Here's a sentence to savor: “At its core, the insurance industry is all about making a connection – and technology is the way we make connections today.” Mike de Waal's statement should be painted in ten foot high letters on the walls of every insurer's headquarters – and tattooed on the eyelids of everyone involved in improving our industry.
Mike sums up a lot of what I've been saying for some years now: business – and life – have moved online, so being connected is the new normal. If technology isn't front and center of your thinking, you're no longer on the field. He highlights five areas “ripe for insurance innovation”: single point of entry of data; automated renewals; automated proposals; better rate calculators and underwriting tools for agents in the field; and automated rate quotes and revisions. These are all good, solid, core concerns which can benefit from innovative thinking.
The next breakthroughs in insurance will certainly come from new business models and novel kinds of collaboration. But great advances can also be made by directing attention to the places where connections are made. That's where the business gets done. IIR
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