Going Digital

As technology demonstrates its potential to transform the insurance industry, some insurers and startups are realizing it’s not a zero-sum game: they are stronger together than alone.

WeFox raised money at a valuation of $4.5 billion. My first reaction is the same one I had when Root raised funds at a valuation of $3.65 billion: This makes no sense. 

Insurers with future-ready operations are 2.8 times more profitable and 1.7 times more efficient than their peers. Yet only one in 10 insurers is at that stage.

Integrating a new feature, for example to provide dynamic quoting and pricing, usually takes months. Hyperautomation, such as low-code, provides robust solutions faster.

I hope the next wave of insurtech players will have more robust insurance fundamentals and will not pretend that insurance ignorance is a competitive advantage.

An announcement by a prominent venture firm suggests we have reached peak Silicon Valley and, more broadly, are headed toward a more decentralized model for innovation. 

Automation and other digital technology, often unseen by the consumer, continue to improve operations for insurers with the vision to embrace them.

78% of digital transformation efforts fail to drive desired results due to poor planning. Here are some steps that will ensure success.