s not easy to teach old dogs new tricks. But for reasons other than you think.
Talking with dozens of large organizations in recent months, we can verify that insurers are genuinely invested in change. Embracing insuretech technology as a part of that change is however difficult. Not because they wouldn’t want to learn or adapt. But primarily because the IT setup of large insurers makes such an adoption of 3rd party solutions slow, costly and risky.
The reason is simple.
In the past, relying on a handful or just one large vendor made a lot of sense. You paid a premium, but everything works, at any load and scale.
However being committed to a closed solution environment also means it’s costly and time consuming to integrate non vendor solutions.
Therefore, large insurers are forced to deal with problems on two fronts - 1) how to evolve IT to be able to give customers more control, insight, individuality. And 2) how to make that IT compatible with emerging AI, machine learning and smart tools that would take too long or cost too much to develop in house.
And this is a race that’s really heating up. At the moment, insurers are investing millions in upgrading core and other legacy systems.
Hoping to enhance existing stability with flexibility and more options to design and execute a customer-first approach to doing business.
The INsurance2 DIGITAL platform is a tool designed to win this race. It let’s insurer’s keep or upgrade legacy technologies with minimal risk, while opening up their environment for 3rd party solutions in a safe, controlled and efficient way.
Talking to rising stars of insuretec in London reaffirmed the need to help bridge that gap between today’s limitations and future possibilities. To the benefit of everyone, insurers, innovators and all clients.
To learn more about INsurance2 DIGITAL, visit insurance2digital.com.