Going Digital

The winners of the Global Innovation Awards, which the International Insurance Society and ITL handed out last week, suggest a revealing theme. 

Insurers must evolve mobile apps to meet policyholder demands and boost engagement in an increasingly digital world.

Automation helps insurers address fragmentation, security risks and rising customer expectations in claims processing.

The systems streamline the management of business rules, letting insurers adapt swiftly and efficiently without the need for intervention by IT. 

The on-demand economy is exploding, but building suitable auto insurance products and services for the drivers fueling this economy is taking far too long.

Key lesson: Never pull the plug on something that is working to do something new until proving that you can successfully do the new thing. 

Automating repetitive tasks can streamline workflows and allow for data-driven decisions with greater accuracy and speed.--but getting to scale can be tricky.  

Let's take a look at the latest financials of the full-tech insurtechs, the (not too) new kids on the block.