How InsurTech has, and will be implemented, and what lasting impacts it will have on the insurance industry is a major concern among these executives. In fact, according to 87 percent of report respondents, technology in the insurance industry is advancing at what they deemed to be an “exponential rate.” The rate at which InsurTech is becoming standard in the insurance industry has also been a concern among those in the insurance arena. Eighty-six percent of insurance leaders who responded to the Accenture study acknowledged that keeping pace with InsurTech advancements was essential to remaining competitive.
Nearly all the respondents agreed that digital acceleration has had a major impact on core aspects of the insurance industry. In fact, 96 percent indicated that they believed InsurTech would continue to be a driving force in the insurance industry for years to come. But how insurance companies bridge the digital divide is still be mulled by experts and argued by industry insiders.
Ensuring that say, a property and casualty insurance company keeps pace with competitors by remaining on the cutting edge of InsurTech requires a venerable industry be willing to embrace a change that is promising to completely overhaul how business is conducted – streamlining and digitizing processes that have long been paper-centric.
While it’s common for many companies to beta test new systems before rolling them out in a broader context, insurance industry leaders are urging their peers to take a bigger-picture approach to bridging the digital divide. Identifying how everyday operations and procedures could be streamlined and made more efficient through InsurTech will help make a bigger impact on operations.
Early adopters of InsurTech have learned that developing a work climate that prizes innovation is key. The implementing of new technology may mean that certain key members of a company must hone new skills and even adapt to newly developed roles. For their part, Insurance executives can make this process less painful by providing financial or other incentives to impacted employees, Accenture reports.
Taking a look around at what industry leaders are doing when it comes to going digital can help provide needed insight. Researching the ways in which your competitors have incorporated InsurTech into their daily operations may help give necessary background and perhaps even increased urgency. Latest insights also show an increase in the partnership alliances with smaller, more nimble and agile InsurTech firms, like Penguin.Tech, to help compress the timelines for operational change.
Obviously, there is no one-size fits all approach to InsurTech solutions. The path to digital acceleration is different for each company. Focusing on how InsurTech can be implemented to achieve your unique business goals instead of blindly emulating competitors is most prudent.