Digital Disruption Spurs Tech Transformation – Sapiens
Article Synopsis :
Featuring insights from Australia’s leading insurance executives, “Digital Disruption Spurs Insurers’ Technological Transformation” captures key points from FST Media and Sapiens’ recent roundtable luncheon. In focus are specific technologies poised to reshape insurance, and the industry’s ability to adapt to accelerating digitisation and compete with nimble FinTech upstarts.
Though brief, the report offers insightful comments around the following themes:
- Agile to Drive Innovation
- Negotiating the IT/Business Divide
- Changing Customer Expectations
- The Industry 2030
- “Being agile is a new differentiator. Agile teams are a weapon, achieving rapid turnarounds delivering genuine nuggets of value to the business”
- “Organisations will no longer pursue monolithic ‘jumbo jet’ projects; it will all be very small things”
- “The proliferation of customer empowerment services and tools, and the complexity of choices, makes it harder for customers to understand the products and services they need”
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Digital Insurer's CommentsClay Shirky, writer and teacher on the social and economic effects of Internet technologies has coined The Shirkey Principle: “Institutions will try to preserve the problem to which they are the solution.”
As digital threatens most every link in the insurance value chain, leaders tend to ‘preserve the problem.’ Or they can participate in roundtables such as this, coming together to share candid views on the future, in pursuit of solutions, for their own companies and society at large.
Technology avails us of cheaper, smarter, faster ways to transfer risk. Let’s find them.
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