Library: Insurance CIO – A Promising Road Ahead for InsurTech

Executive summary :

In the late 1980’s the car company Oldsmobile produced a television ad in which it touted its new models were: “Not your father’s Oldsmobile.”

Traditional insurers must learn from and embrace insurtech 

The idea behind the campaign was to show that the brand was evolving with the times and moving forward.

While the ad was not a huge success, the idea was a sound one and not unlike the premise driving insurtech, which is short for ‘insurance technology.’

By looking at data and statistics to create innovation and disruption within the industry, we can uncover new ways to provide insurance to our customers that will save both time and money.

Here are four areas in which I believe, unlike Oldsmobile’s attempt, insurtech will change the game.

• Plug-and-play
• Data, data, data
• Price can be right
• Insurtech/insurer partnership

By looking at fresh new ways to continually advance the insurance industry while providing both savings for customers and efficiency for companies, InsurTech is an idea that traditional insurers can learn from and embrace.

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